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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.56,Issue2,P.252-273

语言

英文

关键字

Hotel; Segmentation; Markets; Commercial real estate; Value; DOWNTOWN CHICAGO; OFFICE BUILDINGS; PROPERTY PRICES; DETERMINANTS; IMPACT

作者单位

[Beracha, Eli; Hardin, William G., III] Florida Int Univ, Hollo Sch Real Estate, Coll Business, 1101 Brickell Ave,Suite 1100S, Miami, FL 33131 USA. [Skiba, Hilla Maaria] Colorado State Univ, Dept Finance & Real Estate, Coll Business, 324 Rockwell Hall,1201 Campus Delivery, Ft Collins, CO 80523 USA. Hardin, WG (reprint author), Florida Int Univ, Hollo Sch Real Estate, Coll Business, 1101 Brickell Ave,Suite 1100S, Miami, FL 33131 USA. E-Mail: eberacha@fiu.edu; hardinw@fiu.edu; Hilla.Skiba@colostate.edu

摘要

Market segmentation for hotel properties is quantitatively assessed. Results indicate that the hotel property market is segmented by hotel class. The results are robust to model specification including general economic conditions, property performance measured by market level RevPAR, ADR, standard deviation in ADR, occupancy and standard deviation in occupancy and room count. The results strongly suggest segmented hotel property markets. By showing that hotel properties are not drawn from a single property population, the results advance the notion that aggregate property type pricing models may provide biased estimators.