Journal Issue: Journal of Hospitality Financial Management: Volume 10, Issue 1
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Trends in the Lodging Industry: The Future and the Present
(2002-01-01) Sheel, Atul
Determinants of Restaurant Systematic Risk: A Reexamination
(2002-01-01) Gu, Zheng; Kim, Hyunjoon
This study reexamines determinants of the systematic risk or beta of restaurant firms based on the financial data of 75 U.S. restaurant firms from 1996 through 1999. Our weighted least-squares regression analysis found that restaurant systematic risk correlated negatively with assets turnover but positively with quick ratio. The findings suggest that high efficiency in generating sales revenue helps lower the systematic risk, while excess liquidity tends to increase the risk.
The Evolution and Development of Equity REITS: The Securitization of Equity Structures for Financing the U.S. Lodging Industry
(2002-01-01) Beals, Paul; Singh, A. J.
The mid-1 990s saw the alignment of real estate and capital markets. The prima y driver of such convergence was the increasing securitization of real estate debt and equity investments. This paper examines the evolution of Real Estate Investment Trusts (REITS) as innovative equity instruments during this period and their resulting impact on financing the U.S. lodging industry.
An Examination of Commercial Mortgage-Backed Securities-Some Useful Insights for Borrowers
(2002-01-01) Nagpal, Amit; Sheel, Atul
Commercial mortgage-backed securities (CMBS) have emerged strong and have faced a generally positive credit environment since the last recession. As the market grew out of recession in the early 1990s, the primary focus remained on providing better and safer returns to investors. Tied in their lock box, a period that contractually prohibits the borrower from all prepayments, the borrowers kept holding tightly onto their loans. Currently, as the delinquency rate on loans has been on the rise, and as the mortgage market offers refinancing opportunities at lower interest rates, more and more borrowers are looking to transfer or to refinance their loans. This paper examines commercial mortgage-backed securities and provides useful insights for borrowers to find their way out of CMBS loans.
Boosting the Bottom Line via Internet Sales-The Case of Conference Travel
(2002-01-01) West, Lawrence; Upchurch, Randall
There is no doubt that the Internet has become one of the main channels of distribution for a variety of hospitality and tourism-related companies. Because of cost efficiency and ease of access, such electronic distribution channels often serve as useful tools for hospitality and tourism firms to boost their bottom line. This paper presents a case study of the use of Internet registration for conference travel. Using the 1999 annual Civil Affairs conference as a medium, this study ascertained the acceptance and utility of using the Internet for registration and informational purposes for a group of civil affairs officers. Findings reveal that computer usage and Internet access consumer patterns for the sampled travelers are distinctly different from other reported consumer usage profiles. As such, the importance of such electronic distribution channels for meeting planners is better understood.