Not in my backyard? Is the anti-Airbnb discourse truly warranted?

Accepted manuscrip

Restorative servicescapes in health care: examining the influence of hotel-like attributes on patient well-being

This study examines how 527 patients across different health states assessed the influence of hotel-like attributes on their well-being. Using theoretical mechanisms of attention restoration underlying restorative servicescapes, we postulated that hotel-like products and services will enhance patients’ perceived well-being, which, in turn, will favorably affect their behavioral intentions. We also tested an alternative model that included additional direct relationships between hotel-like products and services and behavioral intentions, based on the tenets of cue utilization theory. After conducting a series of nested model comparison procedures, we confirmed that the alternative model provided a theoretically and empirically stronger explanation for the dynamics of hotel-like restorative servicescapes. Although the differences between less healthy and more healthy patients were not statistically significant, the less healthy group demonstrated the same pattern of relationships as in the overall model, indicating that such patients may be more likely to derive greater restorative benefits from hotel-like hospital rooms, which may also make them more likely to pay higher out-of-pocket expenses for such rooms. The study furthers the empirical research agenda on evidence-based design (EBD) and the role of hospitality in health care.Accepted manuscrip

Adding evidence to the debate: quantifying Airbnb's disruptive impact on ten key hotel markets

Airbnb's entry into the lodging landscape has dramatically increased the available supply of rooms for accommodating prospective visitors at a destination. In a competitive market, an increase in supply while keeping demand relatively constant would decrease prices and revenues. While Airbnb is expected to negatively impact the hotel industry, the effects of Airbnb on the performance of the hotel industry have not been extensively quantified. Also, existing studies on Airbnb's economic impacts are limited in their inferential, temporal, and/or geographical scope. In view of this gap in the literature, the present study examines the effects of Airbnb supply on key hotel performance metrics: room revenues (RevPAR), average daily rates (ADR), and occupancy rates (OCC) in ten major U.S. hotel markets for the period between July 2008 and June 2017. The results demonstrate that an increasing Airbnb supply negatively impacts all three performance metrics within the hotel industry. Moreover, while previous research has demonstrated a negative impact on lower-end hotels, our findings provide evidence of Airbnb's growing impact on the mainstream market across hotel class segments, signaling a high level of consistency with the tenets of the theory of disruptive innovation. The magnitude of these effects is not only statistically but also economically significant. Theoretical and practical implications are discussed.Accepted manuscrip

STOCK MARKET VALUATION OF HOTEL FIRMS’ SUSTAINABLE INITIATIVES

This study aimed to examine stock price reactions to announcements of Leadership in Energy and Environmental Design (LEED)-certified hotel openings. Using an event study method, the authors analyze news related to 15 hotel openings between the periods of 2009 and 2013. The results show that abnormal returns on stocks are significantly negative after the announcements of LEED-certified hotel openings, suggesting that stock market investors perceive sustainable investments to be value-decreasing projects in the short-term. Practical and theoretical implications are discussed within the framework of the microeconomic theory of pollution abatement

Chinese propensity to purchase a vacation: The role of financial behavior and confidence in economy

Behavioral finance and economic theories suggest that households\u27 financial behavior and confidence in the economy have significant influence on households\u27 consumption behavior. While these effects are well documented in economics, finance and marketing literature, they received little attention in tourism and hospitality studies. Therefore, the purpose of this study is to analyze the effects of perceived economic conditions, confidence in economy, and financial behavior on Chinese households\u27 propensity to purchase a vacation travel. Specifically, the effects of subjective confidence in the overall Chinese economy, the stock market, the subjective expectation on China job market, perceived household economic conditions, and household\u27s saving behavior on propensity to purchase a vacation travel in the next six months are examined. The results show that confidence in the economy and a household\u27s financial behavior are significant factors determining vacation travel purchase. Tourism companies should target households, who are budget conscious, are saving part of their income, and that invests in the Chinese stock market

Investment and Firm Value: Is There an Optimal Investment Level in Hotel Firms?

This study aimed to examine whether an optimal investment level exists in hotel firms. The authors examined the quadratic relation between investments and hotel firm value. The results show that there is an optimal investment level that maximizes firm value. However, the optimal investment level varies across firms on the basis of the quality of investment opportunities or under- and over investment problems. The optimal investment level is higher for hotel firms with under investment problems, which suggests that these firms have valuable investment opportunities. However, the optimal investment level is lower for hotel firms with over investment problems, which implies that shareholders of these firms perceive additional investments to be value destroying. These results support the postulations of the Q theory of investment, pecking order theory, and free cash flow theory. Practical implications are discussed in the realm of financing, investment, and dividend policies

Efficacy of Gain Index in Predicting the Economic Impacts of Climate Change to Tourism Receipts in the Mediterranean Basin

This study tests the efficacy of Global Adaptation Institute (GAIN) Index, which summarizes a country\u27s vulnerability to climate change and its readiness to improve resilience, in estimating the economic impacts of climate change to tourism. We employ panel cointegration and panel DOLS methods for sixteen countries (Albania, Croatia, Cyprus, Egypt, France, Greece, Israel, Italy, Lebanon, Malta, Morocco, Slovenia, Spain, Syrian Arab Republic, Tunisia and Turkey) that have a coastline on the Mediterranean Sea. The results indicate that there is a cointegration relation in the model, and tourist arrivals depend negatively on vulnerability and economic readiness and depend positively on governances and social readiness

There’s no place like home! The Impact of Accommodations Homescape on Traveler Well-being

Airbnb continues to gain popularity as an alternative to hotels, with the home-like setting being a critical differentiating factor. However, the tourism literature has not explored whether and how accommodation environments are facilitating traveler “at home” experiences and the impact of these experiences on the critical outcome of well being. The purpose of this study is twofold. First, we develop a model of homescape in the accommodations industry and identify, operationalize, and measure its components. Second, we examine the impact of the homescape on travelers’ experience and overall well-being in both Airbnb and hotel accommodations. Surveying 740 participants who were traveling to receive healthcare services, we found in both Hotels and Airbnb that the homescape (community, home-design congruence, and esthetics) influence travelers’ experience of feeling “at home”, which, in turn, positively influences their well-being. Implications for theory, practice, and areas of future research are discussed

Boston Hospitality Review: Winter 2017

Table of contents: Family, Team or Something Else? by John Murtha -- Kitchen Organization in Full-Service Restaurants: Reducing Heat and Stress by Peter Szende and Justin Cipriano -- Rules of Engagement: Building Brand Relationships by Alex Friedman -- Corporate Social Responsibility in the Hospitality Sector by Manisha Singal and Yinyoung Rhou -- “Hold on, I have to post this on Instagram”: Trends, Talk, and Transactions of the Experiential Consumer by Steve Kent -- C-corporation Hotels vs. Hotel-REITs: A Theoretical and Practical Comparison by Tarik Dogru -- Sisters in Restaurant Success: A History of The Maramor by Jan WhitakerFamily, Team or Something Else? by John Murtha -- Kitchen Organization in Full-Service Restaurants: Reducing Heat and Stress by Peter Szende and Justin Cipriano -- Rules of Engagement: Building Brand Relationships by Alex Friedman -- Corporate Social Responsibility in the Hospitality Sector by Manisha Singal and Yinyoung Rhou -- “Hold on, I have to post this on Instagram”: Trends, Talk, and Transactions of the Experiential Consumer by Steve Kent -- C-corporation Hotels vs. Hotel-REITs: A Theoretical and Practical Comparison by Tarik Dogru -- Sisters in Restaurant Success: A History of The Maramor by Jan Whitake