...17th, 2012 Corporate Finance : Financial analysis of Accor camille.davenel@gmail.com Table Of Contents I) Introduction 2 II) Economic environment 2 1) Gross Domestic Product (GDP) 2 2) Interest rate 3 III) Industry environment 5 1) Life cycle of Hotel Industry: 5 2) Hotel industry tendencies 5 3) Identify and positioning with competitors 6 4) Research & Development Fees 7 5) Competitors & Hotel industry ratios 7 IV) The company: Accor 7 1) SWOT Analysis: 8 a. ACCOR/IHG/Starwood 9 V) Global Analysis of ACCOR 10 1) Year by year 10 a. 2009: 10 b. 2010: 11 c. 2011: 11 2) Analysis of ratios 12 a. Return on Equity (ROE) 12 b. Net Profit Margin 13 c. Asset turnover 14 d. Financial leverage multiplier 15 e. Total debt 16 VI) Conclusion 17 VII) Bibilography 18 VIII) Annexes 19 Introduction * 2011 ended on positive statistics concerning hotel groups’ growth: every leader is engaged into a worldwide run, because their bank account strength depends on a geographic balance between risks and opportunities. Important hotel groups have enhanced franchise development in 2010 and have increased their number of rooms, some going beyond 600 000. For several years now, Intercontinental Hotel Group is the world leader, but it is followed by three others American groups, Hilton Worldwide, Wyndham Worldwide and Marriott. However, a European (French) group has been able to find its place in...
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...Annals of Tourism Research, Vol. 38, No. 3, pp. 1009–1030, 2011 0160-7383/$ - see front matter Ó 2011 Elsevier Ltd. All rights reserved. Printed in Great Britain www.elsevier.com/locate/atoures doi:10.1016/j.annals.2011.01.015 BRAND EQUITY, BRAND LOYALTY AND CONSUMER SATISFACTION Janghyeon Nam Kyungnam University, South Korea Yuksel Ekinci Georgina Whyatt Oxford Brookes University, UK Abstract: This study aims to investigate the mediating effects of consumer satisfaction on the relationship between consumer-based brand equity and brand loyalty in the hotel and restaurant industry. Based on a sample of 378 customers and using structural equation modelling approach, the five dimensions of brand equity—physical quality, staff behaviour, ideal selfcongruence, brand identification and lifestyle-congruence—are found to have positive effects on consumer satisfaction. The findings of the study suggest that consumer satisfaction partially mediates the effects of staff behaviour, ideal self-congruence and brand identification on brand loyalty. The effects of physical quality and lifestyle-congruence on brand loyalty are fully mediated by consumer satisfaction. Keywords: brand equity, customer satisfaction, brand loyalty. Ó 2011 Elsevier Ltd. All rights reserved. INTRODUCTION Consumer satisfaction is essential to long-term business success, and one of the most frequently researched topics in marketing (e.g., Jones & Suh, 2000; Pappu & Quester, 2006). Because consumer satisfaction...
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...A MODEL OF OPTIMAL INTERNATIONAL MARKET EXPANSION THE CASE OF US HOTEL CHAINS EXPANSION INTO CHINA E. Hachemi Aliouche, Ph.D. Associate Professor, Hospitality Management Whittemore School of Business and Economics UNIVERSITY OF NEW HAMPSHIRE, USA and Udo Schlentrich, Ph.D. Associate Professor, Hospitality Management Whittemore School of Business and Economics UNIVERSITY OF NEW HAMPSHIRE, USA ABSTRACT: Departing from the explanatory and descriptive approaches common in many of the academic studies of international expansion, this paper uses a managerial approach to develop and illustrate a process that can assist managers in the formulation of their international expansion strategies and plans. A comprehensive model of international expansion is outlined and applied to determine the optimal country to be targeted for entry by a US hotel firm and the optimal entry mode to be used. The model consists of three sections. Section One (macro assessment) identifies the major external macroenvironmental variables that determine the risks and opportunities of international expansion: market size, market growth and purchasing power; political, economic, legal and regulatory risks; and cultural and geographic distances. Through macro assessment, countries with the optimal risk/opportunity profiles are identified and ranked. Section Two (micro assessment) is applied to the optimal countries identified in Section One to estimate the potential profitability and financial value created (as...
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...Iowa State University Digital Repository @ Iowa State University Graduate Theses and Dissertations Graduate College 2014 A review of studies on luxury hotels over the past two decades Yin Chu Iowa State University Follow this and additional works at: http://lib.dr.iastate.edu/etd Part of the Advertising and Promotion Management Commons, Business Administration, Management, and Operations Commons, Home Economics Commons, Management Sciences and Quantitative Methods Commons, and the Marketing Commons Recommended Citation Chu, Yin, "A review of studies on luxury hotels over the past two decades" (2014). Graduate Theses and Dissertations. Paper 13913. This Thesis is brought to you for free and open access by the Graduate College at Digital Repository @ Iowa State University. It has been accepted for inclusion in Graduate Theses and Dissertations by an authorized administrator of Digital Repository @ Iowa State University. For more information, please contact hinefuku@iastate.edu. A review of studies on luxury hotels over the past two decades by Yin Chu A thesis submitted to the graduate faculty in partial fulfillment of the requirements for the degree of MASTER OF SCIENCE Major: Hospitality Management Program of Study Committee: Liang (Rebecca) Tang, Major Professor Tianshu Zheng Fatma Baytar Iowa State University Ames, Iowa 2014 Copyright © Yin Chu, 2014. All rights reserved. ii TABLE OF CONTENTS Page LIST OF TABLES ....
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...Student Details Surname Azeez Given name Shamina Bhanu Student Number 1232702 Email shamina.azeez@gmail.com Assignment Details Module name Accounting & Financial Management Module Code 7AC002 For the attention of Mark Price Due date 14th April 2014 Assignment title Financial Analysis Report All forms of plagiarism, cheating and unauthorized collusion are regarded seriously by the University and could result in penalties including failure in the unit and possible exclusion from the University. If you are in doubt, please read the following web page. Student’s Declaration By submitting this assignment I SIGNAL & DECLARE my knowledge and agreement to the following: - Except where I have indicated, the work I am submitting in this assignment is my own work and has not been submitted for assessment in another unit or for any other purpose. This work conforms to the instructions and submission guidelines as contained in the assessment briefing and the module guide respectively. This submission complies with University of Wolverhampton policies regarding plagiarism, cheating and collusion. I acknowledge and agree that the assessor of this assignment may, for the purpose of assessing this assignment: • Reproduce this assignment and provide a copy to another academic staff member; and/or • Communicate a copy of this assignment to a plagiarism-checking service. This web-based service will retain a copy of this work for subsequent...
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...expand into foreign markets. Situation Analysis External Analysis When Alex first took control of Cameron Autoparts, the company was facing much adversity in the markets as well as economy. Sales in 1991 (Alex’s first year of operation) dropped from 48 million to 18 million in the first six months, this was due the American economy suffering from a recession, as well as foreign companies from japan were beginning to grasp a larger share of the market. Alex quickly realized he would need to come up with a solution to diversify his company from the competition. He used this opportunity to bring in new engineers to develop a product that related to the existing line but also had non-automotive market appeal. The gamble paid off and Cameron’s sales began to rise again. As the new product became more and more successful Alex began to explore foreign markets and quickly seized a European patent on the flexible coupler. While having the patent provided Cameron with the exclusive rights to the coupler, if Alex did not begin to produce the product in Europe he would lose the money he sunk into the process. After attaining the patent he quickly set up a licensing agreement with McTaggart supplies allowing them to produce the coupler in Scotland and supply the UK with the product. This led to Cameron receiving royalty cheques of 3% on the first million of sales, and 2% on everything after that. It was a good opportunity to penetrate the European market, although Cameron could have also...
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...Business Plan Hotel LUX: it starts here Kristel Lako 120547 Vivian de Lange 121181 Anne- Sophie Kersten 121104 Nadia Hassoune 123094 ------------------------------------------------- Team assignment Business Plan Team managers: R. van Ginneken & Maarten Staps Deadline: 07-6-2013 Class: 1HM 14 Vivian de Lange 121181 Anne-Sophie 121104 Kristel Lako 120547 Nadia Hassoune 123094 Executive Summary "When there is true hospitality, not many words are needed" The core purpose of this report is to show an idea of a feasible business hotel in Munich. The business plan explains all points, while going into debt in accounting, finance, marketing and Human Resource, why this concept will be profitable on long term. Hotel LUX is a 4 star business hotel and the main target group will be young entrepreneurs and local partners. The hotel is strategically located in the city centre of Munich and it enables its guests to be at the heart of the business community. The long-term goal of hotel LUX is to become one of the top choices in Munich for temporary lodging. This will be accomplished by creating a differentiated experience capitalizing on personal service, the facilities that the hotel provides and its unique location in one of the most attractive places in Germany, for business as well as leisure guests. We plan to be more than just lodging and accommodation and we aim for a social and warm atmosphere to relax in, and an inspiring...
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...Major mergers and Acquisitions that took place in the recent past among the Indian Companies are…. ITC’s Merger of ITC Hotels, a listed subsidiary itself. Consolidation in the Tata Group, Videocon Group, Jindal Group etc Acquisitions of IPCL by Reliance Industries. The merger of NARMADA CHEMATUR PETROCHEMICAL PLANT (NCPL) with GUJARAT NARMADA VALLY FERTILIZER COMPANY (GNFC) which took place in the year 2006 was one of the recent mergers that took place in Gujarat. The project “Merger of with GNFC” deals with, The various reasons which lead to the merger, The regulatory processes to be followed by transferee and transferor company, Calculation of goodwill, Financial analysis of GNFC pre merger and post merger, Recommendations. INTRODUCTION In every organization’s life and in every economy’s life comes a time when growth development and expansion seems to reach a plateau. Across what is today called the developed countries, we are witnessing such a Cycle, where iconic brands, companies and institutions are being acquired and merged. And across the world into Asia, transition economies like India, China are pumping in billions of dollars to acquire a stake or control of some of the crown jewels of American/European Business & Industry. Until up to a couple of years back, the news that Indian companies having acquired American-European entities was very rare. However, this scenario has taken a sudden U turn. Nowadays, news of Indian Companies acquiring...
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... by Raymond H. Lopez, Ph.D. Raymond H. Lopez is Professor of Finance at the Lubin School of Business of Pace University. Introduction INTRODUCTION “We could be getting close to the time for a major Disney attraction in the world’s most populous nation.” 1 “I am completely confident that Chinese people love Mickey no less than they love a Big Mac.” 2 Early in 1999, Michael Eisner, CEO of The Walt Disney Company, voiced his opinions concerning potential markets for his firm’s entertainment products and services. A major thrust for the new millenium would be development in Asia. The firm had now achieved a certain level of experience with owning and/or managing assets and operations outside the United States. They had two competing models that would be utilized to analyze and ascertain the financial and operating structure of their next foray into the global business arena. Their first experience was Tokyo Disneyland. Modeled after Disneyland in California and located six miles from downtown Tokyo, the park opened in 1983 and was literally a cultural and financial success from its start....
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...sustain ongoing business growth and financial strengths in order to maximize every stakeholder’s interests and provide endless contribution back to the community, through service diversification and enduring global expansion. Executive Summary This report analyzes the current strategies of Marriott International and based on the given and researched information to develop a number of recommended future strategies in order to sustain the growth of the corporation. I believe that Marriott has a good chance for success even through the market is highly competitive. Marriott can successful by developing market to Asia Pacific and using the two recommendations that have been discussed, whilst being backed up throughout with the core competency of marketing. I believe that the multi-brand and product advantage can be achieved despite other hotel corporation to penetrate any market for a period of time. As the leading hospitality corporation develop over 13 multi-brand products in serving various customer needs that no other hospitality group has. However, this advantage is not sustainable in the long term and will be lost if the service is not keep advantage hospitality knowledge and up-to-date. Professional team and leading technology should be use to ensure the service stays at the forefront of the hospitality industry, but given that rapid changing customer behavior is the...
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...TOMASHYK Yaroslav Date of birth Nationalities Contact details 4 September 1981 Ukrainian, Romanian / Work Permit: European Union Email: yaroslav.tomashyk@insead.edu / ytomashyk@gmail.com Mobile: + 33 6 82 06 31 96 PROFESSIONAL EXPERIENCE 2010 - 2013 EXTENT Associates LLC Co-founder of a boutique consulting firm with emphasis on finance advisory Ukraine Partner • Developed business practice from a sole-practitioner to 8 full-time and 15 outsourced subcontractors with service revenue of USD 600k • Introduced offering of outsourced CFO services and actuarial services • Served as interim CFO/Chief Restructuring Officer for two clients; hired, trained and reviewed performance of finance teams including CFO coaching for one client • Facilitated divestment of real estate business: negotiated and closed deals on sale of real estate projects worth USD 30M (commercial properties and hotels) for a client 2008 - 2010 Avis Rent-A-Car (Ukraine) Ukraine Leasing and car rental company (~2000 cars, USD 25M in assets), franchisee of Avis Rent-A-Car in Ukraine; acquired in 2008 by TBIF Financial Services (Netherlands) CFO • Executed overall financial management of the company, evaluated and approved all significant management decisions as member of the Board of Directors; directly reported to Supervisory Board (Central European HQ in Bulgaria) • Headed post-acquisition restructuring of the company; achieved increase in operating profit margin by more than 60% by introducing new pricing...
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...8. Stakeholder Preferences 8 9. Summary of Anticipated Human Resource Requirements 9 10. Summary of Financial Impacts and Outcomes 10 11. Action Plans to Achieve Objectives 11 12. Summary of Major Risks 12 Appendices: 1. Strategic & Operational Health Assessment 2. Financial Calculations 3. Executive Team Changes and New Functions EXECUTIVE SUMMARY To come (1) STATEMENT OF VISION, MISSION & OBJECTIVES Mission Statement: To earn the loyalty of our guests by establishing internationally tailored inns run by a team of dedicated and talented people in an intimate, luxurious setting. Vision Statement: To establish an internationally recognized group of unique, high quality inns and hotels which offer the ultimate in fine dining and personalized service, tailored to the local community and the history of each establishment. We will deliver superior service by recruiting talented entrepreneurial chefs, support them with reliable and well trained staff, continuous training and proper incentives, and we...
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...Introduction Ryanair is one of the most unique and successful low-cost airlines in Europe. Despite having so many negative associations, it still remains the leader in this market by having the biggest share of customers and flights (European Low Fares Airline Association, 2008). Hence, what are Ryanair brand key secrets making it so successful? The Keller‘s Customer-Based Brand Equity Model incorporated with Pillars of the Brand were used to make an analysis which helped to answer this question. Ryanair brand was analysed according to such components as brand awareness, brand associations (Pillars of the Brand) and brand image. Brand awareness includes the performance of both brand recall and recognition. Evaluating Pillars of the Brand and brand image, the set of both positive and negative associations was sorted out which determines the brand equity of Ryanair. Brand Awareness Measuring awareness helps us to identify how strong the brand is in the mind set of the consumers (Aaker, 1996). Different tests were carried out in order to test the brand recognition of Ryanair . The tests included making the participants identify the Ryanair brand using two cues (Appendix B). In the first exercise the participants were given a set of colours and had to match the colours to the airline. Out of fifteen responses, only three were able to attribute Ryanair with the colour blue. On the other hand, EasyJet was a clear leader in the “colours” battle, due to its strong saturation...
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...BUSINESS DEVELOPMENT PROPOSAL FOR NH HOTEL START-UP IN BELGRADE by STEFAN MATKOVIC LSC STUDENT ID: 0010GZGZ0913 Presented as part of the requirement for the award of MBA at Cardiff Metropolitan University (CMU) May 2015 1 BUSINESS DEVELOPMENT PROPOSAL Supervisor Declaration Form Student Name: Stefan Matkovic Supervisors Name: Vlada Botoric I acknowledge that the above named student has regularly attended the planned meetings and actively engaged in the supervision process. They have provided regular timely draft chapters of the BUSINESS DEVELOPMENT PROPOSAL and followed given guidance. I confirm that I have approved the BUSINESS DEVELOPMENT PROPOSAL title specified below. Title of BUSINESS DEVELOPMENT PROPOSAL: BUSINESS DEVELOPMENT PROPOSAL FOR NH HOTEL START-UP IN BELGRADE Signed by Supervisor ……………………………………. Date ……………………………………… 2 Layout of Declaration/Statements page DECLARATION This work being submitted in partial fulfilment of the requirements for the degree of .................................MASTER OF BUSINESS ADMINISTRATION....................................... And has not previously been accepted in substance for any degree and is not being concurrently submitted in candidature for any degree. Signed........................................................................................ (Candidate) Date........................................................................................... STATEMENT...
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...White Plains, NY 10606 Tel: (914)422-4165 Fax: (914)422-4184 E-mail: rlopez@pace.edu December 2001 Disney in Asia, Again? “We could be getting close to the time for a major Disney attraction in the world’s most populous nation.” [i] “I am completely confident that Chinese people love Mickey no less than they love a Big Mac.” [ii] Early in 1999, Michael Eisner, CEO of The Walt Disney Company, voiced his opinions concerning potential markets for his firm’s entertainment products and services. A major thrust for the new millenium would be development in Asia. The firm had now achieved a certain level of experience with owning and/or managing assets and operations outside the United States. They had two competing models that would be utilized to analyze and ascertain the financial and operating structure of their next foray into the global business arena. Their first experience was Tokyo Disneyland. Modeled after Disneyland in California and located six miles from downtown Tokyo, the park opened in 1983 and was literally a cultural and financial success from day one. However, not all of the potential financial benefits accrued to Disney shareholders, since the facility was entirely owned by The Oriental Land Company. Disney generated a large and growing stream of fee income, but did not participate as an owner. The architect of Disney’s strategy was Ron Miller, CEO, son-in-law of Walt Disney, and leader of a very conservative management...
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