New minor bridges gaps between property development and management – Rochester Institute of Technology

RIT’s New Real Estate in Hospitality Minor

RIT’s new real estate in hospitality minor gives students the opportunity to connect real estate knowledge with hospitality management practices. Launched in fall 2023, this minor at Saunders College of Business is designed to equip students with specialized skills for careers in both industries.

Creating a Unique Career Path

Edwin Torres Areizaga, associate professor and chair of the Department of International Hospitality and Service Innovation, created the minor to offer students a unique career path focused on understanding commercial properties within hospitality.

Preparing for Industry Shifts

“In recent years, the hotel industry has separated ownership, management, and branding, meaning the company that owns a hotel building is often not the same one that runs or brands it,” Torres Areizaga said. “Our new minor gives students a pathway to work in areas like hotel development, brokerage, and asset management—preparing them for roles beyond hotel operations and aligning with these industry shifts.”

Skills and Opportunities

This minor is open to students within Saunders College and from other disciplines who are interested in real estate. Students will learn analytical thinking, marketing, and the key roles of ownership, management, and branding, as well as the value of networking and the power of negotiation.

“We don’t just want to teach people how to work spreadsheets,” Torres Areizaga said. “We want them to know how to communicate with architects and engineers and understand how major hospitality investments like hotels, restaurants, or theme parks operate. That way, if a property is underperforming, they can look beyond the numbers to identify the root cause.”

Building Essential Skills

Courses in the minor build these essential skills. Debanjana Dey, an assistant professor who teaches Hospitality Real Estate Development and Hospitality Analytics, sees untapped potential for students in this field.

“There’s a lot of interest in hospitality, but many people don’t realize the strong career and earning potential in hospitality real estate,” Dey said. “I cover both commercial and residential real estate, since both offer valuable insights. I find that most students have some exposure to real estate, like a family investment property or a construction background, but they don’t see it as a career option. My goal is to show them that this minor is more general than people realize; that it can open many professional paths they might not have considered.”

Assistant Professor Soon Hyeok Choi brings an additional perspective with his Hospitality Asset Management and Investment course, integrating AI and machine learning to help students prepare for technology-driven changes in the industry. Choi also shares insights from his research on legislation, such as Hawaii Senate Bill 2919, to show how laws affect both residential and commercial sectors.

“We’re not just learning how to pick a site and generate cash flow for the next nine years,” Choi said. “That’s a one-dimensional approach. We’re trying to understand the entire ecosystem of real estate—the local labor market, demographics, and housing market—so we can effectively tackle the commercial side. When you think about hotel resorts, who works in those spaces? The local workforce, tied to local residences. Understanding demographics and housing affordability directly impacts a property’s ability to operate successfully.”

Career Opportunities

The hope is that students who graduate get a good return on investment from their education, transitioning into careers such as analysts, marketing specialists, commercial brokers, or those who want to build their own real estate portfolio as entrepreneurs.

Future Expansion

Looking ahead, Torres Areizaga hopes to expand the program by adding more introductory courses to draw non-majors and offering students the chance to study these principles internationally through existing hospitality global rotation programs at RIT Croatia, with an opportunity to add courses at RIT Dubai as well.

SDGs, Targets, and Indicators Analysis

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 8: Decent Work and Economic Growth
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 17: Partnerships for the Goals

The article discusses the new real estate in hospitality minor at RIT’s Saunders College of Business, which connects real estate knowledge with hospitality management practices. This aligns with SDG 8, which aims to promote sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all. It also relates to SDG 9, which focuses on building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation. Additionally, the article mentions the importance of understanding the local labor market, demographics, and housing market, which are relevant to SDG 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. Lastly, the article highlights the value of partnerships and networking in the real estate and hospitality industries, which aligns with SDG 17, which promotes partnerships for the goals.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
• Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all.
• Target 11.3: By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated, and sustainable human settlement planning and management in all countries.
• Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships, building on the experience and resourcing strategies of partnerships.

The article’s content aligns with these targets as it emphasizes the importance of providing students with the skills and knowledge to pursue careers in real estate and hospitality, promoting full and productive employment (Target 8.5). It also highlights the need for sustainable and resilient infrastructure to support economic development and human well-being (Target 9.1). The focus on understanding local labor markets, demographics, and housing markets relates to the target of enhancing inclusive and sustainable urbanization and human settlement planning (Target 11.3). Lastly, the emphasis on partnerships and networking in the industry aligns with the target of promoting effective public, public-private, and civil society partnerships (Target 17.17).

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicator 8.5.1: Average hourly earnings of female and male employees, by occupation, age group, and persons with disabilities.
• Indicator 9.1.1: Proportion of the rural population who live within 2 km of an all-season road.
• Indicator 11.3.1: Ratio of land consumption rate to population growth rate.
• Indicator 17.17.1: Amount of United States dollars committed to public-private and civil society partnerships.

The article does not explicitly mention these indicators, but they can be used to measure progress towards the identified targets. For example, Indicator 8.5.1 can measure progress in achieving equal pay for work of equal value. Indicator 9.1.1 can assess the accessibility of infrastructure in rural areas. Indicator 11.3.1 can measure the efficiency of land use in relation to population growth. Indicator 17.17.1 can track the financial commitments made to public-private and civil society partnerships.

SDGs, Targets, and Indicators Table

Source: rit.edu