Restructuring In The Hospitality Industry

In her dialogue entitled - Restructuring in the Hospitality Industry - Elisa S. Moncarz, Associate Professor, the School of Hospitality Management at Florida International University, intends for you to know the following: “Recent years have seen a proliferation of restructurings of major American corporations creating an extremely important issue that has affected U.S. business. This article discusses restructuring issues in the hospitality industry, focusing attention on its causes and motivations, as well as on its benefits and perils. The author considers the impact of restructuring on investors and management while examining recent restructurings involving hospitality firms.” In defining the concept of restructuring, Associate Professor Moncarz informs you, “Restructuring entails the implementation of fundamental and comprehensive modification of a company's operational and/or financial structure.” “It has, indeed, become fashionable to take a company apart and put it back together in a different form,” the author says. Additionally, Moncarz refers to a Wall Street Journal study, dated August 1985, which reveals that nearly half the large American corporations were, or were soon to be restructured in the 1984/85 time frame. There are several distinct types of restructurings and the author wants you to be aware of some of them. “…threats of takeover attempts, the larger part of all restructuring have been initiated willingly in order to expand or divest a company's line of business (i.e., operational restructurings) or redirect its finances (i.e., financial restructurings),” the author reveals. “Two principal types of operational restructurings are mergers and acquisitions [M&A], and divestitures [disposing of unwanted units or assets],” Moncarz further defines the concepts of expansion and divestiture. The author explains several types of financial restructuring sketches used in the hospitality industry, including stock re-purchasing, debt issuances and redemptions, swapping debt for equity, and effective theories of realigning debt through extending loans and/or revising terms. To expand their businesses, Moncarz makes anecdotal reference to several major food and beverage corporations that have successfully employed operational restructuring principles. The author wades into the shallow end of the hostile takeover pool by explaining some of the corporate restructuring concepts used to repel that aggressive technique. Walt Disney Company completely redesigned their entire upper level management structure in a successful effort to thwart a hostile takeover bid by corporate raider Saul P. Steinberg, Moncarz informs. To close, the author touches on leveraged buyouts [LBOs], and stock repurchases to divest unwanted divisions and immobilize hostile takeover attempts. A lengthy table of - Selected Restructurings in the Hospitality Industry [1982 to date of article] – is also included.

Hospitality Administration Program Administrators View Core Areas of Knowledge

In 1992 the Accrediting Commission on Programs of Hospitality Administration established standards for hospitality administration programs. The authors surveyed program administrators regarding the current and preferred location for the teaching of the common core areas of hospitality administration knowledge.

Making Life More Satisfying for Hospitality Managers

Because of the considerable amount of time that hospitality managers spend at work, the relationship between life satisfaction and job satisfaction is of particular interest. Dissonance may result when the role at work conflicts with the role at home of with the family. Food service managers indicate that the top inter-role conflicts area is that work time takes up time that they would like to spend with family and others; that they are too tired to do some of the things they would like to do after work; and that the job makes it difficult to be the kind of friend, spouse, or parent that they would like to be.

Hospitality IT: What Does the Future Hold?

The impact of information technology (IT) is far-reaching and driving dramatic shifts in business paradigms. Trends suggest greater adoption of IT will continue and develop at accelerating rates. Hence, hotel operators and executives must learn how to embrace IT and capitalize on the many capabilities it has to offer while minimizing the threats. The authors attempt to provide a sense of focus and a roadmap to help hoteliers understand the issues, see the future, and find an appropriate on ramp to the information superhighway.

Current Perceptions of Hospitality Accreditation

The role of accreditation in hospitality education has always been controversial. The author reports on the perceptions of educators, accreditors, and industry.

Electronic Database Support Systems for Strategic Planning Activities in the Hospitality Industry

An electronic database support system for strategic planning activities can be built by providing conceptual and system specific information. The design and development of this type of system center around the information needs of strategy planners. Data that supply information on the organization's internal and external environments must be originated, evaluated, collected, organized, managed, and analyzed. Strategy planners may use the resulting information to improve their decision making.

Ideologies about Work: Comparing Hospitality and Business Students and Managers

A little explored factor posited as underlying most managerial and organizational variables is work ideology. Work ideologies are surveyed to begin to show their ability to be studied and that patterned differences may be discovered. The author surveys several samples of students and managers pursuing careers in either the hospitality industry or business to show patterned differences in work ideologies and to note these implications

Managing International Hospitality, Part II

The Spring 1992 issue of Hospitality Review featured Part I of this series on the impetus to internationalization of the hospitality industry, as well as the modes of overseas expansion by American firms. In Part 11, the author concludes with a look at the organization of overseas activities in their evolutionary stages and considers, as well, who some of the major international competitors to North American firms are in the international market and in North America. The article concludes with a brief consideration of opportunities for employment overseas.

Hospitality Research: How to Plan, Fund, Execute, and Publish

Researchers interested in exploring topics of concern to the hospitality industry can discover a wide range of areas to be explored and a variety of sources to fund the research. The authors discuss a four-step plan for conducting and publishing quality research, including tips for the writing process.

Extending the Boundaries of Hospitality Education

To date, hospitality management educators have struggled to modify generic software or adapt vendor-designed industry systems as a means of bringing hospitality information systems to the classroom. Specially- designed computer-based courseware can enhance learning while extending the boundaries of the traditional hospitality classroom. The author discusses the relevance of this software to the hospitality curriculum.

Drug Abuse in the Hospitality Industry

Drug and alcohol abuse in the hospitality industry is an ongoing problem, reflective of business as a whole. A series of surveys were conducted at national drug rehabilitation centers seeking information from patients currently or formerly employed in the hotel and restaurant industry. The author identifies a number of problem indicators and makes recommendations relevant to resolutions.

Women Hospitality Managers: Perceptions of Gender-Related Career Challenges

In spite of increases in the number of women who are both academically pre- pared and interested in pursuing hospitality management careers, women appear to be leaving the industry at a much higher rate than their male counter- parts. Although women are better represented in lower and middle management than ever before, there has been no corresponding increase in the number of women in top level management positions. The author explores women managers' perceptions of the career-related challenges they confront in hospitality environments and suggests that inadequate access to informal information networks, lack of women mentors, and the impact of unique job characteristics are their most significant concerns.

Financial Failure In the Hospitality Industry

The hospitality industry (especially the restaurant segment) has a historically high rate of financial failures. Yet, financial failure in the industry has not received the attention it deserves. In this article, the authors identify basic reasons underlying failed ideas while presenting a study of several hospitality chains that have experienced varying degrees of financial failure. The characteristics and pitfalls of these companies provide the necessary groundwork to explore major lessons to be learned which should aid hospitality management to aviod future business failures.

An Analysis of Contributors to the FIU Hospitality Review: Volume 1 to Volume 19

This article documents all major articles in the FIU Hospitality Review, from its inaugural issue in spring of 1983 through 2001; 346 articles and 325 authors from 127 affiliations are included, as well as the academic institutions, hospitality industry organizations and authors who have contributed most frequently. The high ranking received by the FIU Hospitality Review is evidence of the many researchers and industry executives who have contributed over the past two decades.

Online Graduate Degree: Hospitality Executive Perceptions

Distance education is an option that allows managers to continue with work while completing a program of study The authors report on the establishment of a distance education graduate program and describes how participants learned of the program, what their motivations for participating were, how it impacted their jobs and personal lives, and what their initial reactions to the first courses were.