Journal of Hospitality Financial Management: Volume 7, Issue 1
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Economic Indicators, Bull and Bear Markets: Relevance for Hospitality Firms
(1999) Sheel, Atul
The Relationship Between Economic Circumstances and Appraised Values in the Hotel Appraisal Process, 1981-1998
(1999) Dalbor, Michael; Andrew, William
The purpose of this paper is to examine the economic circumstances that motivated principals in the hotel appraisal process to influence appraised hotel values. The economic circumstances are the background in which appraisals are completed and may be germane to the issue of appraisal accuracy. This paper outlines the relationships in the process and examines the specific circumstances that may have motivated the parties to influence appraised values to be different than market values. Moreover, it provides a basis for further research and empirical tests of these relationships.
Managing the Corporate Acquisition Process for Success
(1999) Kim, Kyung-Hwan; Olsen, Michael
The primary purpose of this paper is the discovery of evidence about the determinants of a successful pre-acquisition management process, and the determinants of successful post-acquisition integration, using as data previous general literature on acquisitions. It is hoped that this study will enhance the overall lodging industry's knowledge base about the acquisition process. This study will contribute to future efforts to systematically conceptualize and operationalize the acquisitions process utilized by U.S. lodging firms, by suggesting a strategic acquisition management framework for lodging firms.
Performance of Exchange- Listed Lodging Firms during the Great Lodging Depression of the 1980s and Early 1990s
(1999) Upneja, Arun
Extensive literature in hospitality finance indicates that the lodging depression of the 1980s spanned the years 1980-92 and that the entire industry was losing money for most of that period. For example, Hanson (1994) claims that "after operating at a loss in every year since 1982, the U.S. lodging industry will again be profitable in 1993." However, there are many reasons to believe that exchange-listed lodging firms may have had a different picture than the industry as a whole. This paper discusses some of those reasons and focuses on the profitability of lodgng firms listed on the major stock exchanges. The results presented show that the exchange-listed lodging firms were generally profitable during the depression years and that the percentage of lodging firms reporting losses during this period was not very different from the overall percentage of all listed firms reporting losses.
Hotel Management Contracts: Breach of Contract, Termination, and Damages
(1999) Wilson, Robert H.
Recent court decisions have redefined the relationships and expectations of both owners and operators involved in hotel management contracts. What were once considered irrevocable contracts that a court would enforce with an order for specific performance are now likely to be contracts that can be revoked (but which may carry the risk of damage awards). This paper looks at contract law and examines several interesting hospitality court cases to determine the types of damages that would be available in the event a court determines that a management contract has been breached.