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This study aimed to examine the effects of macroeconomic and non-macroeconomic variables on Singapore hotel stock returns using hotel companies listed on the Singapore Stock Exchange (SGX). Data were obtained from the Singapore Department of Statistics, PULSES, and CEIC database. Regression procedures and residual tests were carried out using an econometric program, E-Views. The derived model which consisted of the significant macroeconomic variables and the unexpected non-macroeconomic variables was established. Results of stability and predictive power tests of the derived model inferred that the model was stable and reliable in explaining hotel stock returns and was also reliable for forecasting. Regression analyses indicated that changes in industrial production and money supply displayed positive relationships whilst exchange rates, inflation, short- and long-term interest rates showed negative relationships with Singapore hotel stock returns.

The purpose of this research was an attempt to improve the applicability of the balance scorecard, in particular the customer perspective, in the hospitality industry. The objective of the study was to investigate a more structured customer-centric performance measurement framework customized for the hotel industry. Hence, this paper presents the “Customer Calculator” which had been developed based on the Customer Equity model proposed by Rust et al. (2000a). Qualitative examinations by interviewing hotel management were conducted to test the applicability of the customer-centric measurement framework. The customer scores facilitate hotel decision-makers who can pinpoint the important drivers of customer relations, which are in need of further action and improvement. The framework can also be employed by the stakeholders to assess hotel performance in general.