Journal Issue: Journal of Hospitality Financial Management: Volume 29, Issue 2
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Hotel Industry Performance in 2020-2021 and the JHFM Index
(2021-11-09) Sheel, Atul
Cost of Capital for Small Size Tourism Industry in Developing Countries: The Case of Lodging Sector in Chile
(2021-11-09) Zuniga-Jara, Sergio; Soria-Barreto, Karla
This paper provides a simplified approach toward estimating the cost of capital for a small company of the tourism sector. This is accomplished by dividing the hurdle rate into the return of the specific industry in a specific country, and a specific risk premium dependent on the size and age of the company/projects. We illustrate our proposal with investment estimations in lodging accommodations along the northern coast of Chile where tourism represents an important source of income and jobs. The estimations were validated through a survey carried out among entrepreneurs of the sector. The results suggest that our method is realistic and practical, and could be adapted to economic sectors other than tourism and to other countries.
Pricing in the Hotel Industry Based on the Simultaneous Realization of Cost Management and Service Quality Efficiency Using Tanaka Technique
(2021-11-09) Shafiee Roodposhti, Maysam; Behrang, Kiandokht; Mirghafoori, Habibollah; Mehrjoo, Khadijeh
This research seeks to utilize a technique (Tanaka technique) in which, while focusing on quality improvement, costs will be managed and tourism organization and companies can benefit from var- ious incomes. The statistical population of this study was hotels in Isfahan and using the opinions of experts of this industry, five cost-effective quality indicators were achieved. This technique has eight steps and for data gathering, questionnaires and interviews were used. This study identifies the amount of deviation of the actual cost from the target cost for each of the indicators. The results showed that ancillary facilities, structural architecture, service, manpower and hotel amenities, respectively, are in the priority of attention.
Domestic Tourism in Poland: State, Development, and Prospects before and during the COVID-19 Pandemic
(2021-11-09) Bąk-Filipek, Ewa; Podhorodecka, Katarzyna
The aim of the study was to show tourist movement in Poland and its importance in the tourism and national economy. The analysis of the results confirms a several-year trend of further increases in the number of arrivals for both foreigners and foreign tourists. In parallel to the positive trend in terms of the number of trips, unfortunately a decreasing trend is observed in the level of average spending of tourists and one-day visitors. Therefore, total revenue from inbound foreign tourism in 2019 (calculated in PLN) increased by 2.9% compared to its level from the previous year. Tourism, including foreign tourism arrivals, affects economic development, mainly due to the multiplier effect. The huge problem for the Polish tourism sector was the COVID-19 pandemic in 2020. The aim of the article is to illustrate the impact of the pandemic on the tourism sector in Poland, especially domestic travels, and to provide information on which types of tourism were more resistant to the COVID-19 pandemic situation.
The Impact of the EB-5 Program in the Hospitality Industry: Now and the Future
(2021-11-09) Kwansa, Francis A.; Yang, Xiangmei
The Employment-Based Fifth Preference program (EB-5) is one of five categories of employment- based visas that provide permanent residency to foreign nationals in the United States. In return, foreign nationals interested in the program are required to make investments of $1 million in busi- nesses and create a minimum of ten jobs in the United States. Since its creation in 1990, the EB-5 pro- gram has had a significant economic impact in the United States through infusion of external capital into the economy and through the creation of thousands of jobs. The hospitality industry has been one of the popular industries that have attracted a lot of EB-5 capital since 1990. Part of the attraction of the hospitality industry to investors is the labor-intensiveness of the industry, so EB-5 investors are able to meet the job creation requirement of the program easily. There have been recent changes to the program, however lack of congressional authorization of the program in 2021 is holding the changes and the fate of the EB-5 program in limbo. Notwithstanding the current challenges facing the program, the hotel and restaurant industries have benefited greatly from the financing provided by EB-5 investors.