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This paper aims to examine the effectiveness of two types of hotel commercials [virtual reality (VR) versus traditional commercials] by proposing and testing a presence-mediated model along with gender effects.

An experimental design is used to test the proposed hypotheses. Data were collected in China, and the Shangri-La hotel brand was chosen. University students were randomly assigned to watch either a hotel VR commercial or a hotel traditional video commercial. One HTC Vive VR headset was provided to those participants in the hotel VR commercial group.

The study revealed that VR commercials generate a higher level of vividness and interactivity among customers, which positively influence attitudes toward the ad, brand attitude and booking intention. Moreover, the findings showed that in the virtual environment, women, as compared to men, are influenced more by VR.

This research is the first to bring the presence model and gender effects together to better understand the effectiveness of VR in hospitality advertising research.

本论文检验两种酒店广告类型的有效性（VR对比传统广告）, 通过构建和检验存在-中介模型和性别影响。

本论文使用实验设计方式来验证提供的模型。研究样本数据来自中国, 以香格里拉酒店品牌为例。本论文随机抽样大学学生, 一组看酒店VR广告, 另一组观看酒店传统视频广告。实验参与者使用HTC Vive VR头盔观看VR广告。

研究结果表明, VR广告引发酒店客人的生动和互动性, 对广告、品牌态度、和预定房间意图有着积极影响。此外, 研究结果还表明女性相对男性在虚拟环境中受到VR更多影响。

本论文是首个将存在模型和性别影响相结合, 更好地理解VR在酒店广告研究中的作用。

关键词 虚拟现实、酒店广告、广告有效性、存在、生动、互动性、性别影响

In recent years, speedy development of Taiwan’s hotel industry intensifies market competition, customers’ demands on hotel services quality also increase with the increase of their consumption consciousness, and their demands on hotel types diversify, therefore hotel industry should concern on their unique management services quality brought by their different hotel types. The current designed service system or service transmission process may fail to meet customers’ demands owing to emphasizing degree gap in service quality. What is worse, it is difficult for hotel industry to actualize complete customer segregation and to provide customized services, therefore comprehensive understanding of customers’ demands on the service quality of different types hotels would contribute to operating management improvement of Taiwan hotel industry. This paper divides Taiwan hotels into three types: international tourism commercial type, holiday type and motel, the general hotels. It studies the emphasize degree gap in service quality between the industry and the customers. Data analysis shows that service quality gap (perceived gap) of hotels of different types exists in several quality aspects; what’s more, the perceived gaps, service quality aspects, and its items of different types of hotel are also different. After an integrated analysis, this paper puts forward a general and customer‐oriented quality item suitable for hotel industry to shorten the perceived gap of service quality, so that the hotel industry could design a service system and service transfer system, which could meet most lodging customers’ demands in the context of pluralized customer sources.

This study aims to investigate the determinants of credit spreads in hotel loans securitized into commercial mortgage-backed securities (CMBS) between 2010 and 2015.

The sample represents 1,579 US hotel fixed interest rate whole loans with an aggregate mortgage value of $26.6bn at loan origination. The relationship between credit spreads and property, loan and market characteristic is examined via multiple regression analysis. Additionally, the method of 2-stage least squares is used to control for endogeneity bias and identify the effect of the loan-to-value (LTV) ratio on credit spreads.

The multiple regression models explain 80 per cent of the variation in credit spreads and show a significant association of credit spreads with hotel and loan characteristics and market conditions. The findings indicate the debt coverage ratio to be the most important predictor of credit spreads followed by the loan maturity term, implied capitalization rate, LTV and yield curve. The results show the debt yield premium to be a stronger predictor of credit spreads than the debt yield ratio. The spread between the debt yield ratio and mortgage interest rate could be used in future research as an instrumental variable to identify the effect of the LTV on credit spreads.

This study is limited to the CMBS market and the period after the financial crisis. Additional limitations include sample selection bias, exclusion of multi-property loans and variable interest rate loans.

Interest rate increases in an expanding economy would likely increase the cost of borrowing for hotel owners leading to higher debt service payments and lower profitability. If an increase in interest rates is offset by a decline in credit spreads, hotel owners will still benefit from the ensuing stability in borrowing interest rates. The evidence also suggests that CMBS lenders favor select service and extended stay hotels. Owners and operators of these efficient and profitable hotels will likely obtain loans with lower credit spreads given their lower risk of default.

The current study provides evidence on the effects of loan and property characteristics in the pricing of loan risk and serves to inform CMBS market participants about the factors that drive credit spreads in hotel mortgage loans.

In business, online reviews have an economic impact on firm performance. Customers’ data in the form of online reviews was used to understand the appreciation and service complaints written by previous customers. The study is an analysis of the online reviews written by the customers about Indian heritage hotels. This study aims to understand the dimensions of service appreciation and service complaints by comparing positive- and negative-rated reviews and find the patterns in the determinants of the satisfaction and dissatisfaction of the customers.

A total of 23,643 online reviews about heritage hotels were collected from the TripAdvisor website by using a Web crawler developed in Python. A total of 1000 reviews were randomly selected for further analysis to eliminate the bandwagon effect. Unsupervised text mining techniques were used to analyze reviews and find out the interesting patterns in text data.

Based on Herzberg two-factor theory, this study found satisfied and dissatisfied determinants separately. The study revealed some common categories discussed by satisfied and dissatisfied customers. The factors which satisfy the customers may also dissatisfy the customers if not delivered properly. Satisfied customers mentioned about tangible features of the hotel stay, which includes physical signifiers, traditional services, staff behavior and professionalism and core products (rooms, food). However, most of the customers complained about intangible service problems, such as staff attitude, services failure, issues with reservation and food, value for money and room condition. The results are contradicting with commercial hotels-based studies owing to the unique services provided by heritage hotels.

The dimensions for satisfaction and dissatisfaction among customer of heritage hotels provide marketers to understand the real emotion and perception of the customers. As these dimensions were extracted through text mining of the reviews written by the customer of heritage hotels, the results would certainly give better insights to the hotel marketers.

The study is a rare attempt to study online reviews of customers on heritage hotels through a text mining approach and find the patterns in the behavior and the determinants of satisfaction and dissatisfaction of customers.

The purpose of this study was to explore the marketing effectiveness of hotel Facebook messages in terms of promoting favorable attitudes and behavior intentions among potential hotel guests

An online experiment was conducted with a three (message format) × three (message content), between-subjects factorial design in which three message formats, i.e. word/text, picture and weblink, and three types of message content, i.e. brand, product and interactive, were manipulated.

The findings indicate that the most effective message format is dependent upon its purpose. Picture messages are most effective for promoting the brand, whereas weblink messages influence intentions to book hotels based on product attributes. Electronic word-of-mouth intention is an important outcome of Facebook marketing, which can be strengthened by word messages and weblink messages about products.

The major limitation of this study is that the study used pseudo Facebook pages and messages created for each experimental condition. Facebook pages can take many forms, so the findings may not generalize to other Facebook pages.

The findings of this study suggest several important practical implications for the hotel industry to leverage Facebook marketing. To foster favorable attitudes and build brand awareness, hotel marketers should include picture messages that prominently feature the brand image. To motivate booking a particular product, word messages describing product features should be provided, along with a weblink that takes the customer directly from product information to a hotel-booking engine.

Although preliminary research has been conducted on Facebook marketing activities, little is known about the effectiveness of Facebook messages. For example, do different types of messages have different effects on marketing effectiveness? What message type is most effective? Thus, the aim of this study is to investigate empirically the effects of different message types on marketing effectiveness. The results of this study will shed light on how hotels can post the most persuasive message content in the most effective message format on their Facebook pages to enhance their fans’ attitudes and increase their purchase intentions.

The purpose of this paper is to examine corporate strategic effects on hotel unit performance. Taking a hotel owner's perspective, the relationship between four types of the owner's corporate level strategies and the hotel property financial performance are examined.

This study is built on a secondary data set provided by Smith Travel Research. A total of 2,012 hotels across the USA were analyzed for the period between 2003‐2005.

The findings support the existence of corporate effects in the US lodging industry. It is revealed that a hotel owner's corporate strategies do influence hotel property level financial performance. Specifically, a hotel owner's expertise in implementing superior strategies regarding segment, brand, operator, and location (i.e. state) are critical to hotel unit financial performance.

The main limitations of this study include the limited number of years with available data, lack of knowledge on the names of hotel owners, brands and operators, and the performance measures focusing only operating but not value/return measures.

This research shows that a hotel owner can have significant influence on the operating performance of its hotel properties by implementing strategies regarding its properties' locations, segments, brand affiliations and operators. Specifically, brand affiliation has shown a consistently larger impact on both revenue and profit than other corporate strategies, and consequently should receive particular attention from the owner to carefully assess the brand's potential contribution before engaging in a franchise agreement.

This research expands the strategy research in the hospitality field by linking two key strategy constructs – corporate effects and corporate strategy – together and by revealing their collective influence on hotel performance.

The purpose of this study is to develop a typology of social media messages to compare the effectiveness of different message strategies.

In total, 1,837 messages from 12 hotel brand Facebook pages were content-analyzed. Applying both correspondence analysis and multivariate analysis of variance, the study compared message strategy across hotel-scale levels and explored the effectiveness of different message strategies.

A typology of four-type message format and six-type message content was developed. The picture message was the best message format. Product, brand and involvement messages were shown to be more effective than information, reward and promotion messages. Promotion message was the least effective message content type.

The major limitation of this study is the generalizability owing to the sample selection process. There is also the limitation on exclusion of control variables, selection of the three effectiveness measures and evolving social media technology.

The typology of Facebook message strategy developed in the study provided guidelines for hotel marketers to create messages on Facebook pages and track effectiveness. Hotels should also take full advantage of the picture format and product, brand and involvement contents.

This study created a new typology of social media message strategy consisting of two dimensions. It also provided empirical evidence to support the application of message strategy theory in the hotel social media marketing area.

The purpose of this paper is to evaluate the energy, economic and environmental performance of commercial water heating systems in Hong Kong special administrative region (SAR), China.

The research team contacted 50 facilities managers in Hong Kong, and 16 of them agreed to participate in this territorial-wide survey. The overall efficiency of different water heating systems was determined through measurements of inlet water temperatures, outlet steam/water properties, the amount of steam/water produced and the amount of energy consumed. The cost effectiveness and the amount of greenhouse gases produced per megajoule (MJ) output were also determined.

Results show that electric water heating systems had the highest mean overall efficiency, followed by gas- and oil-fired systems. However, the difference between the mean overall efficiency of the three types of water heating systems was not statistically significant, as the systems had been inspected and maintained regularly. Oil-fired systems were found to be the most cost-effective when taking fuel prices into consideration. Environmental analysis showed that gas-fired systems produced the least amount of greenhouse gases per MJ output.

Water heating is one of the major uses of energy in buildings. Hence, the efficiency of a water heating system can have a significant effect on the overall performance of a building. This paper not only provides insight on the energy performance but it also evaluates the economic and environmental performance of water heating systems.

The concern for the tourists' wellbeing requires a host country to put special efforts into the development and maintenance of acceptable lodging and foodservice facilities, this is to say acceptable to the tourist. There is no doubt that investments in lodging and foodservice have to have priorities in tourism development. While there is probably no need to underline the importance of lodging facilities, only one writer so far has seen a similar need to underline the importance of foodservice in tourism.