Revisiting the hotel capitalization rate

Das, Prashant (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland)

Based on empirical analyses of US hotels, this study finds that hotel capitalization rate is a complex com- bination of macroeconomic and asset-class specific variables beyond the cost of capital, capital structure and growth rate. In particular, investors in hotel real estate base their cap rate measures on the perfor- mance of corresponding REITs. Incorporating asset specific trends improves the explanatory power of the capitalization rate model. A significantly persistent cap rate across consecutive-periods experiences an offsetting autoregressive effect in a year. Unusual increases in rents lead to investor scrutiny. Regula- tory environment significantly impacts the capitalization rate after controlling for the overall economic activity in a market.


Mots-clés:
Type d'article:
scientifique
Faculté:
Economie et Services
Ecole:
EHL Ecole hôtelière de Lausanne
Classification:
Économie/gestion
Date:
2015
Publié dans
International journal of hospitality management
Numérotation (vol. no.):
April 2015, vol.46, pp. 151-160
DOI:
ISSN:
0278-4319
Le document apparaît dans:

Note Le statut de cette notice est : non diffusé

Note: The status of this file is: restricted


 Notice créée le 2015-10-13, modifiée le 2018-08-31

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