This past May, a select group of students embarked on a 3-week study abroad program in Thailand, one of Asia's premier tourist destinations. They explored the nation's rich culture, urban planning challenges, and thriving economy. This immersive experience is designed to provide students with a comprehensive understanding of the strategy and development criteria for hospitality, retail, and office ventures in Thailand. Throughout the program, students conducted a real-world, simplified feasibility analysis. They visited various sites and gained first-hand insights through collaboration between professional designers, engineers, developers, and operators of top hospitality brands.
“We had the opportunity to speak with the management of several hotel properties. This helped me gain a better understanding of hospitality and how it compares to other asset classes within real estate. Each of the hotels we toured had their own unique means of integrating both Thai culture and regional elements into the property. Whether through the preservation of historic buildings at the International or the use of local floral designs in the Marriott, it was fascinating to see how architects and developers were able to keep intact everything that makes Thailand unique,” said Michael McGaugh II, a junior at the University of Notre Dame majoring in Finance and minoring in Real Estate.
A highlight of the program is its focus on Thailand's urban planning and sustainability challenges. Students investigated critical issues such as Bangkok's ground subsidence challenges and the potential congestion challenges massive development projects like One Bangkok must address. Discussions covered zoning, public-private partnerships, and other forces shaping the city's future, which prompted students to consider what the city of tomorrow should look like.
Natalia Gonzalez Giraldo, a sophomore at the University of Notre Dame, shared her thoughts on the program: “One of my favorite aspects of the study abroad program in Thailand was getting to see projects being worked on as an architect. We attended several educational and informational lectures regarding the U.S. Embassy in Thailand prior to our arrival in the country. SHoP architects and representatives from the U.S. State Department shared design concepts and the decision-making process with our class. Actually visiting the site and seeing the progress on construction in person made me more joyful and passionate about my intended career. I told my architecture peers how fantastic this was and got a better understanding of our future career. We learned that, although this building is mostly for Americans, the designers are including elements of Thai culture in their designs. It was a once-in-a-lifetime experience, and I truly felt immersed in the culture, which allowed me to further develop my skills as a future architect.”
In addition to cultural visits, regular lectures, readings, and discussions on relevant topics, the class split into three teams that competitively developed a vision, concept and feasibility analysis for their proposal. They worked on a development in the heart of Chiang Mai that included hospitality and retail components. Their analysis included developing a financial pro forma, risk analysis, design concepts, and proposals for partnerships. Each team was composed of architecture and business students, each contributing from their area of interest while ensuring they worked together. At the conclusion of the program, students presented their analyses to Asset World Corporation’s (AWC) leadership.
A key component of study abroad programs is allowing students to experience the country and its culture and not simply to have a Notre Dame course while abroad. This year’s program itinerary included visits to Chiang Mai, Bangkok, and Koh Samui. According to Michael McGaugh II, “Not only was this an excellent opportunity academically, I can also say that it was one of the most fun experiences I have had in my life. The smaller group size allows for closer connections and actually getting to know everyone on “Team Thailand” beyond just a surface level. All the additional excursions and adventures of this trip made it a once-in-a-lifetime experience. From exploring temples in Bangkok, to ziplining through the mountains of Chiang Mai, to snorkeling and playing with elephants in Koh Samui, there is truly no other program quite like this one. Thailand is an amazing country and the perfect place to learn more about the world of commercial real estate. I cannot recommend this program enough and I cannot wait to return to Thailand!”
This year's speakers included representatives from Asset World Corporation, Bureau of Overseas Buildings Operations, SHoP Architecture, Thammasat University Economics Department, Kasetsart University, Asset World Corporation, Riverside Development, Rexford Industrial, Frasers Property, AEG and several other top professionals.
This entire experience was made possible through the generous support of AWC, led by Mrs. Wallapa Traisorat. Special thanks to all organizations and individuals who shared their invaluable experience and support in making this program a huge success in its third year.
Originally published by at realestate.nd.edu on July 25, 2024.