Business Development III is one of the professional studies requirements for the Tisch Center’s Bachelor of Science in Hotel and Tourism Management. The class builds off of its first and second prerequisites as students design and develop a hotel from the ground up. This semester’s students were assigned the site of 28th and Broadway to develop their hotel.
The project started on day one, when groups of five to six students were assigned. Every other week, students were expected to present on a new portion of the project, starting with the initial hotel concept and design and ending with a detailed financial plan to fund the project. The course culminated in the Barracuda Tank, where each group presented their final hotel development project to real industry professionals seeking an investment in the hotel concept.
Professors Lakshmi Soundararajan and Dr. Jukka Laitamaki were thrilled to teach the two sections of Business Development III. “Students get a closer look at a real life hotel development project. They learn the best and retain that learning the longest when they are involved in the learning process by doing, rather than being told, and this hotel development project is a classic example of that,” Professor Soundararajan said about the semester long project.
Dr. Laitamaki reflected on the quality of this semester’s presentations, “the third Barracuda Tank was a great success. Given the high quality of students’ work, the Barracudas had a very difficult task of choosing the best teams. The presentation is a culmination of hard work and both Professor Soundararajan and I were impressed by the amount of learning that took place and how each individual student represented extremely well the high quality of the Tisch Center student body.”
Barracuda Tank presentations were held on December 8th, 2016 at NYU’s Torch Club. Returning as Barracudas this semester were Jonathan Segal, CEO of the One Hospitality Group and Evan Weiss, Founder and Partner of LW Hospitality Advisors. New to the tank was, Allie Hope, Head of Development and Acquisitions for Virgin Hotels. The Barracudas provided feedback on each group’s projects and selected this semester’s winner.
Congratulations to Tisch Center seniors Kate Blumenthal, Georgie Fu, Domenica Herrick, Allison Huang, Alexandra Popstefanov and Verden Salvador, designers and developers of The Collective for winning this semester’s barracuda tank! Barracudas chose the Canvas as the runner up.
All of this semester’s teams highlighted the creativity, innovation, and expertise of the Tisch Center undergraduate community. The hotel concepts were:
Ninety Nomad: a hotel embracing nostalgia
Borough: a hotel that focuses on local New York
Haven New York: a hotel celebrating food culture
The LIT Hotel: a trendy hotel with a shared room concept
The Primary Hotel: an Amazon brand hotel
The Collective: a family oriented hotel
Canvas: a hotel centered around art
Congratulations to all groups for finishing out a challenging semester!