Pub Date : 2022-06-17DOI: 10.1177/19389655221102381
Kwang-Ho Lee, C. Yen
The current study applies implicit theory as a theoretical lens to explore gender differences in explicit and implicit measures of robot attitudes, which in turn facilitates behavioral intention. In total, 108 participants assessed the modified Robot Implicit Association Test (RIAT) to complete both implicit measures of attitudes and explicit self-reported measures in randomized order. Our findings demonstrated that (a) implicit attitudes (RIAT D-scores) were significantly correlated with self-reported measures (explicit attitude, perceived technology innovativeness, and behavioral intention), (b) different patterns of explicit and implicit attitudes exist, and (c) males may have a more favorable preference toward service robots than females. These results help build theoretical and methodological foundations for service management innovation into the role of implicit attitude in hospitality firms.
{"title":"Implicit and Explicit Attitudes Toward Service Robots in the Hospitality Industry: Gender Differences","authors":"Kwang-Ho Lee, C. Yen","doi":"10.1177/19389655221102381","DOIUrl":"https://doi.org/10.1177/19389655221102381","url":null,"abstract":"The current study applies implicit theory as a theoretical lens to explore gender differences in explicit and implicit measures of robot attitudes, which in turn facilitates behavioral intention. In total, 108 participants assessed the modified Robot Implicit Association Test (RIAT) to complete both implicit measures of attitudes and explicit self-reported measures in randomized order. Our findings demonstrated that (a) implicit attitudes (RIAT D-scores) were significantly correlated with self-reported measures (explicit attitude, perceived technology innovativeness, and behavioral intention), (b) different patterns of explicit and implicit attitudes exist, and (c) males may have a more favorable preference toward service robots than females. These results help build theoretical and methodological foundations for service management innovation into the role of implicit attitude in hospitality firms.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41866908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-17DOI: 10.1177/19389655221102385
P. Liu, J. O’Neill
Hotels are generally perceived as the riskiest type of commercial real estate (CRE) investment because hotel “leases” have relatively high turnover. Existing literature regarding CRE investment risk and return lacks investigation of hotels at the unit level—which is the level of analysis undertaken by existing and prospective hotel investors. Two major types of hotels are branded and independent ones. The purpose of this study is to investigate the variability (risk) of key performance indicators (KPIs) such as occupancy rate, and revenues and profit of branded versus independent hotels. Using a large sample of performance data regarding over 4,000 U.S. hotel properties from 2000 to 2019, we examine the extent to which branding affects the volatility of KPIs. We find that brand-affiliated hotels have lower cash flow risk measured as lower volatilities of KPIs compared with independent ones. Furthermore, the level of volatility reduction of branded hotels is greater for profit than for revenue, and profit may be the most important KPI for hotel investors. The magnitude of volatility reduction also increases as the measurement window length (number of years) increases. We also study the long-term returns of branded versus independent hotels. This study contributes to the understanding regarding the relationships between investment risk of branded versus independent hotels, extends the literature regarding hotel investment, and provides hotel investors and analysts information regarding risk to aid decisions such as developing, purchasing, holding, or disposing of hotel assets.
{"title":"Do Brand-Affiliated Hotels Have Lower Cash-Flow Risk?","authors":"P. Liu, J. O’Neill","doi":"10.1177/19389655221102385","DOIUrl":"https://doi.org/10.1177/19389655221102385","url":null,"abstract":"Hotels are generally perceived as the riskiest type of commercial real estate (CRE) investment because hotel “leases” have relatively high turnover. Existing literature regarding CRE investment risk and return lacks investigation of hotels at the unit level—which is the level of analysis undertaken by existing and prospective hotel investors. Two major types of hotels are branded and independent ones. The purpose of this study is to investigate the variability (risk) of key performance indicators (KPIs) such as occupancy rate, and revenues and profit of branded versus independent hotels. Using a large sample of performance data regarding over 4,000 U.S. hotel properties from 2000 to 2019, we examine the extent to which branding affects the volatility of KPIs. We find that brand-affiliated hotels have lower cash flow risk measured as lower volatilities of KPIs compared with independent ones. Furthermore, the level of volatility reduction of branded hotels is greater for profit than for revenue, and profit may be the most important KPI for hotel investors. The magnitude of volatility reduction also increases as the measurement window length (number of years) increases. We also study the long-term returns of branded versus independent hotels. This study contributes to the understanding regarding the relationships between investment risk of branded versus independent hotels, extends the literature regarding hotel investment, and provides hotel investors and analysts information regarding risk to aid decisions such as developing, purchasing, holding, or disposing of hotel assets.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47190225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-06-16DOI: 10.1177/19389655221102387
Timothy Webb, Jing Ma, A. Cheng
The restaurant industry has historically been limited in its ability to adopt traditional revenue management pricing practices (e.g., variable pricing across tables and times) because of three specific challenges: (a) inability to segment customers by willingness to pay prior to seating, (b) limited ability to price discriminate (i.e., prioritize limited seating for the highest paying customers), and (c) inability to communicate menu price variances in advance. This article reviews common restaurant pricing strategies and discusses how each strategy cannot sufficiently address these three challenges. This work proposes a new strategy, the Priority Mixed Bundle (PMB) Strategy, which addresses all three of these challenges. The PMB states that customers can make reservations if they are willing to commit to dining from a prix-fixe menu while walk-ins can dine a la carte. The article argues for why PMB is theoretically viable and could be superior to existing menu pricing strategies. A field study shows that the PMB generates more revenue than a la carte strategies. Survey results suggest that customers perceive PMB as fair. Overall, this research advances theory in restaurant revenue management and proposes a pricing strategy for restaurants.
{"title":"Variable Pricing in Restaurant Revenue Management: A Priority Mixed Bundle Strategy","authors":"Timothy Webb, Jing Ma, A. Cheng","doi":"10.1177/19389655221102387","DOIUrl":"https://doi.org/10.1177/19389655221102387","url":null,"abstract":"The restaurant industry has historically been limited in its ability to adopt traditional revenue management pricing practices (e.g., variable pricing across tables and times) because of three specific challenges: (a) inability to segment customers by willingness to pay prior to seating, (b) limited ability to price discriminate (i.e., prioritize limited seating for the highest paying customers), and (c) inability to communicate menu price variances in advance. This article reviews common restaurant pricing strategies and discusses how each strategy cannot sufficiently address these three challenges. This work proposes a new strategy, the Priority Mixed Bundle (PMB) Strategy, which addresses all three of these challenges. The PMB states that customers can make reservations if they are willing to commit to dining from a prix-fixe menu while walk-ins can dine a la carte. The article argues for why PMB is theoretically viable and could be superior to existing menu pricing strategies. A field study shows that the PMB generates more revenue than a la carte strategies. Survey results suggest that customers perceive PMB as fair. Overall, this research advances theory in restaurant revenue management and proposes a pricing strategy for restaurants.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2022-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47299170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-28DOI: 10.1177/19389655211066834
K. Choi, Ying Wang, B. Sparks, S. Choi
Mobile applications (apps) critically affect travelers’ decision-making and shape their experiences. Grounded in the expectancy value approach, this study examines the relationships among expectation confirmation (usefulness, ubiquity, ease of use, incentives, and enjoyment), privacy protection, security, satisfaction, and trust, and how these factors influence travel app users’ intention to continue using the app. Phase One of the study analyzed data from 509 survey respondents via structural equation modeling. The findings show that expectation confirmation, security, satisfaction, and trust influence travelers’ intention to continue using the travel app, whereas privacy protection exerts no significant effects. Travel app users’ level of technology proficiency moderates the effect of perceived security and satisfaction on the intention to continue use. In Phase Two, semi-structured interviews were conducted to explore the key findings from Phase One. This study contributes to the literature by examining expectation confirmation, perceived values of privacy protection, and security of travel app users in a single model to explain individuals’ satisfaction, trust, and continued use intention. The study findings also offer strategic implications for travel app developers as well as hospitality and tourism service providers and marketers on how to deliver a high-quality experience, enhance satisfaction and trust, and increase continued use intention among travel app users.
{"title":"Privacy or Security: Does It Matter for Continued Use Intention of Travel Applications?","authors":"K. Choi, Ying Wang, B. Sparks, S. Choi","doi":"10.1177/19389655211066834","DOIUrl":"https://doi.org/10.1177/19389655211066834","url":null,"abstract":"Mobile applications (apps) critically affect travelers’ decision-making and shape their experiences. Grounded in the expectancy value approach, this study examines the relationships among expectation confirmation (usefulness, ubiquity, ease of use, incentives, and enjoyment), privacy protection, security, satisfaction, and trust, and how these factors influence travel app users’ intention to continue using the app. Phase One of the study analyzed data from 509 survey respondents via structural equation modeling. The findings show that expectation confirmation, security, satisfaction, and trust influence travelers’ intention to continue using the travel app, whereas privacy protection exerts no significant effects. Travel app users’ level of technology proficiency moderates the effect of perceived security and satisfaction on the intention to continue use. In Phase Two, semi-structured interviews were conducted to explore the key findings from Phase One. This study contributes to the literature by examining expectation confirmation, perceived values of privacy protection, and security of travel app users in a single model to explain individuals’ satisfaction, trust, and continued use intention. The study findings also offer strategic implications for travel app developers as well as hospitality and tourism service providers and marketers on how to deliver a high-quality experience, enhance satisfaction and trust, and increase continued use intention among travel app users.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46741497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-18DOI: 10.1177/19389655211062978
K. Back, J. Park, K. LaTour
{"title":"Luxury Hospitality Services: Editorial Comment","authors":"K. Back, J. Park, K. LaTour","doi":"10.1177/19389655211062978","DOIUrl":"https://doi.org/10.1177/19389655211062978","url":null,"abstract":"","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48331649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-12DOI: 10.1177/19389655211063198
J. Kim, J. Milliman, Anthony F. Lucas
Prior studies have suggested that corporate social responsibility (CSR) contributes to a hospitality organization’s competitive advantage by influencing employee attitudes. However, the mechanisms driving employees’ responses to different types of CSR activities remain largely unexplored. Based on social exchange and social identity theories, we examined the mechanisms through which external and internal CSR activities influence employees’ perceived organizational justice and identification, and their subsequent outcomes (i.e., organizational commitment and turnover intention). We collected data from the employees of a hospitality company operating in the United States and used confirmatory factor analysis and structural equation modeling for data analysis. The results showed that internal CSR activities had significant sequential effects on organizational justice, organizational identification, and organizational commitment as well as turnover intention. External CSR activities had significant indirect effects on organizational commitment via organizational identification. These findings reinforce the notion that external and internal CSR operate through different mediating mechanisms. We discussed the main findings of this study in terms of their theoretical implications for our understanding of the psychology behind CSR, as well as social exchange and social identity theories. The results suggest that both external and internal CSR have particular importance as a means of supporting a hospitality company’s efforts to foster employee identification with the company, and thereby improve employee attitudes at work. We closed by discussing the practical implications of our results, including recommendations for hospitality operators.
{"title":"Effects of Internal and External CSR on Supportive and Harmful Employee Attitudes","authors":"J. Kim, J. Milliman, Anthony F. Lucas","doi":"10.1177/19389655211063198","DOIUrl":"https://doi.org/10.1177/19389655211063198","url":null,"abstract":"Prior studies have suggested that corporate social responsibility (CSR) contributes to a hospitality organization’s competitive advantage by influencing employee attitudes. However, the mechanisms driving employees’ responses to different types of CSR activities remain largely unexplored. Based on social exchange and social identity theories, we examined the mechanisms through which external and internal CSR activities influence employees’ perceived organizational justice and identification, and their subsequent outcomes (i.e., organizational commitment and turnover intention). We collected data from the employees of a hospitality company operating in the United States and used confirmatory factor analysis and structural equation modeling for data analysis. The results showed that internal CSR activities had significant sequential effects on organizational justice, organizational identification, and organizational commitment as well as turnover intention. External CSR activities had significant indirect effects on organizational commitment via organizational identification. These findings reinforce the notion that external and internal CSR operate through different mediating mechanisms. We discussed the main findings of this study in terms of their theoretical implications for our understanding of the psychology behind CSR, as well as social exchange and social identity theories. The results suggest that both external and internal CSR have particular importance as a means of supporting a hospitality company’s efforts to foster employee identification with the company, and thereby improve employee attitudes at work. We closed by discussing the practical implications of our results, including recommendations for hospitality operators.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41451405","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-12-10DOI: 10.1177/19389655211063204
Xinran Y. Lehto, S. Park, Mohamed E. Mohamed, M. Lehto
This study compares attitudes toward the use of biometrics data-enabled services in hotels of prospective travelers before and after receiving information about the risks and benefits of disclosing biometric data and about how the disclosed data are being utilized. This was done based on a sample of 579 U.S. respondents, using a split-plot scenario-based experimental design. The results revealed that the respondents did not show enthusiastic support for biometrics-based hotel services. Most sampled respondents did not view such services as highly desirable or as having a positive influence on their sense of well-being. Significant demographic differences were observed between prospective travelers. Females and older respondents in particular provided significantly lower ratings of biometric-enabled services on both desirability and effects on well-being. Significant changes in respondents’ ratings were also observed when information was given about the risks and benefits of disclosing biometric data and how the disclosed data were being utilized. That is, respondents’ ratings were lower when information was given about the risks and for scenarios where the data were utilized in ways that increased risk. Overall, these results are consistent with rational choice theory and demonstrate a strong risk-education effect or information-nudge effect on consumer acceptance of commercial use in hotels of artificial intelligence technology. The study outcomes also provide insight for developing potential guardrails and parameters for designing intelligent hospitality services.
{"title":"Traveler Attitudes Toward Biometric Data-Enabled Hotel Services: Can Risk Education Play a Role?","authors":"Xinran Y. Lehto, S. Park, Mohamed E. Mohamed, M. Lehto","doi":"10.1177/19389655211063204","DOIUrl":"https://doi.org/10.1177/19389655211063204","url":null,"abstract":"This study compares attitudes toward the use of biometrics data-enabled services in hotels of prospective travelers before and after receiving information about the risks and benefits of disclosing biometric data and about how the disclosed data are being utilized. This was done based on a sample of 579 U.S. respondents, using a split-plot scenario-based experimental design. The results revealed that the respondents did not show enthusiastic support for biometrics-based hotel services. Most sampled respondents did not view such services as highly desirable or as having a positive influence on their sense of well-being. Significant demographic differences were observed between prospective travelers. Females and older respondents in particular provided significantly lower ratings of biometric-enabled services on both desirability and effects on well-being. Significant changes in respondents’ ratings were also observed when information was given about the risks and benefits of disclosing biometric data and how the disclosed data were being utilized. That is, respondents’ ratings were lower when information was given about the risks and for scenarios where the data were utilized in ways that increased risk. Overall, these results are consistent with rational choice theory and demonstrate a strong risk-education effect or information-nudge effect on consumer acceptance of commercial use in hotels of artificial intelligence technology. The study outcomes also provide insight for developing potential guardrails and parameters for designing intelligent hospitality services.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48319054","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-11-15DOI: 10.1177/19389655211058685
Amrik Singh
This study investigates the magnitude of the foreclosure sale discount in the hotel sector. The foreclosure sales discount is captured using three different models: hedonic, hybrid, and repeat sales. Controlling for various hotel attributes and time, the hedonic model shows a foreclosure discount of 40%, followed by the repeat sales model at 42% and the hybrid model at 45%, all relative to non-distressed market prices. The results of the study provide novel empirical evidence of cross-sectional variation in foreclosure discounts between independent hotels and branded hotel segments and by location. In particular, variation in the foreclosure discount is driven by independent and upscale hotels and hotels located in resorts, small metro towns, and urban locations. In addition, the study results reveal the influence of occupancy, deferred maintenance, renovation, and holding period on transaction prices.
{"title":"Applying Property Pricing Models to Estimate a Foreclosure Discount in the Hotel Real Estate Sector","authors":"Amrik Singh","doi":"10.1177/19389655211058685","DOIUrl":"https://doi.org/10.1177/19389655211058685","url":null,"abstract":"This study investigates the magnitude of the foreclosure sale discount in the hotel sector. The foreclosure sales discount is captured using three different models: hedonic, hybrid, and repeat sales. Controlling for various hotel attributes and time, the hedonic model shows a foreclosure discount of 40%, followed by the repeat sales model at 42% and the hybrid model at 45%, all relative to non-distressed market prices. The results of the study provide novel empirical evidence of cross-sectional variation in foreclosure discounts between independent hotels and branded hotel segments and by location. In particular, variation in the foreclosure discount is driven by independent and upscale hotels and hotels located in resorts, small metro towns, and urban locations. In addition, the study results reveal the influence of occupancy, deferred maintenance, renovation, and holding period on transaction prices.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45387044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-21DOI: 10.1177/19389655211052286
E. Ma, Yafang Bao, Leijun Huang, Danni Wang, M. Kim
Integrating two theoretical frameworks, the product level theory and the experience economy model, this research analyzed and compared robotic technology applications and customer experiences in selected case robot restaurants in the United States and China. Guided by the product level theory, we first analyzed in which product/service levels were robots applied in each case restaurant in Study 1. Then in study 2, guided by the experience economy model, we further explored customers’ dining experiences and compared if customers’ experience differs due to variations in product/service levels that robot applied. The study first contributes to the product level theory by extending its application to the context of robotic restaurants. It also contributes to the experience economy literature, and in particularly, whether applications of robotic technologies at different product levels matter in customers’ dining experience. The study included case restaurants both from the United States and China, presenting findings with cultural implications. Given the challenges presented by COVID-19 and the industry is exploring alternative ways for service delivery and food production, such a study is particularly meaningful.
{"title":"When a Robot Makes Your Dinner: A Comparative Analysis of Product Level and Customer Experience Between the U.S. and Chinese Robotic Restaurants","authors":"E. Ma, Yafang Bao, Leijun Huang, Danni Wang, M. Kim","doi":"10.1177/19389655211052286","DOIUrl":"https://doi.org/10.1177/19389655211052286","url":null,"abstract":"Integrating two theoretical frameworks, the product level theory and the experience economy model, this research analyzed and compared robotic technology applications and customer experiences in selected case robot restaurants in the United States and China. Guided by the product level theory, we first analyzed in which product/service levels were robots applied in each case restaurant in Study 1. Then in study 2, guided by the experience economy model, we further explored customers’ dining experiences and compared if customers’ experience differs due to variations in product/service levels that robot applied. The study first contributes to the product level theory by extending its application to the context of robotic restaurants. It also contributes to the experience economy literature, and in particularly, whether applications of robotic technologies at different product levels matter in customers’ dining experience. The study included case restaurants both from the United States and China, presenting findings with cultural implications. Given the challenges presented by COVID-19 and the industry is exploring alternative ways for service delivery and food production, such a study is particularly meaningful.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47796120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-10-15DOI: 10.1177/19389655211050398
A. DeFranco, Y. Koh, Piyush Prem, Benjamin Love
There is a new wave of mixed development where luxury hotels come with condominium units, though this type of diversification has gained scant attention. Prior hospitality literature on diversification strategies has mostly taken the firm-level approach and documented its impact on performance from various angles such as brand diversification, segment diversification, and geographic diversification, therefore leaving a void. In this work, we use the multilevel mixed effect model to examine 15,340 property-level data points from 2010 to 2019 for U.S. luxury hotels with and without condominium units. Our objective is to compare, at a property level, the performances of luxury hotels with condominium units with the performances of those not having condominium units and to determine whether the difference varies by hotel location. Our findings suggest that the Average Daily Rate (ADR), Revenue per Available Room (RevPAR), and Total Revenue per Available Rooms (TRevPAR) of luxury hotels with condominium units were significantly higher than those of hotels without condominium units. Significant moderating effect of location was found for Occupancy, ADR, Food and Beverage Revenue per Available Rooms (F&B RevPAR), and TRevPAR while no such effect was found for RevPAR and GOPPAR.
{"title":"Inclusion of Condominium Units in Luxury Hotels as a Diversification Strategy: Property Performance Perspective","authors":"A. DeFranco, Y. Koh, Piyush Prem, Benjamin Love","doi":"10.1177/19389655211050398","DOIUrl":"https://doi.org/10.1177/19389655211050398","url":null,"abstract":"There is a new wave of mixed development where luxury hotels come with condominium units, though this type of diversification has gained scant attention. Prior hospitality literature on diversification strategies has mostly taken the firm-level approach and documented its impact on performance from various angles such as brand diversification, segment diversification, and geographic diversification, therefore leaving a void. In this work, we use the multilevel mixed effect model to examine 15,340 property-level data points from 2010 to 2019 for U.S. luxury hotels with and without condominium units. Our objective is to compare, at a property level, the performances of luxury hotels with condominium units with the performances of those not having condominium units and to determine whether the difference varies by hotel location. Our findings suggest that the Average Daily Rate (ADR), Revenue per Available Room (RevPAR), and Total Revenue per Available Rooms (TRevPAR) of luxury hotels with condominium units were significantly higher than those of hotels without condominium units. Significant moderating effect of location was found for Occupancy, ADR, Food and Beverage Revenue per Available Rooms (F&B RevPAR), and TRevPAR while no such effect was found for RevPAR and GOPPAR.","PeriodicalId":47888,"journal":{"name":"Cornell Hospitality Quarterly","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2021-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44071305","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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