Building Human Capital in an Era of High Finance
The hospitality industry has become a “high-finance” real-estate business. From quick service restaurant chains such as McDonald’s to coffee shops such as Starbucks who own and lease billions of dollars in real estate on one end of the spectrum to single asset billion-dollar branded resorts, timeshares, and residences such as Ritz Carlton on the other, the industry uses high amounts of debt, including from nontraditional sources and cutting-edge financial engineering innovations, to monetize assets and create wealth for equity and debt investors.
The game differs by geography but remains a real-estate business at its core. In the United States, hotels can be highly leveraged ...
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