Asset management involves managing the business investment to achieve ownership's specific objectives. Students learn to administer/renegotiate management contracts, real estate development processes, evaluate capital expenditures/manage their execution, monitor expenses to reduce costs, and different valuation methods in the hospitality industry. Students learn to benchmark a property's revenue and expense performance against the market, perform asset risk analyses under current market conditions, and evaluate various refinancing opportunities to reduce debt costs or free up capital for other uses. Prereq: ADMN 930