This study reviews some research trends in financial management in the hospitality industry during 2002-2003. Five major refereed journals were examined: Cornell Hotel and Restaurant Administration Quarterly, Journal of Hospitality and Tourism Research, International Journal of Hospitality Management, Journal of Hospitality Financial Management, and Briefings in Real Estate Finance. Refereed presentations at the 2003 International CHRIE Annual Conference and the 2003 Annual Conference of the Association of Hospitality Financial Management Educators were also covered. At the onset, a review framework was established after examining the trend of research topics in the above journals and conferences for the period 2002-2003. Thereafter, all refereed studies in hospitality finance for 2002-03 were discussed using the above framework. As such, the trend of scholarly contributions in hospitality finance during 200203 is better understood.