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Article
Publication date: 16 March 2020

Laura McCann, Norman Hutchison and Alastair Adair

Recent years have witnessed significant increases in the number of undergraduate students entering UK higher education. This increase is a result of the removal of the…

Abstract

Purpose

Recent years have witnessed significant increases in the number of undergraduate students entering UK higher education. This increase is a result of the removal of the sector-wide cap on student numbers in England and Wales, along with a growth in overseas students attracted by the reputation of UK universities and the weakening of the value of Sterling. Adopting a corporate real estate perspective, the aim of this paper is to understand how the UK student residence market is structured and financed, and to identify the motivations that are driving the strategies adopted by the universities, private sector providers and investors in this market. In doing so, this research seeks to test the appropriateness of the Gibler and Lindholm (2012) model of corporate real estate strategy in the UK higher education sector.

Design/methodology/approach

Data was gathered from a survey of UK university secretaries, combined with interviews of private sector providers, bank lenders and the analysis of secondary data on investment flows into purpose built residential accommodation (PBSA).

Findings

UK university real estate strategy is mainly one of outsourcing student accommodation to reduce costs as well as employing modern purpose-built student housing as a marketing tool and brand enhancer. This strategy is also used as a risk mitigatory tool enabling universities to adjust to changing student demands. Revisions to the Gibler and Lindholm (2012) model are proposed to reflect the reality of the real estate strategy adopted by the universities. Private sector providers view the sector favourably and are set to be the main providers of new supply over the next decade, entering into strong partnerships with the universities. While there is evidence of some oversupply of bed spaces in certain cities, well-located developments are viewed as an attractive lending opportunity. Since 2013 there has been significant growth in institutional investment into UK student accommodation, albeit sentiment is currently tempered by political uncertainty.

Practical implications

The role of PBSA designed to meet modern student requirements is playing a critical role not only in attracting, recruiting and retaining students but also enhancing the overall higher education experience promoting student welfare and well-being.

Originality/value

The corporate real estate strategy adopted by the UK higher education sector is an under researched area. This paper focuses on the strategy surrounding student accommodation provision and reports on the findings of an extensive survey of the key players in this sector. The results are of value to all stakeholders including government and regulators, at a time when higher education is facing substantial challenges. The evidence of a growing partnership between universities and the private sector is viewed as a logical solution, both for the present and the foreseeable future.

Details

Journal of Property Investment & Finance, vol. 38 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 3 September 2018

Graeme Newell and Muhammad Jufri Marzuki

Amongst the alternative property sectors, student accommodation has recently become an important institutionalised property sector for pension funds and sovereign wealth…

Abstract

Purpose

Amongst the alternative property sectors, student accommodation has recently become an important institutionalised property sector for pension funds and sovereign wealth funds in the global property landscape, particularly in the UK. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of student accommodation in a UK property and mixed-asset portfolio over 2011–2017. Drivers and risk factors for the ongoing development of the student accommodation sector are also identified. The question of student accommodation being a proxy for residential property exposure by institutional investors is also assessed.

Design/methodology/approach

Using annual total returns, the risk-adjusted performance and portfolio diversification benefits of UK student accommodation over 2011–2017 is assessed. Asset allocation diagrams are used to assess the role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio for a range of property investor types.

Findings

UK student accommodation delivered superior risk-adjusted returns compared to UK property, stocks and REITs over 2011–2017, with portfolio diversification benefits. Importantly, this sees UK student accommodation as strongly contributing to the UK property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of student accommodation being low risk and providing diversification benefits. Student accommodation is also not seen to be a proxy for residential exposure by institutional investors.

Practical implications

Student accommodation is an alternative property sector that has become increasingly institutionalised in recent years. The results highlight the important role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio. The strong risk-adjusted performance of UK student accommodation compared to UK property, stocks and REITs over this timeframe sees UK student accommodation contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. This is particularly important, as many investors (e.g. pension funds, sovereign wealth funds) now see student accommodation as an important property sector in their overall portfolio.

Originality/value

This paper is the first published empirical research analysis of the risk-adjusted performance of UK student accommodation, and the role of student accommodation in a UK property portfolio and in a UK mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision making regarding the strategic role of student accommodation as an alternative property sector in a portfolio.

Details

Journal of Property Investment & Finance, vol. 36 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Content available
Article
Publication date: 14 May 2018

Nicoletta Fadda

The purpose of this paper is to examine the influence of entrepreneurial orientation (EO) dimensions on firm performance in the tourism sector. The goal is twofold: on the…

Abstract

Purpose

The purpose of this paper is to examine the influence of entrepreneurial orientation (EO) dimensions on firm performance in the tourism sector. The goal is twofold: on the one hand, the paper aims to test whether EO dimensions are still significant determinants of performance after controlling for possible confounding factors; on the other hand, it aims to address the question of which EO dimension exerts the strongest effect on performance.

Design/methodology/approach

A survey was carried out in the Sardinian accommodation sector in 2012 and 224 questionnaires were collected. The multidimensional EO constructs were adopted.

Findings

The results show that innovativeness, proactiveness and autonomy were significantly associated with tourism firm performance, whereas risk-taking and competitiveness were not.

Research limitations/implications

The results are limited to the Sardinian accommodation context. Self-reported data were used to measure firm performance. Further research works could replicate the analyses using objective firm performance not only in similar touristic destinations but also in other countries and incorporating other industries.

Practical implications

The study suggests educational and managerial implications. Entrepreneurs in the tourism sector should be encouraged to adopt an innovative, autonomous and proactive approach in managing their firms.

Originality/value

The study advances entrepreneurial knowledge in the tourism sector and in particular in the accommodation industry. The multidimensional EO approach has never been adopted among touristic firms. Furthermore, considering that EO research has been overlooked in the country of Italy, this study’s contribution is also providing evidence from an area that has received minimal attention to date.

Details

New England Journal of Entrepreneurship, vol. 21 no. 1
Type: Research Article
ISSN: 2574-8904

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Article
Publication date: 1 April 1995

Peter Keller

Tourism accommodation is an affair for the real estate business. As a concept, tourism accommodation can only be defined and understood in terms of demand. When a tourist…

Abstract

Tourism accommodation is an affair for the real estate business. As a concept, tourism accommodation can only be defined and understood in terms of demand. When a tourist requires overnight accommodation, this product constitutes tourism accommodation. Looked at in this way a home for the aged, even when located in a tourism region, does not constitute tourism real estate. The World Trade Organisation (WTO) has classified different types of accommodation. This classification shows clearly what a great variety there is in types of tourism accommodation. The WTO list makes a particular distinction between collective types of accommodation and private accommodation. In the first category we find commercially operated hotels and para‐hotels. The second category concerns second homes which are either exclusively used by the owners or are at times made available to family and friends, at no charge.

Details

The Tourist Review, vol. 50 no. 4
Type: Research Article
ISSN: 0251-3102

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Article
Publication date: 5 February 2018

Kai Kronenberg, Matthias Fuchs and Maria Lexhagen

Previous studies on tourism input-output (IO) primarily focus on a single year’s snapshot or utilize outdated IO coefficients. The purpose of this paper is to analyze the…

Abstract

Purpose

Previous studies on tourism input-output (IO) primarily focus on a single year’s snapshot or utilize outdated IO coefficients. The purpose of this paper is to analyze the multi-period development of regional tourism capacities and its influence on the magnitude of the industry’s regional economic contribution. The paper highlights the importance of applying up-to-date IO coefficients to avoid estimation bias typically found in previous studies on tourism’s economic contribution.

Design/methodology/approach

For the period 2008-2014, national IO tables are regionalized to estimate direct and indirect economic effects for output, employment, income and other value-added deffects. A comparison of Leontief inverse matrices is conducted to quantify estimation bias when using outdated models for analyzing tourism’s economic contribution.

Findings

On the one hand, economic linkages strengthened, especially for labour-intensive sectors. On the other hand, sectoral recessions in 2012 and 2014 led to an economy-wide decline of indirect effects, although tourists’ consumption was still increasing. Finally, estimation bias observed after applying an outdated IO model is quantified by approximately US$4.1m output, 986 jobs full-time equivalents, US$24.8m income and US$14.8m other value-added effects.

Research limitations/implications

Prevailing assumptions on IO modelling and regionalization techniques aim for more precise survey-based approaches and computable general equilibrium models to incorporate net changes in economic output. Results should be cross-validated by means of qualitative interviews with industry representatives.

Practical implications

Additional costs for generating IO tables on an annual base clearly pay off when considering the improved accuracy of estimates on tourism’s economic contribution.

Originality/value

This study shows that tourism IO studies should apply up-to-date IO models when estimating the industry’s economic contribution. It provides evidence that applying outdated models involve the risk of estimation biases, because annual changes of multipliers substantially influence the magnitude of effects.

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Article
Publication date: 1 January 1992

Geoffrey Reed

As deregulation takes place in the UK, rent tribunals areconfronted with the problem of setting a “market rent” forpreviously controlled property. A simple partial…

Abstract

As deregulation takes place in the UK, rent tribunals are confronted with the problem of setting a “market rent” for previously controlled property. A simple partial equilibrium model of a sector of the rented accommodation market is used to examine the question of setting a “market rent” in the controlled‐rent subsector. It is shown that setting the controlled rent equal to the rent prevailing in the uncontrolled part of the market is sub‐optimal, and a simple formula is suggested which will give a better estimate of the true free market rent.

Details

Journal of Economic Studies, vol. 19 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 27 April 2020

Tarik Dogru, Sean McGinley and Woo Gon Kim

The purpose of this paper is twofold: first, to examine the extent to which hotel investments create jobs and, second, to compare whether investment in a particular hotel…

Abstract

Purpose

The purpose of this paper is twofold: first, to examine the extent to which hotel investments create jobs and, second, to compare whether investment in a particular hotel segment generates more or less jobs in the overall economy and in the tourism, leisure and hospitality industries.

Design/methodology/approach

The panel autoregressive distributed lag regression model was used to examine the effect of total hotel investments and hotel investments in economy-scale, midscale, luxury-scale and independent hotels on total employment and employment in the tourism, leisure and hospitality industries in the USA.

Findings

Hotel investments increase employment in both the overall economy and the tourism, leisure and hospitality industries. Midscale hotels make the highest contribution to employment in the overall economy. Economy-scale hotels make the highest contribution to employment in the overall tourism, leisure and hospitality industries.

Research limitations/implications

The results support the postulations of growth pole theory. As hotel investment increases, not only does the hotel industry see gains in employment but also does related economic sectors see an increase. Midscale hotels have the greatest positive impact on local labor markets, which is consistent with the assertions of middle-out economics.

Practical implications

Community leaders should encourage the type of investment that benefits the broader area as much as possible by incentivizing the type of growth that is related to employment growth.

Originality/value

This study investigates the relations between hotel investment and employment from a theoretical and empirical perspective by providing objective claims inferred from statistical inferences.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 5
Type: Research Article
ISSN: 0959-6119

Keywords

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Publication date: 8 November 2019

Aliaksandr I. Tarasionak and Viktoryia M. Dziadok

The development of the tourism and hospitality industry in Belarus has a long-term positive trend. This process is uneven and the growth rate is below the global average…

Abstract

The development of the tourism and hospitality industry in Belarus has a long-term positive trend. This process is uneven and the growth rate is below the global average. To stimulate the development of the tourism and hospitality industry, measures are being taken in the form of creating visa-free zones, stimulating business activity, holding major sport events. The potential for growth in this industry has not yet been exhausted. The assessment of the competitiveness of Belarus in comparison with the neighboring countries showed that the development of the tourism and hospitality industry requires improvement of the business environment, increase of openness for tourists, strengthening of country marketing in the world tourism market.

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Article
Publication date: 8 January 2018

Kathy Boxall, Julie Nyanjom and Janine Slaven

This paper aims to explore the place of disabled guests in the new world of hotel and holiday accommodation shaped by the sharing economy.

Abstract

Purpose

This paper aims to explore the place of disabled guests in the new world of hotel and holiday accommodation shaped by the sharing economy.

Design/methodology/approach

The paper uses Levitas’s (2013) Utopia as Method as a methodological tool to develop the hypothetical future scenarios, which are used to explore the place of disabled guests in peer-to-peer holiday accommodation.

Findings

Analysis of the hypothetical scenarios suggests that without state intervention, the place of disabled guests in both traditional hotels and peer-to-peer holiday accommodation is far from secure.

Research limitations/implications

This is a new area and the authors’ discussion is therefore tentative in its intent.

Practical implications

Planners and policymakers should consult with, and take account of, the needs of disabled people and other socially excluded groups when regulating shared economy enterprises. It may be helpful to put in place broader legislation for social inclusion rather than regulate peer-to-peer platforms. Any recourse to markets as a means of resolving access issues needs also to acknowledge the limited power of socially excluded groups within both traditional and sharing economy markets.

Social implications

The hypothetical scenarios discussed within this paper offer planners, policymakers and tourism stakeholders opportunities to think through the access and inclusion needs of disabled guests in the shared economy sector.

Originality/value

The paper extends discussion of hospitality and disability access to include shared economy approaches and the place of disabled guests in the new world of holiday accommodation shaped by the sharing economy.

Details

International Journal of Contemporary Hospitality Management, vol. 30 no. 1
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 19 March 2018

Tracy Harkison, Nigel Hemmington and Kenneth F. Hyde

The purpose of this paper is to explore how the luxury accommodation experience is created by investigating the perceptions of the three main participant groups …

Abstract

Purpose

The purpose of this paper is to explore how the luxury accommodation experience is created by investigating the perceptions of the three main participant groups – managers, employees and guests – using case studies from New Zealand.

Design/methodology/approach

An interpretivist case-study methodology was used. Eighty-one participants were interviewed (27 managers, 27 employees and 27 guests) from six luxury properties. Thematic analysis was conducted to inform the results.

Findings

The key themes identified in creating the luxury accommodation experience are: setting the stage; the ethos of the property; performances of the actors; and co-creation between the participants. Using the themes identified, a conceptual model of the creation of the luxury accommodation experience has been formulated.

Practical implications

The conceptual model can be used to assist managers to deliver a more positive and memorable experience of their properties. Strategies to enhance the luxury accommodation experience include: training; standards of procedure; staff incentives; and the use of effective communication tools.

Originality/value

This study identified the three alternative perspectives of managers, employees and guests regarding how the luxury accommodation experience is created. The luxury accommodation sector contributes to the economies of a number of nations and therefore it is important to highlight how it can be maintained and improved.

Details

International Journal of Contemporary Hospitality Management, vol. 30 no. 3
Type: Research Article
ISSN: 0959-6119

Keywords

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