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Who owns property?

Only a legal person – natural person or legal entity with legal capacity – may own real estate, including individuals, companies and other entities granted a legal personality by l…


Who operates hotels?

In hospitality, hotel owners are distinctly separate from hotel operators.  While the hotel owner is the owner of the hotel business, the hotel operator manages the business and op…


Who manages property development?

Property development is an interdisciplinary field and requires various skills and expertise.  Typically, developers purchase a parcel of land, determine the marketing of the prope…


Who is the hotel owner?

Investors in hotel property own the site and building for the hotels, receive the return on their investment and bear the risks of property ownership.  Whether they are also hotel…


Who invests in commercial real estate?

An individual investor is an individual who invests relatively small amounts of money for his or her own account, as opposed to an institutional investor.  Most individuals invest…


Who do real estate brokers represent?

A broker can be engaged by either party to a real estate transaction as instructed by that party, to whom the broker has a fiduciary duty.  When acting as a seller’s agent, brokers…


Who are the development project participants?

A commercial property development project calls for the property developer to engage numerous professionals and service providers in various capacities during a project’s extended…


Who are a project’s stakeholders?

A project stakeholder is any individual or group that can affect, be affected by or believe to be affected by a project during its life cycle and/or its output and can influence it…


When does the developer exit projects?

Project exit strategy establishes the plan to terminate the developer’s involvement in a project, which is commonly upon completion of the construction and handover of the property…


What professionals are engaged in commercial real estate?

The property development process requires skills of many different professionals, including architects, engineers and site planners, market consultants, attorneys, environmental co…


What pre-construction actions are taken by developers?

After satisfactory performance of due diligence and needs and use analysis, the following occur: Acquisition of a plot of land for a property development project is subject to sati…


What occurs in the property post-completion phase?

Depending on the property development strategy, the final stage of the development process is either operation, including the renovation, rehabilitation and reconstruction and re-l…


What is vertically integrated development?

The vertical integration of property developers allows for effective project development risk management.  As a business model, it enables risk management across all phases of the…


What is the subdivision of land?

Subdivision is the act of dividing all or part of a parcel of raw land into individual sections (lots) by a land developer and converting the land into developed property, which ma…


What is the property construction phase?

The construction phase in property development is the period that begins when decisions for the actual construction are made at a pre-construction meeting and end when construction…


What is the loan value of real estate?

The maximum amount a lender is prepared to advance as a percentage of the value of the eligible collateral is loan-to-value (LTV).  LTV is expressed as the ratio of the loan amount…


What is the hotel property project life cycle?

Property development is the development of real estate.  The property development life cycle starts with the original idea for a development project and commonly ends for the devel…


What is the hotel operator selection process?

Operator selection is undertaken by developers and business owners for the appointment of the hotel management operator.  The process involves candidate identification, screening,…


What is the hotel business plan?

The business plan provides a detailed summary of the objectives of an intended business undertaking and an outline of the actions required to achieve its operational and financial…


What is the development management agreement?

A development management agreement (DMA) between a developer and an independent development manager assigns overall management responsibility for a development project to the devel…


What is the commercial real estate life cycle?

There are three major constituencies in the real estate process: Space producers – Those who develop properties (e.g., developers) or who provide the capital for the property devel…


What is the circular economy?

A circular economy (CE) is an economic system based on the continual (circular) (re)use of production materials and the minimizing of waste and pollution while protecting natural e…


What is template finance documentation?

Template finance documentation is used to reduce negotiation time and cost.  It serves as a standard reference point for negotiating finance transactions – from financing proposal…


What is sustainable hotel development?

Sustainable development is the responsible use of productive resources in a development project or undertaking to safeguard long-term environmental, social and economic sustainabil…


What is sustainable hospitality?

Sustainable hospitality is the application of sustainable practices in hospitality and hotel operations and compliance with environmental, social and governance (ESG) principles. …


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