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This study aims to examine previously identified hotel automated valuation models (AVMs) using a more extensive and updated sample of hotel sale transaction data, introduce economic conditions as a new determinant for hotel market value and test the moderating role of economic conditions on the relationship between the previously identified indicators and market value, operationalized as sale transaction price.

This study performs simple and multiple regression analyses to examine the proposed relationships. The sample period is from 2000 to 2012, because the economy prior to 2000 is likely to have been a less-relevant economic environment for the contemporary business world.

As hypothesized, there is an insignificant main effect of economic conditions on hotel sale prices. A moderating role of economic conditions on the relationship between average daily rate (and net operating income) and market value was found, while no moderating effect was found for occupancy rate and hotel size. Results also find certain support for AVMs previously presented in the literature, as described herein.

This study attempts to make contributions to the existing lodging and real estate literature by investigating a main effect of economic conditions on hotel sale prices and a moderating role of economic conditions on the relationship between various hotel performance indicators and hotel sale prices. In addition, this study operationalizes a relatively extensive (large base sample size of 2,441 hotel sale transactions) and recent (since 2000) database compared to previous studies.

This study aims to validate the value-added hypothesis in hotel franchising using data from 2,120 properties across the United States with a total of 12,720 observations over a six-year period of 2008-2013.

A series of annual cross-sectional regressions for each of the sample years and aggregated panel regressions for all sample hotel years were conducted. Newey–West errors were computed to address potential issues of autocorrelation and heteroscedasticity, and sensitivity tests were also performed.

The paper concludes that franchise royalty fee adds value to hotel franchisees as it significantly and positively affects revenue per available room (RevPAR) for all sample years after controlling for the major determining dimensions of RevPAR. A series of sensitivity tests also show robustness of results.

This study offers a rational and empirical explanation for the positive and significant effect of franchise royalty fees on hotel performance and the value-added hypothesis. Hoteliers need to ensure that there is a proper match between hotel specific attributes and the potential franchise when making a franchise selection. Individual entrepreneurs can partner with franchisors to reap the benefits of franchising, while experienced hoteliers can also use the findings of this study to make strategic decisions.

This study is the first using actual performance data from a large hotel property sample over multiple years to validate the value-added theory, where a higher royalty fee does command a higher RevPAR.

The purpose of this paper is to be the first empirical article to provide necessary standard deviation inputs for adoption in probabilistic prognostications of hotel revenues and expenses, i.e. prognostications that consider risk. Commonly accepted methodologies to develop hotel financial projections resulting in point estimates of upcoming performance have been perceived as egregiously insufficient because they do not consider risk in lodging investments. Previous research has recommended the use of probabilistic methodologies to address this concern, and it has been recommended that analysts use Monte Carlo simulation. This methodology requires the estimation of standard deviations of specific, future hotel revenue and expense items, and this paper provides such inputs based on a large sample of actual, recent data.

This study provides actual standard deviations using a sample of recent hotel profit and loss (P&L) statements for over 3,000 hotels (Over 19,000 P&L statements) to provide analysts with empirically-supported standard deviations that may be applied to Uniform System of Accounts for the Lodging Industry (USALI) hotel revenues and expenses in hotel financial (revenue and expense) prognostications.

Findings are presented for standard deviations based on typical line items as defined in the USALI, and these findings may be used by practitioners as inputs for hotel financial projections. Findings also include that hotel revenue items generally have higher standard deviations than expense items. Findings are presented in detail in the manuscript, including overall findings, as well as findings based on hotel class.

Rather than practitioners adopting standard deviations of hotel revenue and expense line items based on guesswork or judgment, which is the current “state of the art” in hotel financial projections, this paper provides practitioners with actual standard deviations which may be adopted in probabilistic prognostications of hotel revenues and expenses.

This paper may be the first to provide practitioners with actual standard deviations, based on typical USALI line items, for adoption in probabilistic prognostications of hotel revenues and expenses.

When Eugene O'Neill died, theatre critic Brooks Atkinson said of him, “A giant writer has dropped off the earth….He shook up the drama as well as audiences and helped to transform the theatre into an art seriously related to life.” (New York Times, 30 December 1953).

This article aims to first summarize and explain major services operations research foci from the past century. Second, this article relates how hospitality scholars have conducted operations-related research with a particular focus on research related to hotels and lodging. Finally, the article makes recommendations regarding potential future areas of concentration of operations research in hospitality.

The article presents a scholarly literature review, where literature from hospitality and general operations management (OM) was reviewed to document research foci throughout recent periods in history.

Hospitality scholars have been conducting research, which reflects trends in general OM literature. Additionally, the research being conducting, which focuses on services in OM, is becoming more commonplace and more distinct from production-based research.

The article provides a compilation of literature regarding OM and how hospitality scholars have applied those principles to hotel and lodging operations. Additionally, recommendations regarding potential future topical areas and methodologies are provided for scholars.

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.

This paper reports a sub-set of results from a mixed-method ethnographic study of literacy among female graduates and undergraduates of a United Arab Emirates public university. With reference to survey data and two in-depth interviews, the paper focuses in particular on the predispositions and preferences of these women with regard to reading and writing in English and Modern Standard Arabic. Employing a New Literacy Studies theoretical framework along with a number of concepts developed by Bourdieu, the paper finds that literacy practices in this context are developing rapidly, influenced by the diverse transnational linguistic marketplaces in which these women grow up. Suggestions are made with regard to possible directions for curricular development in higher education in this region based on the opinions expressed by these young women.