New Developments in Tourism and Hotel Demand Modeling and Forecasting

Abstract Purpose The purpose of the study is to review recent studies published from 2007-2015 on tourism and hotel demand modeling and forecasting with a view to identifying the emerging topics and methods studied and to pointing future research directions in the field. Design/Methodology/approach Articles on tourism and hotel demand modeling and forecasting published in both science citation index (SCI) and social science citation index (SSCI) journals were identified and analyzed. Findings This review found that the studies focused on hotel demand are relatively less than those on tourism demand. It is also observed that more and more studies have moved away from the aggregate tourism demand analysis, while disaggregate markets and niche products have attracted increasing attention. Some studies have gone beyond neoclassical economic theory to seek additional explanations of the dynamics of tourism and hotel demand, such as environmental factors, tourist online behavior and consumer confidence indicators, among others. More sophisticated techniques such as nonlinear smooth transition regression, mixed-frequency modeling technique and nonparametric singular spectrum analysis have also been introduced to this research area. Research limitations/implications The main limitation of this review is that the articles included in this study only cover the English literature. Future review of this kind should also include articles published in other languages. The review provides a useful guide for researchers who are interested in future research on tourism and hotel demand modeling and forecasting. Practical implications This review provides important suggestions and recommendations for improving the efficiency of tourism and hospitality management practices. Originality/value The value of this review is that it identifies the current trends in tourism and hotel demand modeling and forecasting research and points out future research directions.

The recent development and performance of ethical investments

In this chapter, we assess the recent development and performance of ethical investments around the world. Ethical investments include both socially responsible investments (following Environmental, Social and Governance criteria) and faith-based investments (following religious principles). After presenting the development of each type of funds in a historical context, we analyse their ethical screening process, highlighting similarities and differences across funds and regions. This leads us to investigate their characteristics in terms of return and risk, and finally evaluate their historical performance using various risk-adjusted performance measures on a small sample of US funds. Hence we are able to not only compare the performance of each fund with each other and with traditional investments, but also assess their relative resilience to the 2007-08 financial crisis.

Growth and Public Transportation Investments: Growth Management Strategies to Reduce Transportation Capital Costs In and Near Midwestern Urban Areas, 1995

Transportation and land-use are independent, inter-active systems. Land-use patterns shape local transportation demand, but transportation systems in turn influence land-use patterns. In attempting to satisfy transportation demand created by existing land-use patterns, transportation planners directly, if not always consciously or intentionally, influence future land-use patterns. This study examines that complex relationship. The purpose of the study was threefold: to compile the body of knowledge already existing; to apply this body of knowledge to the context of midsize cities in the Midwest; and, to make the knowledge accessible both to transportation planners and to public officials who make key decisions about land use.

Collaborative Filtering with Data Classification : A Combined Approach to Hotel Recommendation Systems

Recommendation systems aim to help users make decisions more efficiently. The most widely used method in recommendation systems is collaborative filtering, of which, a critical step is to analyze a user's preferences and make recommendations of products or services based on similarity analysis with other users' ratings. However, collaborative filtering is less usable for recommendation facing the "cold start" problem, i.e. few comments being given to products or services. To tackle this problem, we propose an improved method that combines collaborative filtering and data classification. We use hotel recommendation data to test the proposed method. The accuracy of the recommendation is determined by the rankings. Evaluations regarding the accuracies of Top-3 and Top-10 recommendation lists using the 10-fold cross-validation method and ROC curves are conducted. The results show that the Top-3 hotel recommendation list proposed by the combined method has the superiority of the recommendation performance than the Top-10 list under the cold start condition in most of the times.

A Comparison of the Performance of Brand-Affiliated and Unaffiliated Hotel Properties

Research has shown that performance differences exist between brand-affiliated hotels and unaffiliated properties. However, the extant empirical results are mixed. Some research has shown that brands outperform unaffiliated hotels on various metrics, whereas other research has shown the opposite. This article analyzes this issue using a matched-pair approach where we compare the performance differences of brand-affiliated and unaffiliated properties between 1998 and 2010. The matched-pair approach ensures that local competitive conditions as well as hotel characteristics are the same across the comparison pair. In addition, all potential omitted-variable bias and model misspecifications are avoided. Thus, to address our research question, we compare branded hotels with unaffiliated properties that are identical in age, market segment, location, and duration of operation, as well as having a similar number of rooms. Our analysis shows that performance differentials are present, albeit not systematic. We found no consistent advantages in all segments for either the affiliated hotels or the comparable unaffiliated properties, taking into account our comparison factors. That said, the methodology of our approach yields results that are more informative to the affiliation choice of owners and to the growth strategies of hotel brand–owner companies than those of previous empirical studies.

Utilizing “Big Data” to Improve the Hotel Sector’s Energy Efficiency: Lessons from Recent Economics Research

Hotel chains have access to a treasure trove of “big data” on individual hotels’ monthly electricity and water consumption. Benchmarked comparisons of hotels within a specific chain create the opportunity to cost-effectively improve the environmental performance of specific hotels. This paper describes a simple approach for using such data to achieve the joint goals of reducing operating expenditure and achieving broad sustainability goals. In recent years, energy economists have used such “big data” to generate insights about the energy consumption of the residential, commercial, and industrial sectors. Lessons from these studies are directly applicable for the hotel sector. A hotel’s administrative data provide a “laboratory” for conducting random control trials to establish what works in enhancing hotel energy efficiency.

Hotel Profit Implications from Rising Wages and Inflation in the U.S.

Macroeconomic models based on the Phillips Curve predict that as the unemployment rate declines toward the long-run, natural rate, the pace of wage and price growth accelerates and inflation rises.1 In this paper I analyze the profitability prospects for the U.S. hotel industry in today’s relatively volatile economic environment, keeping in mind the Phillips Curve’s general principle that inflation and employment have an inverse, but relatively stable short-term relationship. Although employment and economic growth in the U.S. have been uneven in recent months, the unemployment rate has declined to less than 5 percent, which many economists believe is close to the natural rate. Growth in wages and salaries, as measured by the Employment Cost Index, has concurrently been moving upward between 2.5 and 3.0 percent during the past 12 months. At the same time, general inflation remains below levels that might typically be expected this late in the cycle, although core inflation is bumping up against the Federal Reserve’s 2-percent target. If the inflation rate continues to move upward as predicted by Phillips Curve models (and encouraged by the Federal Reserve), rising labor costs and other expenses will exert downward pressure on U.S. business profits. Backward movement up the Phillips Curve (with greater inflation) coincides with an expanding economy. In that scenario, prices of goods and services also will rise in real terms if their supply cannot keep up with demand, and producers have the ability to raise prices (absent fixed-price contracts such as leases).

Hotel Sustainability Benchmarking Index 2016: Energy, Water, and Carbon

Several studies have been undertaken or attempted by industry and academe to address the need for lodging industry carbon benchmarking. However, these studies have focused on normalizing resource use with the goal of rating or comparing all properties based on multivariate regression according to an industry-wide set of variables, with the result that data sets for analysis were limited. This approach is backward, because practical hotel industry benchmarking must first be undertaken within a specific location and segment.1 Therefore, the CHSB study’s goal is to build a representative database providing raw benchmarks as a base for industry comparisons.2 These results are presented in the CHSB2016 Index, through which a user can obtain the range of benchmarks for energy consumption, water consumption, and greenhouse gas emissions for hotels within specific segments and geographic locations.

Hotel-Balneario Azuaje

[ES]El hotel-balneario de Azuaje se contruyó a finales del s. XIX para acoger a las personas que venían a disfrutar de las aguas medicinales del barranco de Azuaje. Abandonado y muy deteriorado se ha convertido en una ruina que llama a senderistas y visitantes de la zona. En este proyecto se trabaja sobre el edificio existente y se mantiene el mismo como recuerdo de las historias vividas en el.

Key Organizational Resources and the Sustainable Competitive Advantage of Cornell University’s School of Hotel Administration: Suggestions for Tourism & Educational Programs in China

Tourism and hospitality scholars and educational institutions in developing countries can benefit from systematic analysis of their counterparts in developed countries. Using the framework of sustainable competitive advantage, this paper explores the key organizational resources of the School of Hotel Administration at Cornell University that have assured its position as the leading hospitality program worldwide. The paper analyses key resources Cornell Hotel School uses to leverage and sustain its competitive advantage. Suggestions for positioning and enhancing future Chinese tourism and hospitality programs are provided. [Abstract in Chinese] 中国旅游发展起步较晚,在旅游教育的多数领域落后于西方发达国家。选择西方优秀旅游院系进行系统研究并总结其成功经验,对于提高我国旅游教育水平有着重要的意义。本文以持续竞争优势理论为框架,以全球旅游接待业教育的典范——康乃尔酒店管理学院为对象,详细分析了这所著名酒店学院的核心资源和确保其长期保持领袖地位的持续竞争优势,并提出可供中国旅游教育界参考借鉴的措施建议

Short-term Trading in Long-term Funds: Implications for Financial Managers

Most hospitality firms do not consider managing stock portfolios to be a main part of their operations. They are in the service business, using their real assets and the services provided by employees to create valuable experiences for guests. However, the need to focus on stock investments arises through those employees. Employees consistently rank benefits, including retirement benefits, among the top five contributors to job satisfaction and as a key consideration in accepting a job.1 It is not surprising, then, that more than 90 percent of companies with 500 or more employees offer retirement plans. The five largest hotel companies in the U.S. have over $10 billion in assets under management in their retirement plans, making these plans a key component in retirement investment decisions.

Shining Examples of Service When the Lights Went Out: Hotel Employees and Service Recovery during the Blackout of 2003

The electrical outage in the summer of 2003 that interrupted power to thousands of hotels wrought a variety of facilities failures and service-process problems. Fortunately, strong service-recovery efforts from hotel employees mitigated the worst of the blackout’s effects. Using survey data from hotel managers who experienced the blackout, this study highlights those employee actions that most contributed to immediate service recovery; however, the study also reveals limited organizational learning or efforts to failsafe hospitality service from the eventuality of future power failures.

How do Small Players Deduce Beliefs about Uncertainty? A Look at Texas Shale Oil Investments

Thesis (Ph.D.)--University of Washington, 2016-08

Bacterial contamination in hotel rooms during the cleaning activity

Introduction - Some studies point to human activities as one of the responsible for most bacterial concentration. However, there is no information regarding bacteria contamination in hotel room during the cleaning activity. Aim of the study - This study aims to assess and characterize the occupational exposure of bacterial contamination in hotel rooms, more precisely in a room with carpet floor and another room without carpet, during the cheaning activity.