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


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2046-4541
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 Notice créée le 2016-04-26, modifiée le 2018-12-20

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