Hospitality Financial Management

This up-to-date introduction to finance, written for those in hospitality careers, explains and demonstrates the importance of financial management within the hospitality organization. This clear and concise book provides many examples and is primarily based on practical applications and less on theoretical foundations—keeping hospitality professionals tuned into finance without intimidating them with a typical ¿finance¿ book. Financial Markets and Financial Instruments; Review of Financial Statements and Selected Ratios; The Relationship Between Risk and Return; Time Value of Money; Fixed Income Securities: Bonds & Preferred Stock; Common Stock Features; Cost of Capital; Capital Budgeting and Cash Flow Estimation; Capital Budgeting Decision Methods; Hotel Valuation; and Capital Structure. For those in hospitality/travel tourism professions.

Robert E. Chatfield is professor of finance and director of MBA programs at the College of Business, University of Nevada, Las Vegas. Previously, he was an associate professor of finance at Texas Tech University and an assistant professor of finance at the University of New Mexico.

Professor Chatfield has been teaching financial management for over 25 years and has taught financial management to hospitality students at UNLV for the past 15 years. He has worked as a financial consultant to the gaming industry in Las Vegas. He has also received teaching excellence awards both at Texas Tech University and Purdue University.

Professor Chatfield has been a productive researcher, publishing in a number of leading finance journals, including Financial Management, Journal of Financial and Quantitative Analysis, the Financial Review, International Journal of Forecasting, Journal of Money, Credit and Banking, Quarterly Journal of Business and Economics, and Journal of Economics and Business.

Professor Chatfield enjoys athletics and especially likes to participate in tennis, white-water rafting, and is a novice ballroom dancer.

Michael C. Dalbor is an assistant professor in the William F. Harrah College of Hotel Administration at the University of Nevada, Las Vegas. He holds a B.S. in Food Service and Housing Administration from the Pennsylvania State University and an M.B.A. in finance from Loyola College in Maryland. He also holds a Ph.D. in Hotel, Restaurant, and Institutional Finance from the Pennsylvania State University.

He has published articles in the Journal of Hospitality Tourism Research, the Cornell Hotel and Restaurant Administration Quarterly, the Appraisal Journal, the International Journal of Hospitality Management, and the Journal of Hospitality Financial Management. He is active in the Association of Hospitality Financial Management Education and the Council on Hotel, Restaurant, and Institutional Education. He has worked in various management positions in the hospitality industry, including food and beverage management and as a purchasing agent. He has also conducted numerous market analyses and feasibility studies as a hotel consultant and has been a commercial real estate appraiser specializing in hotel valuation.