International Hospitality Mergers & Acquisitions Expert (IHM&A)

As a dedicated training for professionals involved in transactions in the hospitality industry this program does not only provide introduction to M&A and its theoretical concepts but is designed with ready-to-use tools and practices for industry professionals. Every session is crafted and taught by our M&A veterans and Hospitality experts who share their insights and know-how gained through years of real-world practice.

Designed and delivered in collaboration with Modul University Vienna, Austria’s leading international private university.

Key Facts & Fees

Included

* as long as you remain a Charterholder in good standing, i.e. meet continued education requirements and settle membership dues.

What To Expect

The International Hospitality Mergers & Acquisitions Expert (IHM&A) program dives deep into the entire M&A process in the hospitality industry – from strategy and valuation to execution and specificities of post merger integration in hospitality. 

 

Whether managing or advising a merger or acquisition for your company or assisting your clients, we will equip you with the tools and knowledge you need to skip the common pitfalls and succeed.

 

In the highly interactive virtual live course or the self-paced online course, you’ll take your skills to the next level by practicing:

Expanding your M&A perspective

Hone new target identification strategies and advanced synergy analyses to close the best deals and navigate common post-merger integration pitfalls.

Mapping out the negotiation landscape

Identifying the true stakeholders and likely competitors for the target ahead of time, so you’re ready with the right strategies and tactics for closing the transaction without trouble.

Improving your foresight

By “looking ahead and reasoning back,” you’ll practice implementing exceptional value analysis and comprehensive due diligence so you can lead your team into unlocking the most lucrative merger and acquisition opportunities.

Deepening your understanding of the hospitality industry for successful transactions

Learn from our experts what impact global trends and related (recovery) strategies have on the hospitality industry, how to successfully navigate operational, cultural and organisational challenges and how to valuate and manage hospitality assets sustainably.

Content

This cross-disciplinary curriculum provides a holistic view of the M&A process – from strategy and valuation to execution and post-merger integration management in the hospitality industry.

 

You will delve into the challenges and opportunities presented by new technology and learn all the terminology and best practices for cross-border deals, corporate inversions, earn-outs, spin-offs, restructurings, corporate governance and more opportunities. Different strategic approaches for private and public companies will also be examined. 

 

The IHM&A program is structured in four modules based on our IHM&A Framework and Body of Knowledge:

This module covers the fundamentals of Mergers & Acquisitions:

 

  • Deal types: What are the different types of transactions that you can use in M&A? There is a whole range of deal types and deal continuum that we look at, e.g. the full spectrum from minority stakes to full acquisitions, various ways to arrange a merger, leveraged buy outs (LBOs), initial public offerings (IPOs), divestitures, spin-offs, equity carve-outs-
  • M&A Process: The program covers both perspectives from a buyer’s perspective (buy side) and from a seller’s perspective (sell-side). We explore how to seek buyers or potential targets (long list & short list) and how to run a sale in various ways (negotiations and auctions).
  • Strategies for M&A: We dive into the strategies for Megers & Acquisitions. How can you create competitive advantage through M&A, diverstitures and equity alliance?
  • M&A Negotiation: How can you prepare for the negotiation phase? What are ways to arrange a value creating deal?
  • Introduction to Due Diligence: How do you prepare for and execute a smart Due Diligence to assure value creation? What are the different areas that can be covered in the Due Diligence process?
  • Success Factors in Transactions: We explore the success factors and key challenges and mistakes to avoid. Which M&A tactics work in which industries?
  • Takeover Strategies and Defence Tactics: How can you prepare your company against a hostile takeover attempt and reduce potential threats? Which are the defence mechansims that you can put into place and how affective are they? Which ways exist to acquire a business successfully in a hostile way?

Learning Outcomes

 

  • Understand the different methods companies can acquire or merge another firm
  • Distinguish between Management Buy Outs and Management Buy Ins
  • Differentiate between spin-off, split-off & carve-outs
  • Classify horizontal & vertical mergers
  • Identify different strategies companies use to exit investments
  • Classify types of tender offers and what constitutes them
  • Analyze and compare different ownership shapes & structures
  • Identify growth factors in M&A transactions
  • Structure & manage M&A portfolios
  • Identify value adding factors in M&A
  • Identify value destroying factors
  • Analyze various success measurement test & methods
  • Classify drivers of profitability in M&A
  • Analyze historical M&A waves and their driving factors
  • Identify factors in Cross Border M&A activity
  • European, Emerging markets, based on regions
  • Evaluate historically largest deals
  • Define characteristics of M&A waves
  • Understand the buy and sell side process, covering both the traditional and holistic view
  • Distinguish between the role of advisors and working with them in an M&A setting
  • Establish framework for potential target buyer and seller searches
  • Identifying relevant industries, companies, locations, financial advisors
  • Preparing long and short lists
  • How do M&A deals originate and the deal flow
  • Discuss necessary agreements and documents in M&A deals
  • Construct due diligence plans and activities
  • Conducting and updating findings over the transaction lifecycle
  • Organizing due diligence teams and data room management
  • Identify various areas that require due diligence runs
  • Conduct due diligence in a cross-border setting
  • Create a minimalistic due diligence
  • Identify warning signs in due diligence results
  • Judge past and present takeovers battles
  • Analyze takeover attacks and strategies for defense

In the Due Diligence module, we discuss the key questions and topics to address in a due dilligence. It covers the following areas of DD in depth:

 

  • Financial Due Diligence
  • Tax Due Diligence
  • Legal Due Diligence
  • Human Resources (HR) Due Diligence
  • Commercial Due Diligence and
  • other Due Diligence areas

Learning Outcomes

 

  • Determine potential deal breakers, negotiations and quality of earnings
  • Differentiate between a DD and an audit
  • Recognize tax exposures and liabilities
  • Analyze different types of taxes
  • Structure transactions
  • Analyzing current and future liabilities
  • Selecting the right legal counsel
  • Legal and contractual obstacles
  • Analyzing employment contracts, compensation & labor agreements
  • Conducting a cultural due diligence
  • Running a management audit
  • Conceptual & general tools for industry analysis
  • Analyze current and potential customers
  • Conduct a product and technology portfolio analysis

In the valuation module, you will explore the

 

  • Different Valuation Techniques for Mergers & Acquisitions: Various techniques such as Discounted Cash Flow (DFC) modelling, Transaction and Trading Multiples, and more will be explained step by step including a demonstration of building models in excel.
  • Private Equity & Start Up Valuation
  • Deal Financing & Payment Structure
  • Deal Design & Structure

Learning Outcomes

 

  • Define data points for adjusting multiples
  • Analyze financial statements
  • Interpret P&L, balance sheet, cashflow
  • Differentiate between types of financial statement
  • Analyze application of cashflow, P&L and balance sheet within valuation models
  • Identify different approaches to valuation
  • Interpret the fundamental assumptions in valuation
  • Analyze various valuation techniques
  • Understand the application of various valuation methods and various pros and cons
  • Differentiate between FCFF & FCFE during valuation process
  • Define use of FCFF & FCFE
  • Analyze present and future value of a firm and equity
  • Understand FCFF/FCFE application during valuation
  • Classify and define equity and firm valuation
  • Understand risk and volatility of a portfolio compared to market
  • Apply DCF valuation model
  • Estimate shareholder equity
  • Understand DCF valuation using FCFF
  • Define CAPM model and its application
  • Define components of cost of debt
  • Estimate cost of debt
  • Determine ratings using financial statements
  • Assign weights for cost of capital calculation
  • Understand application of sensitivity analysis in financial modeling
  • Analyze impact on end results
  • Identify value of shares through growth rates and cost of capital
  • Define valuation by market approach method
  • Analyze Guideline Public Company and market variables
  • Conceptualize various multiples used in valuation process
  • Interpret adjustments
  • Analyze and apply multiples
  • Define Enterprise Value (EV)
  • Analyze various EV multiples
  • Understand application of EV multiples in valuation
  • Calculate and interpret PE ratios
  • Apply PE ratios for market wide comparison
  • Identify drawbacks for PE ratios
  • Define investment structure
  • Understand & analyze investor return calculations
  • Defining pre and post money valuation
  • Understanding & implementing shareholding analysis before and after investment
  • Define returns
  • Understand straight equity vs. mezzanine investment structure
  • Differentiate impact of both investment structures
  • Establish valuation method within the framework of a given case study
  • Understanding historical financials as a means of projecting value
  • Analyzing assumptions to build a financial model
  • Identify different cashflow measures
  • Account for operating lease expenses
  • Classify & capitalize R&D expenses
  • Analyze effects of taxes on cash flow estimations and change in working capital
  • Defining financial assumptions
  • Constructing an Assumptions Sheet
  • Analyzing data points related to personnel & salaries
  • Calculating growth rates/fluctuations in headcounts and salary, etc
  • Defining cost projections/assumptions
  • Defining revenues based on assumption sheet
  • Analyzing sales prices and volumes
  • Modeling total revenue projection as part of valuation process
  • Understanding components of cost
  • Analyzing cost projections based on component analysis
  • Understanding operating costs
  • Calculating total operating cost projection as part of valuation
  • Defining depreciation values
  • Understanding straight line method in depreciation calculation
  • Defining interest expense
  • Calculating net interest expense
  • Defining working capital
  • Understanding how the operating cycle relates to need for liquidity
  • Understanding inventory, receivable and payable days
  • Analyzing key ratios and defining assumptions
  • Analyzing cashflows from previous financial statements
  • Projecting cashflows
  • Understanding interest coverage
  • Defining leverage, liquidity and activity ratios
  • Understanding return on average equity, average capital employed and average assets (ROAE, ROACE, ROAA)
  • Understanding ROAE for shareholder returns
  • Understanding ROACE for debt & equity holders
  • Understanding ROAA for debt and equity holders

The Deep Dive into Hospitality module gives you a thorough introduction into the following aspects:


  • Latest trends in hospitality:  What are the newest trends in the hospitality industry that will change the operations and design of services and products of hospitality providers
  • Real Estate Valuation in Hospitality: Understanding the fundamentals of hotel valuation and comparing the strength and weaknesses of the various hotel valuation approaches
  • Asset Management in Hospitality: Understanding the hotel asset management process and analyzing various operating agreement options
  • Investments in Hospitality: Identifying the key drivers for investments into physical hotel assets and a structured process for hotel investments
  • Sustainability in Hospitality: Understanding the present and future impact of hospitality on sustainability  and identifying opportunities and threats of non-compliance with a meaningful sustainability agenda
  • Change Management and Organizational Development: How to  manage change in the post-merger integration phase
  • Cultural Integration: Understanding the vital role of cultural integration in hospitality M&A’s and how to implement cultural due diligence, assessment and integration

Learning Outcomes

  • Identify the impact of the global pandemic on the hospitality industry and related recovery strategies
  • Identify global trends impacting the hospitality industry
  • Identify consumer trends that will impact the design of hospitality services and productsA global perspective
  • Understanding the levers effecting hotel valuation
  • Application of the sales comparison approach
  • Application of the cost of replacement approach
  • Application of the income approach
  • Understand each step of the asset management process
  • Meaningful KPI’s and benchmarking for hotel assets
  • Understand which of the operating agreements – management, franchise, lease fits which capital structure and risk profile
  • Identify value creation opportunities
  • Analyze the future outlook for the hotel asset management profession
  • Understand the principles of hotel investment decisions
  • Recognize the asset considerations: new build or repostitioning – sustainability
  • Recognize the structural considerations: risk profile – investment play
  • Understand the cyclical nature that may influence the investment decision and returns
  • Understand the value chain for the duration of the holding period
  • Evaluate paradigm shifts in travel from a consumer’s perspective
  • Understand requirements for a meaningful sustainability agenda from a business travel perspective
  • Requirements from a regulatory perspective effecting the hospitality industry directly and indirectly
  • Valuing net zero carbon (NZC) & ESG in global hotel real estate
  • Practical application of a net zero strategy for hotels
  • Overview of various change management models
  • Understand the importance of change management in the post-merger integration phase
  • Gain deeper insights on fundamentals of M&A change management
  • Gain a better understanding of the concept of national as well as organizational culture
  • Gain deeper insights on cultural due diligence, its benefits and steps to take
  • Become aware of which cultural domains to focus on when conducting cultural due diligence
  • Understand how post-merger cultural alignment and integration works

Who participates

While you will meet an international mix of participants from various industries, the International Hospitality Mergers and Acquisitions program is designed for mid-management to senior executives in the C-Suite, directors of public and private companies, board leaders, and heads of strategy and corporate development. It is also geared toward advisers, investment bankers, transactional lawyers, private equity investors as well as individuals involved in transactions or in post merger integration. Individuals and teams are welcome to attend.

By Function

By Industry

By Region

Prerequisites

Hold an academic degree (e.g. PhD, JD, DBA, MBA or Bachelor Degree); and/or hold one or more professional designations (such as CPA, CFA, CAIA or equivalent)

We’re Trusted By

Designation

After successfully completing the course, you will receive the IHM&A Charter. As IMAA’s IM&A is the most internationally recognized designation offered in the field of M&A the corresponding IHM&A charter signals to peers, clients, employers, and other professionals that you have not only completed one the most comprehensive M&A training programs available but have also gained specific insights and expertise in transactions in the hospitality industry ultimately demonstrating you are proficient in all areas of the mergers and acquisitions process.

FAQ’s

We are the global number #1 provider in M&A education. Participants sign up or companies send their employees in order to prepare for transactions or to enhance their qualification. Future employers reach out to us to check the credentials of candidates and their current status as a charterholder. Potential clients look to us to recommend advisors. We are a high quality provider and are recognized by many other institutions as a continued education provider. Find out more about our accreditations and recognition.

   
FeatureOnlineOnsite
Real-life business cases
All mandatory course materials included
Lifelong online access to most current content
1-year Individual IMAA Membership
Start right away
On-Demand video lectures & direct tutoring
Full flexibility
No time constraint
Work from anywhere in the world
Different dates & locations worldwide
Interactive discussions
Networking with peers
Complete the program in 6 days
Meet face to face with faculty

The IHM&A Certification is designed as a part-time program for professionals. The total time of completion depends on your prior background and time you can devote to this. In total for the online program it may take about 60 hours of study. Our fastest participants complete it within 2 months.

Our tuition fees include all mandatory and recommended study materials. In addition you get access to our e-library.

You can enroll at any time for the Certificate Program online and start right away. For our onsite M&A courses please check the dates and locations.

Yes, you can take the entire program online from anywhere in the world or while travelling. This is what many of our participants do. For the completion of the M&A Certification there is no physical attendance necessary. However, you can combine online with onsite workshops to reach your designation.

Our courses and programs in Mergers & Acquisitions, Due Diligence, Valuation and Post Merger Integration (PMI) have taken by more than 2’200 participants from all around the world.

We are the number #1 provider and set the standards. Compared with academic executive education offerings, our faculty members are not pure academics – they have closed M&A deals as professionals themselves. So you not only gain theoretical insights, but you will learn hands-on knowledge. Compared with for-profit providers, we are purely focused on M&A trainings and bring in a solid foundation, great structured approach to learning, and the international dimension – and we reinvest in improving our offering.

If you compare our programs with the CFA, CAIA, CIMA, or others – we are purely focused on M&A only and are very complementary to these programs. There is very little overlap among the content and insights that our programs provide. Most of them accept our program as continued education.

If you have additional questions, please reach out to us via chat, contact form, or give us a call. We are looking forward to hearing from you and learn about your needs and questions.

Request your 15 minute Free Live Demo

Testimonials

1 / 5

Wa’il Selfo

Company: Saudi Aramco
Position: Supply Chain Management Consultant
Quote Marks

I decided to enroll in the program due to my new role in M&A activities in the company.  The support team at IMAA were very helpful during the onboarding stage and throughout the course.  The virtual course featured many seasoned veterans who shared both the theoretical aspects of the M&A process and also their practical experience.  The format was very interactive and I gained a lot of from this course.  I highly recommend this course for anyone just getting into the field as it will provide a solid foundation of knowledge.

  • IM&A

Paolo Buiatti

Company: LafargeHolcim
Position: Senior Manager M&A
  • IM&A

Colleen Murray

Company: Massy
Position: Associate General Counsel & Chief Counsel M&A and HSSE
Quote Marks

I was in a search of M&A training to enhance my overall knowledge on all aspects of M&A from the stage of initial business strategy to post merger integration. I was impressed with the course contents of the IM&A and M&AP programs, the collection of data on global M&As and the access to resources via the e-library during and now after completion of the programs.

The course content for each module was presented in a very structured, easy to follow and yet comprehensive manner. The case studies and other assignments were practical and an effective means to ensure transfer of knowledgeThe course content was indeed helpful to my current profession as well as useful in attaining greater understanding of the roles played by other professional disciplines within the M&A process. I would recommend the programme to my peers and colleagues.

  • IM&A
  • M&AP

Jelena Brdar

Company: Gategroup
Position: Manager M&A and Investments
Quote Marks

I thoroughly enjoyed the International Merger & Acquisition Expert program. Challenging topic and content. It made me think about how I can link different elements of my lesson and progressing this into further M&A career and learning. It was logical well-structured and well researched content with many practical case studies, ideas and resources for improving practice. I have added a very useful M&A knowledge related to financial evaluation, due diligence and post-merger integration process.

This was the first time I have taken a course program in an online format, and I was delighted with it and look forward to coming back to IMAA for more classes in the future. I consider this a great course, with a well – experienced tutor and I would strongly recommend it to my peers and colleagues!

  • IM&A

Sébastien Perroud

Position: Entrepreneur & C-Level Executive
Quote Marks I am an entrepreneur, with strong operational and management experience, having successfully closed the financing of my Management Buy-In fund. However, during the first discussions on potential transactions with the team of Novastone Capital Advisors, my lead co-investor, I quickly realized that I needed to develop my M&A skills, in order to better prepare myself for this journey. I decided to take the IM&A program, as the content of the 4 modules perfectly matched my needs and the online self-study allowed me to start immediately and follow the program at my own pace. The content exceeds the expectations I had and the platform is very comfortable to use. The training was practical with the freedom to work on cases that helped me better understand the different aspects of M&A transactions in my industry. I would definitely recommend this program to my colleagues and peers who are looking to acquire a company in a Management Buy-In or Buy-Out transactions.
  • IM&A

Registration

Early birds Discount:
Price: $2,990.00

Take the number one M&A program online available worldwide:Show More...

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The Essentials of M&A module provides you with a solid foundation in M&A so you can deep dive in integration issues laster. This module covers:Show More...

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The Due Diligence module covers in detail:Show More...

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In the valuation module, you will exploreShow More...

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Join the program in a virtual live setting and benefit from meeting other executives and professionals, extending your network, and explore how to benefit from global best practices in the hospitality industry. Show More...

Price: $3,990.00

Join the program in a virtual live setting and benefit from meeting other executives and professionals, extending your network, and explore how to benefit from global best practices in the hospitality industry.Show More...

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