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Why are hotel room prices different? Exploring spatially varying relationships between room price and hotel attributes

Kim, Jinwon, Jang, Seongsoo, Kang, Sanghoon and Kim, SeungHyun (James) 2018. Why are hotel room prices different? Exploring spatially varying relationships between room price and hotel attributes. Journal of Business Research 10.1016/j.jbusres.2018.09.006

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Abstract

Despite abundant research on modeling hotel room prices, traditional hedonic pricing models (HPMs) have failed to consider spatial variations in the relationships among hotel room price and attribute variables. This study demonstrates the utility of a spatial HPM (s-HPM) using a geographically weighted regression analysis of 387 hotels in the Chicago area. Specifically, this study explored spatial variations in modeling hotel room prices and further identified spatial clustering patterns of relationships between room price and hotel attributes across market segments. The findings reveal that the s-HPM successfully identified spatially varying relationships between room price and hotel attributes, such as site attributes – size, age, class and service quality – and situation attributes – distances to airports, highways and tourist attractions – across the study area. This study contributes to a better understanding of local patterns of modeling room prices, ultimately providing guidelines for effective location-based hotel room pricing strategies.

Item Type: Article
Date Type: Published Online
Status: In Press
Schools: Business (Including Economics)
Publisher: Elsevier
ISSN: 0148-2963
Date of Acceptance: 8 September 2018
Last Modified: 23 Nov 2018 13:00
URI: http://orca.cf.ac.uk/id/eprint/116727

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