Lodging Real Estate Finance: Securitization

Commercial Mortgage Backed Securities (CMBSs) introduced to the U.S. lodging industry in the early 1990’s were a panacea during a period of severe shortage of debt capital. These instruments changed commercial real estate capital markets by providing flexibility and liquidity to an otherwise illiquid investment As a relatively new form of financing to the lodging industry, the mechanics of securitization, the types of CMBS investments, and their structure are not well understood. The article illustrates the process of securitization and its importance as a significant source of debt financing to the lodging industr

Impact of Light, Medium and Heavy Spenders on Casino Destinations: Segmenting Gaming Visitors Based on Amount of Non-gaming Expenditures

This article discusses the viability of targeting heavy spenders on non-gaming products and services in gaming travel marketing. A sample of visitors to two commercial casinos was divided into light, medium and heavy spenders based on spending per person per day, excluding gambling. Findings indicated that a large number of heavy-spending tourists were not interested in gaming, but in the destination\u27s other tourism products. This suggests that the region\u27s tourism assets play an important role in enhancing casino visitation. Promoting the casino as part of the overall tourism attractions may benefit both the casino and related businesses in the community

Teleconferencing Technology: Recent Development and Implications for Hotel Industry

Even though the popularity and usage of teleconferencing is evident primarily outside the lodging industry, lodging operators cannot choose to ifnore the role teleconferencing will play in meeting the changing needs of guests. The authors discuss the factors that spurred the growth of teleconferencing, the opportunities and threats faced by lodging operators, and suggestions for taking advantage of the technology

Does Financial Performance Depend on Hotel Size? Analysis of the Financial Profile of the U.S. Lodging Industry

This research presents a financial profile of the U.S. Lodging Industry based on an analysis of 2,091 financial statements (fiscal year 2011) for individual hotels ranging in asset size of $500 thousand to$250 million. The study analyzes summary results of the financial position and profitability of hotels based on a common size analysis of Balance Sheets and Income Statements. Furthermore, the study analyzes 10 key performance benchmarks as measured by Liquidity, Solvency and Operating Ratios. The results of the study show a divergence in the hotel industry’s financial performance based on the size of the hotel and by upper, median and lower quartiles of the study sample

The Profile and Motivations of Elderly Women Gamblers

Survey research was conducted to determine the profile and motivations of elderly women gamblers. The survey results indicate there is potential to increase revenues by appealing to this segment. Those that do visit casinos, do so primarily for the entertainment and excitement it provides. Furthermore, as a group, elderly women gamblers are disciplined and do not suffer from compulsive gambling problems

Evaluating Applicability of E-Service Quality in Online Hotel Bookings

This study evaluates applicability of E-service quality measurements in the context of online hotel bookings. Data was collected from an online survey of undergraduate college students at two universities in the United States. The Transaction Process-based Framework (eTransQual) conceptualized by Bauer et al. (2006) was adapted, and the dimensionality of e-service quality was identified. The study identified process/reliability as the most important factor influencing overall quality of booking websites

Lender Bias Against Smaller Lodging Properties

In the face of the changing environment in the hotel industry to one of optimism, the authors were interceded in discovering in a formal way what the smaller lodging community had to say about the availability of loans to their segment of the industry. The article reports on their investigation of the perception of hoteliers of smaller hotels and motels with regard to negative lender bias associated with the size of a lodging property

Indices and fecundity of a threatened freshwater catfish Mystus montanus

Fecundity of threatened catfish Mystus montanus was estimated from a collection of gravid females, which ranged from 290 to 27,972 according to body length and weight. The relationship between fecundity and BL, BW, GL and GW was analyzed by linear regression, which showed both positive and negative correlation. Gonado-somatic index (GSI), hepato-somatic index (HSI) and spleen-somatic index (SSI) ranged from 0.135 to 21.28, 0.358 to 21.33 and 0.126 to 1.08 in females and the corresponding values for males were 0.17 to 10.68, 0.619 to 3.25 and 1.25 to 2.33 respectively