000002655 001__ 2655
000002655 005__ 20181220113759.0
000002655 0247_ $$2DOI$$a10.1007/s11146-017-9621-4
000002655 037__ $$aARTICLE
000002655 041__ $$aeng
000002655 245__ $$aPricing extreme attributes in commercial real estate :$$bthe case of hotel transactions
000002655 260__ $$c2018-08
000002655 269__ $$a2018-08
000002655 300__ $$a33 p.
000002655 506__ $$avisible
000002655 520__ $$9eng$$aWe show that conventional hedonic models for commercial real estate prices ignore the utility investors derive from a building’s extreme attributes. Analyzing geo-enriched data on nearly 4,800 hotel transactions in the United States, we find that the relative positioning of an asset’s attributes – particularly at the extremes – has a significant impact on transaction prices. We also detect separating equilibria for extreme attributes across the premium and discount hotel segments. Extreme attributes “stand out” and are value enhancing in premium hotel segments. In contrast, extreme attributes are value diminishing in the discount hotel segment. The relative degree to which the asset’s attributes are extreme is important. Being a locally largest asset has a negative effect on price, however the negative effect is more than offset if the hotel is among the largest hotels nationally. The results suggest that locally extreme assets, unless also nationally extreme, are considered atypical and trade at a discount.
000002655 540__ $$acorrect
000002655 592__ $$aEHL
000002655 592__ $$cEconomie et Services
000002655 65017 $$aEconomie/gestion
000002655 655__ $$ascientifique
000002655 6531_ $$9eng$$ahedonic models
000002655 6531_ $$9eng$$aprice premium
000002655 6531_ $$9eng$$aVeblen effect
000002655 6531_ $$9eng$$aGIS
000002655 6531_ $$9eng$$acommercial real estate
000002655 6531_ $$9eng$$ahotels
000002655 700__ $$aDas, Prashant$$uEcole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland
000002655 700__ $$aSmith, Patrick$$uFowler College of Business Administration, San Diego State University
000002655 700__ $$aGallimore, Paul$$uHenley Business School, University of Reading
000002655 773__ $$tJournal of real estate finance and economics$$g2018, vol. 57, no. 2, pp. 264-296
000002655 8564_ $$uhttps://hesso.tind.io/record/2655/files/preprint.pdf$$s3171530
000002655 906__ $$aGREEN
000002655 909CO $$pGLOBAL_SET$$ooai:hesso.tind.io:2655
000002655 950__ $$aI2
000002655 981__ $$ascientifique
000002655 980__ $$ascientifique