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  • New Global Directors Join the 2018-2019 HFTP Board

    The HFTP 2018-2019 Global Board of Directors was installed during the association's 2018 Annual Convention and introduces new directors Toni Bau, Carson Booth, CHTP and Mark Fancourt. These extensive director profiles give insight into the distinguished professions and personal goals of HFTP's newest association leaders.

  • Letter from the HFTP Global President: At the End of the Year, We Reflect on the Best of the Year

    As we prepare to transition to the new HFTP Global board at the 2018 Annual Convention in October, I would like to take the time to reflect on my year serving as HFTP Global president.

  • Members Only: 2018 HFTP Compensation and Benefits Report

    By Tanya Venegas, MBA, MHM, CHIA. Results to the biannual survey conducted by Hospitality Financial and Technology Professionals (HFTP). Information includes data on compensation and benefits trends for finance and technology professionals in the club and lodging industries.

  • IT Spending in the Lodging Industry Three-year Analysis: 2015–2017

    By Agnes DeFranco, Ed.D., CHAE; Arlene Ramirez, CHE, CHAE; and Tanya Venegas, MBA, MHM, CHIA. PART II: An analysis of IT spending data in the lodging industry based on reporting in the new USALI Schedule 6 — Information and Telecommunications Systems.

Value Added Tax in the GCC

HFTP ·14 December 2018
Details on the new VAT established in the region covered by the GCC, including implementation best practices and documentation requirements. By Tanya Venegas, MBA, MHM, CHIA. From Hospitality Financial and Technology Professionals (HFTP).

Primary Club Metrics

HFTP ·14 December 2018
Survey results identify which club metrics are most often used to determine performance. By Agnes DeFranco, Ed.D., CHAE; Tanya Venegas, MBA, MHM, CHIA; and Amanda Belarmino. From Hospitality Financial and Technology Professionals (HFTP).

IT Spending in the Lodging Industry Three-year Analysis: 2015-2017

HFTP ·14 December 2018
By Agnes DeFranco, Ed.D., CHAE; Arlene Ramirez, CHE, CHAE; and Tanya Venegas, MBA, MHM, CHIA. PART II: An analysis of IT spending data in the lodging industry based on reporting in the new USALI Schedule 6 -- Information and Telecommunications Systems. From Hospitality Financial and Technology Professionals (HFTP).

The HFTP Middle East Research Center: November 2018 Bulletin

HFTP ·14 November 2018
The Dubai HFTP Research and Innovation Center at the Emirates Academy of Hospitality Management has decided to briefly discuss the developing tourism source markets, and utilizing partnership ecosystem. The HFTP Research and Innovation Center hopes this sparks conversation amongst HFTP Dubai Chapter members.

The HFTP Middle East Research Center: September 2018 Bulletin

HFTP · 4 October 2018
The Dubai HFTP Research and Innovation Center at the Emirates Academy of Hospitality Management has decided to briefly discuss the developing tourism market in Ras Al Khaimah. Its rapid development as a tourism market has caused it to be the fastest growing tourism market in the UAE. The HFTP Research and Innovation Center hopes this sparks conversation amongst HFTP Dubai Chapter members.

The HFTP Middle East Research Center: August 2018 Bulletin

HFTP ·14 September 2018
The HFTP Middle East Research and Innovation Center at the Emirates Academy of Hospitality Management has decided to briefly discuss two relevant topics: The Economic Influence of a Major Sporting Event on the Tourism Industry and the Young Professional Advisory Council. The HFTP Research and Innovation Center hopes this sparks conversation amongst HFTP Dubai Chapter members.

The HFTP Middle East Research Center: May 2018 Bulletin

HFTP ·14 September 2018
The HFTP Middle East Research and Innovation Center at the Emirates Academy of Hospitality Management has decided to briefly discuss two relevant topics: the CHAE certification and the CHTP certification. The HFTP Research and Innovation Center hopes this sparks conversation amongst HFTP Dubai Chapter members.

The HFTP Middle East Research Center: April 2018 Bulletin

HFTP ·14 September 2018
The HFTP Middle East Research Center and Innovation Center at the Emirates Academy of Hospitality Management has decided to briefly discuss two relevant topics: Airbnb and its influence on OTAs and Blockchain's influence on the hospitality industry. The HFTP Research and Innovation Center hopes this sparks conversation amongst HFTP Dubai Chapter members.

Technological Change as Reflected in Hotel Property Prices

Cornell University School of Hotel Administration - Research & Publications·27 August 2018
This paper investigates the effects of age on the sale prices of hotel real estate. Value erosion of commercial property due to the passage of time may be offset by renovation, although substantial follow-on investment usually occurs several years following construction. Obsolescence produces value losses during the post-construction period prior to new investment that result from technological change (Colwell & Ramsland, Journal of Real Estate Finance and Economics, 8(1), 47-63, 2003).

Strategies for Integrating Capacity with Demand in Service Networks

Cornell University School of Hotel Administration - Research & Publications·27 August 2018
Service managers face the problem of simultaneously developing and implementing both capacity and demand management strategies. Often they must choose between marketing options, for shifting or increasing demand, or operations management options such as adding additional capacity via more equipment or employees. The interaction of these two functional area strategies can have surprising, unintended, and often detrimental outcomes from a profit perspective.
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Labor Scarcity, Finance, and Innovation: Evidence from Antebellum America

Cornell University School of Hotel Administration - Research & Publications·22 June 2018
This paper establishes labor scarcity as an important economic channel through which access to finance shapes technological innovation. We exploit antebellum America, a unique setting with (1) staggered passage of free banking laws across states and (2) sharp differences in labor scarcity between slave and free states. We find that greater access to finance spurred technological innovation as measured by patenting activities, especially in free states where labor was relatively scarce. Interestingly, in slave states where slave labor was prevalent, access to finance encouraged technological innovation that substituted for free labor, but discouraged technological innovation that substituted for slave labor.
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Lodging Stocks Outperform Casinos on Wall Street, Reversing Their 1992-93 Performance

Cornell University School of Hotel Administration - Research & Publications·22 June 2018
A comparison of the stock market performance of lodging stocks and casino stocks over the past year reveals returns superior to the S&P500 for both groups. Over the 52-week period ending March 18, 1994, the average price of a sample portfolio of lodging stocks rose 61.6%, and a corresponding portfolio of casino stocks advanced 37.2%, compared with the S&P500's 4.6% return over the same period. The gain for lodging stocks represents a sharp rebound from the prior 52-week period, but a slowdown for the casino stocks. The strong showing of these stocks over the last year, as well as the changes in relative performance can be explained by an analysis of measures of fundamental value, such as the profit margin, return on equity, and return on assets, as well as structural changes in the industries. Interest in lodging and casino stocks by institutional investors is encouraging, but significant uncertainties, in particular with respect to taxation of gaming revenues and legalization of speci

A Value Added Tax in the GCC

HFTP · 5 June 2018
HFTP Feature: Details on the new VAT established in the region covered by the GCC, including implementation best practices and documentation requirements. By Tanya Venegas, MBA, MHM, CHIA

Primary Club Metrics

HFTP · 5 June 2018
HFTP Research: Survey results identify which metrics are most often used to determine performance. By Agnes DeFranco, Ed.D., CHAE; Tanya Venegas, MBA, MHM, CHIA; and Amanda Belarmino

The HFTP Middle East Research Center: March 2018 Bulletin

HFTP ·25 May 2018
The industry has had an interesting year here in Dubai, and the HFTP Middle East Research Center at the Emirates Academy of Hospitality Management has decided to briefly discuss two relevant topics: VAT and its implications in the region, and updated visa regulations andtheir impact on current tourism arrivals in the region. The HFTP Research and Innovation Center hopes this sparks conversation amongst HFTP members.

HFTP Research: Tracking Hotel IT Expenses: A Review of 2016 Hotel Spending Data

HFTP ·17 May 2018
Technology is an integral part of lodging organizations. Whether installing a PMS or exploringthe implementation of AI, tracking technology related expenses is key to running a successfuloperation.
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What Really Happens During Flight to Safety: Evidence from Real Estate Markets

Cornell University School of Hotel Administration - Research & Publications·15 May 2018
Flight to safety (FTS) affects the markets for risky assets such as stocks, corporate bonds, and commodities. Yet, little is known about the effects on commercial real estate. We show that REITs offer a partial hedge against FTS, with daily total returns being less sensitive to FTS than many other industries and measures of REIT liquidity actually improving on FTS days.
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Rental Housing in Bogota, Columbia: Challenges and Opportunities for Creating More Multifamily Properties

Cornell University School of Hotel Administration - Research & Publications· 4 May 2018
This article examines the rental housing market in Bogotá, Colombia and the challenges in developing multifamily rental properties. A description of the factors that affect the development of this asset class is followed by recommendations to overcome the existing problems. Even though more than half of the population live in rental housing, there is almost no supply of rental housing projects at a large scale in Bogotá. Four reasons explain why this type of property has not been developed: (1) lack of financing; (2) laws that protect the tenants, making eviction a long and complex process; (3) market rents do not cover the cost of development; and (4) lack of firms capable of designing and operating rental housing projects. On the other hand, for sale housing projects have easier access to financing, can justify the high value of land, and gain the advantage of the mortgage system with governmental subsidies for mid to low-income segments.
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Multifamily REITs: Columbia's Opportunity to Attract Foreign Capital

Cornell University School of Hotel Administration - Research & Publications· 4 May 2018
The real estate market in Colombia has been very active during the past decade. Government spending through a free housing initiative and the stable and favorable political environment have incentivized capital flow into the country. All asset classes have benefited from the investments. Commercial real estate developments have taken advantage of this economic growth, but the residential market has been the strongest as an average of 230,000 units have been built and sold every year since 2013. Colombia still has room for residential expansion. Housing shortage is close to 4 million homes and it is estimated that 35% of the population are renters. This paper explores the history of the mortgage system, explains the current investment vehicles for real estate, and proposes an alternative to inject liquidity and stimulate housing production. The focus of the investments should be on operating the assets rather than selling them. The business model of building and renting out units has been overlooked in the country, with a potential rental market of 14 million people.
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Match Made in Heaven: Investment Benefits of Coworking Spaces in Historic Sacred Places

Cornell University School of Hotel Administration - Research & Publications· 4 May 2018
Coworking has experienced exponential growth and established a global identity in the short period of a single decade. While the terms “coworking” and “shared work space” existed prior to the market collapse in 2008, their presence as an asset class and worldwide network had not developed fully. Philadelphia has seen firsthand the rapid expansion of coworking spaces with companies like WeWork and Benjamin’s Desk (1776) opening multiple locations with thousands of square feet in the space of a few years. These and other coworking companies continue to see growth with some seeking to expand into more suburban areas once a CBD flagship has been established. With growing membership and a need to be near members (either directly or through transit), where are the locations in Philadelphia where coworking companies should consider investing? As coworking demand increases, Philadelphia also has an increasing inventory of vacant historic sacred places—currently at thirty-nine buildings equaling approximately 500,000 square feet (Partners for Sacred Places, 2017). This paper will first define coworking and the coworker, give statistics on coworking growth, identify key real estate needs, and finally propose historic sacred places as an alternative for coworking expansion.

Individual Investors and the Financial Crisis

Cornell University School of Hotel Administration - Research & Publications·22 March 2018
This paper studies the trading behavior of individual Chinese investors before and during the recent financial crisis. We have three major findings: (i) individual investors did not withdraw their capital from the equity market during the crisis; instead, they reduced investment more in the pre-crisis period, especially following portfolio gains; (ii) the net flow decisions were influenced by past positive returns, but not by past losses; the net .ow patterns were consistent with the disposition effect, which was even stronger during the crisis; (iii) during the crisis, investors revised their portfolios to hold relatively safer and more liquid stocks, and this pattern is more evident for small investors.

Where Are the Shareholders' Mansions? CEOs' Home Purchases, Stock Sales, and Subsequent Company Performance

Cornell University School of Hotel Administration - Research & Publications·22 March 2018
We study real estate purchases by major company CEOs, compiling a database of the principal residences of nearly every top executive in the Standard & Poor's 500 index. When a CEO buys real estate, future company performance is inversely related to the CEO's liquidation of company shares and options for financing the transaction. We also find that, regardless of the source of finance, future company performance deteriorates when CEOs acquire extremely large or costly mansions and estates. We therefore interpret large home acquisitions as signals of CEO entrenchment. Our research also provides useful insights for calibrating utility based models of executive compensation and for understanding patterns of Veblenian conspicuous consumption.
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Occupational Boundary Setting and the Unauthorized Practice of Law by Real Estate Brokers

Cornell University School of Hotel Administration - Research & Publications· 9 March 2018
Real estate brokers and lawyers have been engaged in a longstanding "boundary dispute" over which activities brokers can perform in real estate transactions without engaging in unauthorized practices of law. In general, state court decisions have lacked uniformity and no universal standard has emerged for making unauthorized practice of law determinations, some broker activities have been found to be clearly unauthorized practices while others have not surfaced as issues in these cases. This paper examines the manner in which courts have resolved jurisdictional disputes between licensed lawyers and licensed real estate brokers and considers whether the precedents established have tended to promote or impede the efficiency of exchange in the market.
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Portfolio Allocations to Real Estate: Another Story

Cornell University School of Hotel Administration - Research & Publications· 9 March 2018
Almost 25 years ago Friedman (1970) demonstrated that unsecuritized real estate, because of its relatively high risk-adjusted return and low correlations with stocks and bonds, receives substantial allocations in efficient, mixed-asset portfolios. Fisher and Sirmans (1994) argue that these attractive features of real estate still exist today. In recent empirical work by Mei and Lee (1994), the presence of a unique real estate factor is detected in securitized and unsecuritized real estate returns that cannot be captured by investing in other assets.

HFTP GDPR Guidelines: Hospitality Organization Flow Charts

HFTP · 9 March 2018
This document is a set of flow charts illustrating data flow scenarios, involved parties providing hospitality services, steps of the guest journey and more. Four scenarios are presented: independent hotel, independent hotel with third party agreement, branded hotel and branded hotel with independent control. These charts are intended to be used as guidelines and customized for individual organizations/purposes. The flow charts were developed by the HFTP Hospitality DPO/GDPR Task Force.

Job Description: Hospitality Data Protection Officer

HFTP · 1 March 2018
This document highlights the role and qualities of a hospitality data protection officer. It can be used as a guideline for an internal recruitment, the expansion of an existing position or the recruitment of a third party to assist in the compliance for the GDPR. This description was developed by the HFTP Hospitality DPO/GDPR Task Force. The task force is a group of 23 hospitality industry experts tasked with developing hospitality-specific guidelines to assist with preparation for GDPR compliance.

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