Hotels & Resorts: Transactions and Contract Drafting (LAW-954-001)
For more information, contact Program Director, Steven Shapiro, email@example.com.
In ways that will become apparent during the semester, the hotel industry is well-suited to the topics of drafting and transactions. The idea of lodging seems fairly apparent, namely checking into a hotel or resort for a few days for a business meeting, conference, or family vacation. The hotel industry is, in fact, a complex series of connected transactions, governed by agreements that detail business relationships, allocate legal liability, and govern future scenario decisions. Like other areas of commerce, the underlying economic models in the industry constantly evolve. Terms and conditions that were recently the norm can quickly become outdated, replaced by new concepts. As a starting point, we look at the fundamental economic models in the hotel industry, then trace the agreements that support those models. The prominent, but not exclusive current model, is for a real estate developer to own, design, and build a hotel. The hotel owner is often expert in creating the building, but has no real knowledge of the hotel business. The owner then will enter into a franchise agreement with a hotel company, maybe Hyatt or Marriott, for a brand that properly fits the hotel concept. At the same time, the hotel owner needs to staff the property, and will engage in a management agreement with a company to provide the general manager, and staff that actually operates the business.
Textbooks and Other Materials
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First Class Readings
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