How good is being different ? : the context of commercial real estate

Das, Prashant (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Smith, Patrick (Pennsylvania State University, College Park) ; Gallimore, Paul (University of Reading, United Kingdom)

A commercial real estate asset which stands out in some fashion may be qualif ied either as “atypical” or “trophy.” Past studies suggest conflicting price impacts of the two qualities. We examine distinctive features of such assets that determine price premi ums or discounts associated with them. By geospatially enrich ing a dataset of nearly 5000 hotel transactions consolidated from two independent sources, w e detect asymmetric price implications across local ly versus national ly superlative features. In particular, locally largest hotels are discounted while the nationally largest ones enjoy premiums. High status of the locality leads to significant price premium after controlling for submarket effects. Also, news coverage is ass ociated with significant price premium.


Mots-clés:
Type de conférence:
full paper
Faculté:
Economie et Services
Ecole:
EHL Ecole hôtelière de Lausanne
Classification:
Économie/gestion
Adresse bibliogr.:
Bengaluru, India, 13-15 July 2016
Date:
Bengaluru, India
13-15 July 2016
2016
Pagination:
20 p.
Publié dans
Proceedings of Asia Real Estate Society (AsRES) Conference 2016
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Note Le statut de cette notice est : non diffusé

Note: The status of this file is: restricted


 Notice créée le 2016-10-24, modifiée le 2018-08-31

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