3172 students


Using a true-to-life historical income statement one might find in a hotel OM or war room, this course teaches the student how to read a typical real estate income statement for hotel properties. This skill is essential for any professional working in, or considering working in, hotel investments – either as an acquisition, asset management, portfolio management, or development professional.

Knowing how to properly dissect and categorize the income and expense items typical to hotel properties, is an important step to properly modeling hotel cash flows.


You have recently been contacted by a friend working at one of A.CRE Advisors competitors, Burton Belasco, LP (BBLP). She is reaching out because there is an exciting job opportunity to become part of their underwriting team. You’ve been at A.CRE Advisors for a few years and it’s crowded at the top, so it’s been tough for your career advancement.

This job opportunity would be a bump in both title and salary. You decide to send her your resume and a few days later, a member of the BBLP team reaches out to you for a first round interview.

In anticipation, you call your friend to ask her for a few tips to prepare. She informs you that in her interview process last year, they wanted to know that she understood fundamental concepts and particularly grilled her on her understanding of line items in the income statements.

She said to make sure you review these items for each asset class and come prepared to answer questions about them. So, before you leave work that day, you manage to scrounge up a few old OMs laying around the office so that you can bring them home to begin your refresh and preparation.


  • Hotel


  • While we recommend using Microsoft Excel, as that is the industry standard, this course will work with most other spreadsheet software such as Google Sheets and OpenOffice Calc


  • The course assumes you have at least a basic proficiency working with Microsoft Excel, Google Sheets, or OpenOffice Calc


User Avatar Michael Belasco

Michael Belasco has over eight years of real estate and construction experience. He currently works for a global real estate investment, development, and asset management firm in San Francisco managing large scale development projects in the city. Michael has both an MBA and Master in Real Estate with a concentration in Real Estate Finance from Cornell University.