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The impact of recent corporate scandals has been serious and far‐reaching. The popular news coverage has been unequalled by any other business issue. The result is that the investment community has lost its trust in corporate governance and financial reporting systems that less than two years ago were the envy of the world. Shareholders are insisting on changes that include enhancements to corporate governance, adherence to ethical standards and strict accountability. In response, the government, the investment community and the public in general have focused greater scrutiny on the corporate financial reporting function.

The purpose of this paper is to develop a hedonic valuation model for hotel properties in the UK. Regression and hotel property transactions in the UK between 1996 and 2002 are used to estimate a value equation that predicts property values and reveals value drivers in the UK. Results are compared to a US study and are found to be similar. It was confirmed in both studies that physical facilities and local economic conditions are significant in explaining value and they both had positive relationship with sale prices. The size of the property, economic conditions, recreational facilities and year of sale explained 73 percent of hotel values where meeting and banqueting facilities, chain affiliation, food and beverage operations and location only explained 27 percent of total value.

This paper aims to trace the evolution of the theory and practice of valuation of real estate interests. Using a historical perspective, especially in the context of recent events, it identifies an emerging unification of thought and application that has important implications for the future.

The paper identifies and synthesizes the contributory literature to the philosophical underpinnings of value theory and practice as applied to real estate. From pre‐history to the present, it traces classical concepts and the way these are related to the recent innovations in economic and financial valuation theory.

Recent contributions to value theory hold the promise of unifying and transforming the practice of real estate appraisal to one that is state‐of‐the‐art in terms of its contemporary relevance. However, numerous issues remain as obstacles, including insufficient recognition of the “real” nature (as opposed to “capital” nature) of real estate; a lag in educational standards to bring the profession up to date; an excessive reliance on models and data rather than judgment and common sense; and “silo‐ization” of specialties. Promising directions for future research are identified.

The task of valuation of interests in real property has taken on an increasingly important role, as the market for real estate has grown and become more liquid and complete. This paper provides a perspective on where it has come from and where it must go in the future in terms necessary changes in theory and practice to remain viable and relevant.

This study aims to examine how operator type moderates the relationship between hotel information technology (IT) expenditures and operating performance.

By adapting and extending O’Neill et al.’s (2008) and Hua et al.’s (2015) research, this study constructed an empirical model and tested proposed hypotheses, with Newey and West (1994) errors computed to accommodate potential heteroscedasticity and autocorrelation issues.

Operator type moderates the impact of hotel IT expenditures on operating performance. In particular, it appears that the operator type of franchising exerts a stronger moderating effect compared with other operator types explored.

This study, as the first of its kind, shows that the choice of operator type shapes how a hotel can effectively use IT expenditures to improve operating performance. This finding can be beneficial for hotel owners when making operator type decisions. In addition, operator type moderates the direct impact of IT expenditures on revenues and gross operating income. This study’s results show that franchised hotels seem to use IT expenditures more effectively compared with independently owned hotels.

This study contributes both theoretically and practically to understand how operator type moderates the relationship between IT expenditures and hotel performance. The research outcome provides a more holistic view that governs the relationships between IT expenditures, operator type and operating performance.

Building on recent smart hospitality systematic reviews and extensive literature analyses, this paper aims to explore recent developments, themes and issues within smart hospitality. It synthesises existing knowledge, extrapolating forward and contributes to the future development of smart hospitality by serving as a reference to enrich academic/industry discussions and stimulate future research.

The research examined 8 recent review articles on smart hospitality and tourism and extracted 145 articles in peer-reviewed sources from Web of Science focussed on smart hospitality. These publications supported in-depth analysis to explore the body of knowledge and develop foresight for the future of smart hospitality within business ecosystems at tourism destinations. It synthesises knowledge and provides the basis for the development of a comprehensive in-depth research agenda in smart hospitality innovations as well as the formulation of agile hospitality ecosystems.

This paper illustrates that smart hospitality introduces disruptive innovations that affect the entire hospitality ecosystem. Smart hospitality takes advantage of smart cities and smart tourism towards establishing agile business ecosystems in networked destinations. Having reviewed the existing literature, the study developed a conceptual framework and introduced a comprehensive future research agenda. This includes the drivers of smart hospitality, namely, customer-centricity, personalisation, individualisation and contextualisation; marketing-driven hospitality excellence and metaverse; as well as operation agility, asset strategy, talent management and supplier interoperation. It also identified the foundations that provide the infostructure for smart hospitality, including ambient intelligence, big data, processes and sustainability, providing the capability blocks to co-create value for all stakeholders in the hospitality ecosystem.

This study conceptualises smart hospitality as a disruptive and innovative power that will affect the competitiveness of hospitality and tourism organisations as part of a comprehensive ecosystem. It identifies the key stakeholders and explores how they can take advantage of emerging developments. This paper proposes the drivers and foundation for future research on smart hospitality. The research provides a conceptual synthesis of the literature and the concepts that have been elaborated. The foundations are effectively the infostructure that enables the drivers to add value to different stakeholders. Key issues are identified to stimulate further research on the area to support smart hospitality development and adoption.

Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these studies are valuable in the field of real estate investment performance measurements, a gap still exist in the literature on the comparative performance of investment assets in the various sectors of the stock markets of most emerging economies. This paper aims to fill the gap by providing analysis of the historical performance of real estate and other securities in the Nigerian capital market.

Annual open and closing market prices of shares and dividend of sampled listed companies in addition to data on all share index (ASI), consumer price index (CPI) and yield on 90‐days T‐Bill were obtained for the period 1999‐2005. These were then analysed using descriptive, risk‐adjusted measures and regression models.

The empirical evidence suggests that while real estate outperformed the market on a nominal basis, it underperformed the market stock on a risk‐adjusted basis over the time period of analysis. Unexpectedly, real estate security did not provide a good protection against inflation and is also uncorrelated with the stock market.

This paper provides empirical evidence of the investment characteristic of indirect real estate investment in Nigeria. The results suggest that real estate security does not after all provide a good substitute to direct real estate investment.

Focusing on the externality effects of historic districts, this paper aims to assess and compare the impact of historic district designation on the value of residential vacant land property.

Hedonic regression is used to analyze data from 4,233 residential vacant site transactions to measure the influence of historic district designation on the price of residential vacant site properties.

Results support established theory and research on other residential property types, showing a significant and positive relationship between designation in a historic district and property prices. Residential vacant sites located in a designated historic district sold at a 10-11 per cent premium compared to similar vacant sites not located in a historic district.

This is the first empirical study of the influence of historic districts on residential vacant land property. The paper extends limited previous literature on the externality effects of historic districts through detailed analysis of a large Australian housing market (Brisbane).

The purpose of this paper is to consider prospects for UK REITs, which were introduced on 1 January 2007. It specifically focuses on the potential influence of depreciation and expenditure on income and distributions.

First, the ways in which depreciation can affect vehicle earnings and value are discussed. This is then set in the context of the specific rules and features of REITs. An analysis using property income and expenditure data from the Investment Property Databank (IPD) then assesses what gross and net income for a UK REIT might have been like for the period 1984‐2003.

A UK REIT must distribute at least 90 per cent of net income from its property rental business. Expenditure therefore plays a significant part in determining what funds remain for distribution. Over 1984‐2003, expenditure has absorbed 20 per cent of gross income and been a source of earnings volatility, which would have been exacerbated by gearing.

Expenditure must take place to help UK REITs maintain and renew their real estate portfolios. In view of this, investors should moderate expectations of a high and stable income return, although it may well still be so relative to alternative investments.

Previous literature on depreciation has not quantified amounts spent on portfolios to keep depreciation at those rates. Nor, to our knowledge, has its ideas been placed in the indirect investor context.

In the housing sector in Jordan, sales advertisings are rarely used, though they, potentially, increase profits and sales and expand development geographically. The purpose of this paper is to investigate the use of sales advertising in the emerging housing market in the city of Irbid, Jordan. The aim is to reveal the effect of the use of advertising on sales and production of housing, and the obstacles that developers may face when advertising.

The study elicited data through long, face‐to‐face interviews using semi‐structured and open‐ended questionnaires with 25 private sector developers. The data collected included companies' profiles; housing annual production; geographical location; sales and prices; and marketing and advertising.

The major finding of the study is that the use of sales advertising in the housing market in Irbid is low. The major advertising methods include public relations and word of mouth along with a limited use of newspaper and on‐site advertising. The obstacles developers face include lack of conviction, unawareness about advertising effect, lack of advertising professionals, lack of skills in advertisement designs and inability to afford it.

Future research is needed to undertake statistical references through a comprehensive survey of a large sample of developers from different geographical areas around Jordan.

The study recommends finding means to encourage developers to use advertising and to introduce new media such as the internet.

As the first of its kind, the research pinpoints to developers the value of sales advertising, as marketing concepts, to attract buyers, increase sales and profit and to expand geographically around Jordan.

This paper explores how hospitality frontline employees understand, interpret and practice “hospitality” in a hotel industry context.

Framed by interpretivist and phenomenological approaches a dual-stage semi-structured interview study design was conducted. A sample was drawn from hotel employees in Australia.

Findings support the proposition that the hospitality workforce tends to favor service management and service processes as the guiding paradigm. The essence of what it means to be hospitable, and the host-guest model, appears to be largely absent in practice.

This paper contributes to a scarcity of literature exploring the understanding of hospitality, and how this understanding can translate into hospitable behavior, from the employee perspective. Our main implication is that service management terminology colonizes hospitality within a commercial context, while the essence of hospitality and the “hospitality” lexicon is concomitantly diminishing. The authors advocate for developing an inter-paradigmatic view of hospitality management.

While the study revealed that the majority of frontline hotel employees struggle with grasping and verbalizing their understandings and perceptions of the hospitality construct, although some acknowledged the importance of hospitality as being an integral component to service delivery. We identified consistent organizational practices and intrinsic employee traits that either enabled or obstructed hospitable behavior in hotel settings.

The study reveals tensions between the hospitality and service paradigms in hospitality literature and practice. We uncover hotel management practices that may help to conserve and foster the essence of hospitality in hospitality organizations.