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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.57,Issue2,P.264-296

语言

英文

关键字

Hedonic models; Price premium; Veblen effect; GIS; Commercial real estate; Hotels; CONSPICUOUS CONSUMPTION; HOUSE PRICES; DETERMINANTS; NEIGHBORHOOD; SKYSCRAPERS; REGRESSION; BUILDINGS; DISCOUNT; MARKET; RATES

作者单位

[Das, Prashant] Univ Appl Sci Switzerland, Ecole Hoteliere Lausanne, HES SO, Route Cojonnex 18, CH-1000 Lausanne, Switzerland. [Smith, Patrick] San Diego State Univ, Fowler Coll Business Adm, 5500 Campanile Dr, San Diego, CA 92182 USA. [Gallimore, Paul] Univ Reading, Henley Business Sch, Reading RG6 6UD, Berks, England. Das, P (reprint author), Univ Appl Sci Switzerland, Ecole Hoteliere Lausanne, HES SO, Route Cojonnex 18, CH-1000 Lausanne, Switzerland. E-Mail: prashant.das@ehl.ch; patrick.smith@sdsu.edu; p.gallimore@henley.reading.ac.uk

摘要

We show that conventional hedonic models for commercial real estate prices ignore the utility investors derive from a building's extreme attributes. Analyzing geo-enriched data on nearly 4,800 hotel transactions in the United States, we find that the relative positioning of an asset's attributes - particularly at the extremes - has a significant impact on transaction prices. We also detect separating equilibria for extreme attributes across the premium and discount hotel segments. Extreme attributes "stand out" and are value enhancing in premium hotel segments. In contrast, extreme attributes are value diminishing in the discount hotel segment. The relative degree to which the asset's attributes are extreme is important. Being a locally largest asset has a negative effect on price, however the negative effect is more than offset if the hotel is among the largest hotels nationally. The results suggest that locally extreme assets, unless also nationally extreme, are considered atypical and trade at a discount.