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School Daze

December 23, 2008

I’ve been wondering whether the path to the top of the Hotel business is through either a hotel school education or a first job (after school) in the Hotel industry (by this, I mean, a hotel company, a hotel REIT or other investment firm, a management company, a hotel broker (e.g., JLL, The Plasencia Group, HWE), a hotel service provider (e.g., HVS, Four Corners Advisors, PwC), or other, similar starting position. 

For example, I do not qualify on either criterion (no hotel school, no first job in the industry), and each of my children qualifies on both counts (Adam:  Cornell Hotel School degree, first job at KPMG; Carey:  Ohio State degree in Hospitality Management, first job at The Boulders Resort (and, while in school, a full-time job at Hyatt Regency Columbus)). 

So, I checked, somewhat unscientifically (by looking at proxy statements, website bios and press releases), the major hotel companies and selected hotel REITs, and I have come up with this list.  Note that I picked the CEO and top real estate/development positions to use the two most relevant to “Deal Tracks”:

 

Company

 

CEO

 

Real Estate/Development Head

 

 

 

Hotel School

 

First Job

 

Hotel School

 

First Job

Starwood

Marriott

Hilton

IHG

Hyatt

Wyndham

Carlson

Four Seasons

 

REITs

Host

LaSalle

Strategic

FelCor

Sunstone

Ashford

N

N

N

N

N

N

N

N

 

 

N

N

Y

N

Y

Y

Y

N

N

N

Y

N

Y

N

 

 

N

Y

Y

N

Y

Y

Y

Y

Y

N

Y

Unk.

N

Y

 

 

N

Y

n/a

Y

N

N

Y

Y

Y

N

Y

N

N

N

 

 

N

Y

n/a

Y

N

N

I do not think there are any great insights to take from this admittedly unscientific survey, other than, perhaps, this:  one need not have started in nor been formally educated in the hotel business to get the top two jobs (for deal folks) our industry has to offer.

Posted by Michael Shindler on December 23, 2008 | Comments (4)
Industries: Finance & Investment

May 4, 2009
In response to: School Daze
XRumerTest commented:

Hello. And Bye.


May 3, 2009
In response to: School Daze
XRumerTest commented:

Hello. And Bye.


December 24, 2008
In response to: School Daze
JPHECU commented:

I do think in today's world a degree, not necessarily in hospitality is a necessity to get on the fast track to a rewarding career in the hotel business. Many of todays hotel executives came up in a world where college was not all that important. I personally think experience is more important than classroom education because you do not experience the real life situations you will encounter and have to deal with on an everyday basis in this industry. I am currently a junior at East Carolina University studying hospitality and I am learning a great deal, but it cannot compare to the knowledge and experience I have gained working in the industry directly. I recently had a conversation with a COO of a fairly popular management company and when I told him about how I wanted to get my master's degree his exact word's were "don't waste your time or money, it's all about job performance." Every interview I have ever been on has never asked me about my GPA, but was specifically impressed with my work experience. I think that says a lot about where our industry is today.


December 23, 2008
In response to: School Daze
JCJM commented:

Dear Sir, I think your survey confirms that there has been a shift (from mid nineties I believe) that qualifies the financially educated over the hotel educated. The main reasons in my opinion are: 1) the fact that hotels have become more obvious investment targets for their real estate value and not primarily for their operational profits 2) over the last two decades luxury hotel business has become more of a business and less of a prestige project for a fair number of owners, which makes a financial background for a top-job more logical Hope that makes sense :)

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