Asset Management

Abstract

Asset management came to prominence in the late 1980s when ownership of a hotel became too complex for many owners and when it became clear to some owners that management companies were not responsible for the long-term appreciation of the property. In essence, the asset manager has the responsibility of seeing that the owner's investment goals are met in terms of cash flow and appreciation of the asset. This study examines the asset-management function from the point of view of owners, operators, and the asset managers themselves. The key to a successful relationship among the owner, operator, and asset manager appears to be open communication, trust, and a mutual understanding of each party's goals.