The role of hotels in mixed asset portfolios: : revisiting the asset-heavy versus asset-light debate

Low, WeiKai (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Das, Prashant (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Piffaretti, Christophe (Credit Suisse Real Estate Investment Management, SDRS 8, Sihlcity-Kalandergasse 4, CH-8070 Zurich, Switzerland)

This paper examines the role of hotels in Markowitz’s mixed assets portfolios. First, we compare the efficient frontiers of pure-play asset portfolios, namely S&P indices, and hotels (REITs, REOCs and NCREIF). Further, we break the hotel stocks into asset-heavy versus asset-light categories. We find that mixing pure-play hotel assets into the portfolio pushes the frontier favourably in the north-west direction. Contrary to popular expectation, we find that asset-heavy hotel enterprises are favoured compared to asset-light stocks


Mots-clés:
Type d'article:
scientifique
Faculté:
Economie et Services
Ecole:
EHL Ecole hôtelière de Lausanne
Classification:
Économie/gestion
Date:
2015
Titre du document hôte:
International journal built environment and asset management
Numérotation (vol. no.):
December 2015, vol.1, no.4, pp. 273-292
ISSN:
2046-4541
Le document apparaît dans:

Note  Le statut de ce document est: non diffusé

Note: The status of this file is: restricted


 Notice créée le 2016-04-26, modifiée le 2018-02-15

Fichiers:
Télécharger le document
PDF

Évaluer ce document:

Rate this document:
1
2
3
 
(Pas encore évalué)