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The Business of Hotels (1st semester 24/25)

Do you want to apply for this minor?
Check out the step by step on our website. 
Here you can also find the correct manner to start your application on Studielink.

This minor will suit students who want to expand their horizons beyond just the hospitality operations part. We explore hotels as both a real estate investment and as a revenue-generating business, and study how companies cooperate to create value.

What is it all about?
The minor consists of two closely linked courses.

In Asset Management we discuss a variety of operating and branding structures and contracts (think: leases, franchises, and management agreements).

Demand Management deals with revenue management, distribution channels such as OTAs, data (management) and online marketing, with the aim of optimizing net revenue. In other, simpler words perhaps: the program will show you how hotels create demand, sell the right product to the right customer at the right time, through the right distribution channel, for the right price; and how all of the different stakeholders might be involved and share the proceeds.

In Asset Management, we focus specifically on alignment – or lack thereof – between brands and owners. Many international chains have, over the years, moved away from hotel ownership (the “asset-light” trend), focusing instead on managing hotels for third-party owners, and on being franchisors. This has left the owners with all or most of the financial risk and sometimes limited control over their hotels. Demand Management has a strong online marketing flavour. Many of our guest speakers represent companies that help hoteliers understand travellers’ booking journey, demand levels, booking behaviour, competitor pricing and much more.


Students will appreciate the main responsibilities of, and relationships between hotel owners, operators, managers, and brands. This sets the stage for an advanced understanding of how Demand Management can add value to hotel operations for all stakeholders. Successful participation in the minor will give you knowledge not many other hotel school graduates have! Past students are now working in Revenue Management, for hotel investors, consultancies and of course also for hotel operators.


Hotel/Hospitality Management students only. Exceptions might be made on an individual basis for students with a solid international business background, good command of English, and a demonstratable interest in the minor’s topics. Candidate students need to meet their home university’s requirements for progressing to the fourth/final year. For a successful completion of the minor, we expect candidates to have very few if any uncompleted courses.

Propaedeutic certificate obtained


Compulsory: Musgrove, R., Raleigh, L. and Singh, A., eds. (2016). Hotel Asset Management: Principles & Practices, 3rd edition. Lansing, Michigan: American Hotel & Lodging Educational Institute.

Additional reading provided on a weekly basis for both topics.


  • CHRMA (revenue Management Certification) Multiple choice, online Individual 2 ECTS
  • Validation Written exam + interview Individual 10 ECTS
  • New Hotel project presentation Group 6 ECTS
  • Capstone project Presentation Group 6 ECTS
  • Term paper Essay Individual 6 ECTS

Aanvullende informatie

It is important to realise this is not an operational minor, but rather a conceptual one – if focused on application in real-life examples and a capstone project. That said, a negotiation skills workshop is also part of the programme, and students will find ample opportunities to enhance their investigative, presentation and other social skills!


Asset Management:

  • Types of hotel investors, operators and brand owners (franchisors) and their objectives; including aspects of agency theory
  • Hotel ownership, operating and branding structures: leases, management and franchise agreements
  • Hotel feasibility and valuation (discounted cash flow modelling, IRR)
  • The hotel asset management cycle
  • Hotel design, development, and construction

Demand Management:

  • Developments in the field of Revenue management and optimization
  • Demand management, focusing on the role of human capital, systems, and organizational issues
  • Online marketing applied in a hospitality context - the digital guest journey
  • (The role of) data in an online marketing environment
  • AssetSIM simulation game - applying relevant aspects of demand management in a competitive environment

Structure of the minor
Alternating Asset Management and Demand Management weeks. In November, theoretical knowledge is tested on a Validation Day, with a written and an interview component. After this, students work mostly on the real-life Capstone project first (until Christmas), and then on the Term paper (in January).

Teaching method(s)
Mixed. Weekly students will be asked to prepare by reading extensively about the subject and report back in class. There is a strong involvement of industry through many guest lectures. Each week students will receive assignments/cases, to be concluded on Friday. All of these are formative (feedback, no grades). The set-up, and the learning curve of this minor is such that we expect active student participation.

Every Monday, students are given literature to be studied before the start of week (flipped classroom). This is typically a mix of academic / scholarly and professional / industry publications. Classroom time is scheduled on Tuesdays, Wednesdays, and Fridays. As should be clear from the above, students are expected to dedicate significant time to the minor on Mondays and Thursdays, too.

International context
The hotel business is an international business. In recent years we had guest speakers representing major international players such as HOST, Xenia Hotels & Resorts, NH, Accor, Hilton, Colliers International, Amadeus, Booking, and OTA Insight. Most cases and literature are also international. The real-life Capstone assignments were provided by Sircle (then EHPC), Host Hotels & Resorts and Starwood Capital.

Students may incur travel expenses for any field excursions