{"title":"The Influence of Hotel Characteristics on Debt Servicing and Default in the U.S. Lodging Sector","authors":"Amrik Singh, John W. O’Neill, Peng Liu","doi":"10.1177/19389655241267241","DOIUrl":null,"url":null,"abstract":"This study investigates the influence of hotel attributes and characteristics on debt servicing and default in the U.S. hotel sector. Employing a unique dataset that we derived comprising more than 2,000 hotels from five recent years, this study provides empirical evidence of significant effect of hotel characteristics on debt servicing performance and default. Debt service and debt yield performance is significantly and negatively associated with the likelihood of default. Hotel default probability also varies significantly across various hotel characteristics, including service type, location, class, size, and age. In particular, the results show interstate hotels by location, economy and midscale hotels by class, smaller hotels by size, newer hotels by age, and hotels that are components of portfolios with significantly lower probability of default. Analysis by hotel service type provides empirical support for the main findings. Theoretical and practical implications provide owners and investors with relevant information for hotel investment decisions.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.4000,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Cornell Hospitality Quarterly","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1177/19389655241267241","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"HOSPITALITY, LEISURE, SPORT & TOURISM","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates the influence of hotel attributes and characteristics on debt servicing and default in the U.S. hotel sector. Employing a unique dataset that we derived comprising more than 2,000 hotels from five recent years, this study provides empirical evidence of significant effect of hotel characteristics on debt servicing performance and default. Debt service and debt yield performance is significantly and negatively associated with the likelihood of default. Hotel default probability also varies significantly across various hotel characteristics, including service type, location, class, size, and age. In particular, the results show interstate hotels by location, economy and midscale hotels by class, smaller hotels by size, newer hotels by age, and hotels that are components of portfolios with significantly lower probability of default. Analysis by hotel service type provides empirical support for the main findings. Theoretical and practical implications provide owners and investors with relevant information for hotel investment decisions.
期刊介绍：
Cornell Hospitality Quarterly (CQ) publishes research in all business disciplines that contribute to management practice in the hospitality and tourism industries. Like the hospitality industry itself, the editorial content of CQ is broad, including topics in strategic management, consumer behavior, marketing, financial management, real-estate, accounting, operations management, planning and design, human resources management, applied economics, information technology, international development, communications, travel and tourism, and more general management. The audience is academics, hospitality managers, developers, consultants, investors, and students.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
