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Dynamic Pricing And Minimum Length Of Stay Controls As A Hotel Management Practice: Are There Customer Perception, Ethical, And Legal Questions?, Robert H. Wilson, Linda K. Enghagen, Minwoo Lee
Dynamic Pricing And Minimum Length Of Stay Controls As A Hotel Management Practice: Are There Customer Perception, Ethical, And Legal Questions?, Robert H. Wilson, Linda K. Enghagen, Minwoo Lee
Journal of Hospitality Financial Management
Length of stay controls and dynamic pricing are components of revenue management tools widely used in the lodging industry. Length of stay controls require guests to stay for a minimum number of nights, even if they might wish to stay for only one night. Dynamic pricing characterized by high room rates and length of stay controls are common when hotel demand is strong for a specific event, such as a college graduation, natural disasters and emergencies, New Year’s Eve festivities, July 4 fireworks and concerts, or a major sporting event. While implemented to boost revenue, the combination of dynamic pricing …
Business Cycle And Long-Term Debt: Effects On Hotel Operating Lease, Myong Jae Lee, Chang Huh, Ju Yeong Lee
Business Cycle And Long-Term Debt: Effects On Hotel Operating Lease, Myong Jae Lee, Chang Huh, Ju Yeong Lee
Journal of Hospitality Financial Management
Over the last 25 years, many hotel operators have chosen to lease their property instead of owning as a financing strategy. This paper examines the combined and separate contributions of business cycles and a firm’s level of long-term debt on hotel owner/operator use of operating leases. The results indicate that operating leases were used more often during contracting business cycles and less often during cycles of expansion. According to the results, operating leases and long-term debt are not complementary, although they are increasingly treated as complements when the economy suffers a downturn.
2015 – A Year In Review For Hotel Firms, Atul Sheel
2015 – A Year In Review For Hotel Firms, Atul Sheel
Journal of Hospitality Financial Management
No abstract provided.
Who Are The Bulls And Bears In Global Lodging Markets?, Albert A. Barreda, Murat Kizidag
Who Are The Bulls And Bears In Global Lodging Markets?, Albert A. Barreda, Murat Kizidag
Journal of Hospitality Financial Management
This article looks at the values of market-based equities (common stocks) based on the relative investment valuation, analyzed with several earnings multiples in global lodging markets in 2014. To be specific, we compare the value of various common stock portfolios sorted for four geographical regions with those relative value investment metrics so that we can make a solid judgment about bullish and bearish markets demonstrating investors’ confidence or stagnancy, anomalies in prices indicating under and overvalued stocks, and outperforming lodging portfolios in global markets. Common stock prices in portfolios are standardized, utilizing earnings parameters such as Current Price/Earnings Ratio (PE) …
Expense Preference Behavior By Managers In Casino Resorts, Toni Repetti, Michael C. Dalbor, Ashok K. Singh, Bo J. Bernhard
Expense Preference Behavior By Managers In Casino Resorts, Toni Repetti, Michael C. Dalbor, Ashok K. Singh, Bo J. Bernhard
Journal of Hospitality Financial Management
The main goal of management in the United States is to maximize the wealth of shareholders. Managers, though, sometimes make decisions that benefit them more than the shareholders. When this occurs they are considered to be exhibiting expense preference behavior. This study evaluates expense preference behavior by managers of Nevada casinos. Using ordinary least squares regression, significant positive results show that for each 1% increase in revenue, employees increase 0.88%, salaries and wages increase 0.98%, and total payroll increases 1.01%. Also during the biggest economic downturn to hit Nevada casinos, management significantly decreased employees 14.7%, salaries and wages 4.9%, and …
What Keeps Hotel Asset Managers Up At Night: Key Industry Issues And Proposed Solutions, A. J. Singh, Raymond S. Schmidgall, Yunwei Zhang
What Keeps Hotel Asset Managers Up At Night: Key Industry Issues And Proposed Solutions, A. J. Singh, Raymond S. Schmidgall, Yunwei Zhang
Journal of Hospitality Financial Management
The Hospitality Asset Managers Association (HAMA), which represents hotel owners globally, regularly surveys its members to identify issues of concern to owners. The association conducts an annual student competition to research these issues and present their results at the annual HAMA conference. The article identifies these issues and presents research conducted by one of the students on the issue of hotel room service and recommends alternatives to room service.
Abstracts Of Presentations At The 2014 Annual Ahfme Research Symposium
Abstracts Of Presentations At The 2014 Annual Ahfme Research Symposium
Journal of Hospitality Financial Management
No abstract provided.
2015– A Performance Review For Restaurant Firms, Atul Sheel
2015– A Performance Review For Restaurant Firms, Atul Sheel
Journal of Hospitality Financial Management
No abstract provided.
The Exchange Rate Risk Of Turkish Tourism Firms, Serkan Yilmaz Kandir, Erdinc Karadeniz, Ahmet Erismis
The Exchange Rate Risk Of Turkish Tourism Firms, Serkan Yilmaz Kandir, Erdinc Karadeniz, Ahmet Erismis
Journal of Hospitality Financial Management
In this study, exchange rate exposures of tourism firms, whose shares are traded in Borsa I˙stanbul (BIST), were investigated. In this manner, the data pertaining to eight tourism firms, whose shares are traded in BIST, were included in analyses for July 2002–June 2010. A regression model, which was developed by adding the exchange rate factor to the Fama- French three-factor model, was used in the study. Analysis results revealed that exchange rate risk is a crucial risk factor for three tourism firms. However, it was determined that the three tourism firms that are negatively affected by exchange rate risk have …
Exploring The Role Of Human Judgment In Making Discount Decisions In The Lodging Industry, Seung Hyun Lee, Robertico Croes, Manuel Rivera
Exploring The Role Of Human Judgment In Making Discount Decisions In The Lodging Industry, Seung Hyun Lee, Robertico Croes, Manuel Rivera
Journal of Hospitality Financial Management
This study assesses the process of making pricing decisions, specifically discounts, in the lodging industry. The study applied a qualitative technique employing structured interviews of hotel managers in the United States. The assessments included the narration of events, stages, and cycles of choices made by hotel managers. The findings of the study enhanced the understanding of how management’s discount choice was constructed. In addition, this study identified the habitual management practices in the lodging industry such as “less-than-35 rule,” “trial and error,” and “follow suit.” To confirm the findings from the interviews, a follow-up study was conducted. The survey was …
Uniform System Of Accounts For The Lodging Industry, 11th Revised Edition: The New Guidelines For The Lodging Industry, Raymond S. Schmidgall, Agnes Defranco
Uniform System Of Accounts For The Lodging Industry, 11th Revised Edition: The New Guidelines For The Lodging Industry, Raymond S. Schmidgall, Agnes Defranco
Journal of Hospitality Financial Management
No abstract provided.
Internet Gaming Regulation: Valuation Concerns For The Industry, Mark S. Johnson, A. J. Singh, Yifan Zhou
Internet Gaming Regulation: Valuation Concerns For The Industry, Mark S. Johnson, A. J. Singh, Yifan Zhou
Journal of Hospitality Financial Management
On October 13, 2006, President George W. Bush signed the Unlawful Internet Gambling EnforcementAct (UIGEA) of 2006 as anattachment to the Security andAccountability for Every Port Act of 2006. UIGEA is the first federal regulation specific to the online gaming industry. In this article, we examine the impact of UIGEA and its subsequent interpretation (through administrative rulemaking andDepartment of Justice actions) on the value of U.S. publicly traded firms in the gaming industry. We find that UIGEA is associated with an average increase in firm values in the gaming industry of approximately 2.86%. We also find that firms with a …
Association Of Hospitality Financial Management Educators (Ahfme) Academic Member 2013 Total Annual Earnings, Raymond S. Schmidgall
Association Of Hospitality Financial Management Educators (Ahfme) Academic Member 2013 Total Annual Earnings, Raymond S. Schmidgall
Journal of Hospitality Financial Management
This study uses survey research to determine the 2013 annual earnings of hospitality financial management educators. Forty-five percent of AHFME members affiliated with educational institutions responded. Survey results show that, for 2013, annual base salaries of AHFME members ranged from $69,500 to $250,000. The lowest paid member was an assistant professor and the highest paid member, a full professor. Many respondents supplemented their base salaries by teaching during summer school or consulting or both. The total annual earnings of AHFME members ranged from $72,000 to $338,000. Survey results also show that hospitality financial management educators appear to be more highly …
Abstracts Of Presentations At The 2014 Annual Ahfme Research Symposium
Abstracts Of Presentations At The 2014 Annual Ahfme Research Symposium
Journal of Hospitality Financial Management
No abstract provided.
A Comparative Analysis Of The Performance Of Hotels As Against Traditional Commercial Property In A Mixed-Real Estate Portfolio, Nicholas Worsley
A Comparative Analysis Of The Performance Of Hotels As Against Traditional Commercial Property In A Mixed-Real Estate Portfolio, Nicholas Worsley
Journal of Hospitality Financial Management
This article considers the role of hotels in a mixed-real estate portfolio. Using hitherto unexamined IPD data for leased hotels in the U.S. and the U.K. between 2001 and 2013, it investigates whether hotels provide diversification benefits and seeks to critically reassess the view that hotels are uniformly high-risk assets. The study finds, by comparison to more “traditional” property types, that hotels have received little attention from property researchers and tend to be overlooked in the asset allocation process. This might be a result of the commonly held perception that hotels are “alternative” and “high-risk.” Based on results from a …