Provides the advanced student with a familiarity of the principles and practices of development and acquisition of hotel, restaurant, and other hospitality businesses, and the real estate development process. Emphasizes market and financial evaluation and decision making relative to economic, ethical, legal, and social aspects of the organization's environment. Group projects involving the preparation of a complete economic feasibility study for hotel or restaurant development or acquisition or repositioning are required. Prereq: HMGT 618.