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An Investigation of the Natural Vacancy Rate in the Hong Kong Lodging Market
Get PDFKnowing the natural vacancy rate of a real estate market can yield highly useful information regarding future price movements. Past studies have been conducted to predict natural vacancy rates for office properties, but little research has delved into natural vacancy rates for the lodging market, and even less so within Hong Kong. This study aims to provide an estimate for the natural vacancy rate in the Hong Kong lodging market from 2008 to 2016 by using previous rent adjustment models, and also to predict whether the structural rate has changed over time
Not Merely a Matter of Drawing Arrows: The Empirical Consequences of Measurement Model Specification and Recommendations for Practice
No full textUnderstanding measurement model specification is especially important for hospitality research due to its cross-disciplinary nature and the prevalence of measures used in the field which are often central to the formative versus reflective debate (e.g., SERVQUAL, socioeconomic status). The current study contributes to this topic by providing empirically based prescriptive advice to drive better measurement model specification. Specifically, the decision-making procedures developed by this study can complement theoretical reasons for a model choice as well as help determine a correct model choice when theories are equivocal or non-existent. This study combines actual and simulated data to show that model fit statistics alone cannot determine which model specification is correct, but also that a correct measurement model will generate more accurate predictions within a model which in turn will offer more accurate managerial recommendations
Fourth Quarter 2015: Large Hotels Have Lost Momentum— Small Hotels Still Going Strong
No full textAlthough the price of large hotels has declined, small hotels continue to experience positive momentum, based on our Standardized Unexpected Price (SUP) metric. Hotel investment based on operating performance is back in the red, with signals that investors are experiencing negative leverage, since the borrowing cost of debt now exceeds the return on invested capital. Our financing, risk, and early warning indicators all continue to suggest that hotel prices should start to level off or decline. This is report number 17 of the index series
Second Quarter 2016: Slowdown for Large Hotels Continues; Small Hotels Have Now Slowed as Well
Get PDFOur Standardized Unexpected Price (SUP) metric continues to show a decline in the price of large hotels, and now also the price of small hotels has eased—even though hotel transaction volume has increased. Although debt and equity financing for hotels remain relatively inexpensive, we are concerned that the total volatility of hotel returns is greater relative to the return volatility for other commercial real estate. If this trend continues, lenders will eventually start to tighten hotel lending standards. Our early warning indicators all continue to suggest that the downward trend in hotel prices should continue into the next quarter. This is report number 19 of the index series
Annual Report 2016: Cornell Institute for Healthy Futures
No full textWe are pleased to present the Annual Report for the Cornell Institute for Healthy Futures (CIHF) which was established on July 1st 2015. The institute was officially inaugurated on November 2, 2015. Thanks to the overwhelmingly positive support from students, industry collaborators, faculty and staff we have made significant progress in just a few short months towards successfully realizing the mission and vision of the institute. This report summarizes some of the key activities of the institute for the academic year 2015-16
In Search of a Healthy Future: Healthcare
No full textPanelists discuss the incorporation of hospitality thinking in health care companies, Oct. 10, 2016 at the Cornell Symposium for Hospitality, Health, & Design. Featuring: Melissa Ceriale P’15, ’16, ’18, Board of Trustees, Montefiore Medicine; Andria Castellanos, Group Senior Vice President and Chief Operating Officer, NYP/Columbia New York Presbyterian; Robert Ritz MHA ’87, President, Mercy Medical Center; and Peter Yesawich SHA ’72, MS ’74, PhD ’76, Chief Growth Officer, Cancer Treatment Centers of America
Applying Career Concepts to Strengthen the Work-Attitudes of Service Professionals
Get PDFGiven the nature of employment relationships today, service organizations can strengthen the organization commitment levels and reduce the turnover intentions of its professionals through providing job features important to their careers. These features include opportunities to perform challenging work, experience trusting relationships with customers/clients, and obtain extrinsic rewards. Using a sample of alumni from a hospitality business program, hypotheses that these features impact organizational commitment and turnover intentions, partially through strengthening professionals\u27 career commitment, are developed and tested. Findings suggest that challenging work opportunities impact these attitudes both directly and indirectly. So too trusting relationships with customers and clients indirectly impact organization commitment and intent to turnover (ITO). Results also suggest that, as a whole, satisfaction with extrinsic rewards has no effect. However, an analysis of multigroup mediation results revealed that for professionals working in professional service firms, satisfaction with pay reduces both attitudes. Implications for research in organization commitment and ITO, specifically the role and impact of career-based antecedents, are discussed
CHR Reports Compendium 2016
No full textA compendium of 2015 publications of the Faculty of the Cornell University School of Hotel Administration, including the Center for Hospitality Research and Cornell Hospitality Quarterly
Examining the Characteristics and Managerial Challenges of Professional Services: An Empirical Study of Management Consultancy in the Travel, Tourism, and Hospitality Sector
Get PDFThis paper finds that OM\u27s \u27one-size-fits-all\u27 characterization of professional services, namely high levels of customer engagement, extensive customization, knowledge intensity, and low levels of capital intensity, does not hold when carrying out a \u27deep dive\u27 (to the best of our knowledge, a first in this area of OM) into consultancy in the US travel, tourism, and hospitality sector. We analyse mixed-method data (semi-structured interviews, focus groups, and a best—worst choice experimental survey) and observe that consultancy can actually be quite remote and passive and that any periods of face-to-face \u27engagement\u27 will typically be time limited and focused on specific project phases. Moreover, and further confirming the value of a study that allowed us to investigate professional service operations in a specific market context, our data suggest this may often be at the behest of the client. The significant variation observed in levels of customization we interpret as confirming Maister\u27s (1993) notion of a portfolio of brains, grey hair, and procedural work. We also observed relatively high levels of capital intensity; reflecting perhaps the vintage of most OM characterizations and the dramatic ICT-related changes that have occurred in all business operations in the last 20 years. The work also demonstrates the necessity of a more contingent perspective on PSOM. We assess the impact of both firm (scale, specialization) and individual level (leverage) characteristics to demonstrate significant variation within what might be expected to be a relatively homogenous group of professional service operations. For example, investigating the effects of specialization (via a typology of consulting operations: super-specialists, generalists, deep knowledge traders, deep market knowledge traders) revealed that relative degree of interaction may be dependent upon degree of expertise, such that it was the super-specialists in our sample that spent less time with clients and the more generalist firms who were complementing their limited expert status with high levels of interaction (networking, etc.)