Real Estate Market Segmentation: Hotels as Exemplar

Eli Beracha (), William G. Hardin () and Hilla Maaria Skiba ()
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Eli Beracha: Florida International University
William G. Hardin: Florida International University
Hilla Maaria Skiba: Colorado State University

The Journal of Real Estate Finance and Economics, 2018, vol. 56, issue 2, No 4, 252-273

Abstract: Abstract Market segmentation for hotel properties is quantitatively assessed. Results indicate that the hotel property market is segmented by hotel class. The results are robust to model specification including general economic conditions, property performance measured by market level RevPAR, ADR, standard deviation in ADR, occupancy and standard deviation in occupancy and room count. The results strongly suggest segmented hotel property markets. By showing that hotel properties are not drawn from a single property population, the results advance the notion that aggregate property type pricing models may provide biased estimators.

Keywords: Hotel; Segmentation; Markets; Commercial real estate; Value (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s11146-017-9598-z

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