집적 효과가 호텔의 객실당 수입에 미치는 영향 분석
Effects of Agglomeration on RevPAR of Hotels in Seoul: A Panel Data Approach
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This study analyzes the determinants of the Revenue Per Available Room(RevPAR) of hotels in Seoul. A special emphasis is placed on whether hotels’ agglomeration has a positive influence on the RevPAR. Fixed effects models were estimated using the panel data of hotels in Seoul from 2008 to 2014. Estimation results show that hotels’ agglomeration is one of positive determinants of the RevPAR of hotels. The RevPAR of a hotel located in an administrative district(Gu) in which the Location Quotient(LQ) is greater than one is about 6.6% higher than that of a hotel located in an administrative district(Gu) associated with less than one LQ. Estimation results also indicate that product differentiation has significant effects on the RevPAR. The less the hotels with the same or higher grades are located in the same Gu, the higher the ADR compared to the average of the ADR in the same gu, and the smaller the size of a hotel compared to the average of the size of hotels in the same Gu, the hotel’s RevPAR is greater. All these results imply that product differentiation strategies of a hotel as well as its location choice are important elements to enhance the financial performance in hotel industry.
Abstract
This study analyzes the determinants of the Revenue Per Available Room(RevPAR) of hotels in Seoul. A special emphasis is placed on whether hotels’ agglomeration has a positive influence on the RevPAR. Fixed effects models were estimated using the panel data of hotels in Seoul from 2008 to 2014. Estimation results show that hotels’ agglomeration is one of positive determinants of the RevPAR of hotels. The RevPAR of a hotel located in an administrative district(Gu) in which the Location Quotient(LQ) is greater than one is about 6.6% higher than that of a hotel located in an administrative district(Gu) associated with less than one LQ. Estimation results also indicate that product differentiation has significant effects on the RevPAR. The less the hotels with the same or higher grades are located in the same Gu, the higher the ADR compared to the average of the ADR in the same gu, and the smaller the size of a hotel compared to the average of the size of hotels in the same Gu, the hotel’s RevPAR is greater. All these results imply that product differentiation strategies of a hotel as well as its location choice are important elements to enhance the financial performance in hotel industry.
참고문헌 (37)
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