1. INTERNATIONAL REAL ESTATE DEVELOPMENT: ENTERING NEW MARKETS EXAMPLES FROM US HOTEL INDUSTRY Michael Anikeeff, Johns Hopkins University Ven Sriram, University of Baltimore

2. Introduction Why enter new markets? Best Practices

5. Hotel Group Chain (nationality)CountryNumber Hotels/Rooms Intercontinental HGGB3741/556,246 Wyndham Worldwide6473/543,237 Marriott International2775/502,089 Hilton Corp.2901/497,738 Accor4121/486,521 Exhibit 3 International Hotel Chains 2007 Source: MKG Consulting Database

6. Success Factors Location Market Segments/Brands Management Ownership structure

7. Location Market Screening Government policy

8. Market segments/Brands Competitive advantage Marketing mix

9. Management Central control Local flexibility

10. Ownership structure Entry Mode Sole ownership Joint venture Franchise Mgt contract Alliance Consortium

11. Ownership structure Entry Mode Cost of entry –return Political /financial –risk Quality control—consistency Brand promotion

12. Summary /conclusion Success factors Location Market Segments/Brands Management Ownership structure