Survival in the lodging sector: An analysis at the firm and location levels |
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| Institution: | 1. Department of Financial Economics and Accounting, Faculty of Economics and Business, University of A Coruña, Campus Elviña s/n, 15.071A Coruña, Spain;2. Department of Financial Economics and Accounting, Faculty of Economics and Business, University of Santiago de Compostela, Av/Burgo das Nacións s/n, 15.782 Santiago de Compostela, Spain;1. Department of Retail, Hospitality, and Tourism Management, University of Tennessee, Knoxville, TN 37996, United States;2. School of Hospitality Management, Pennsylvania State University, University Park, PA 16802, United States;1. School of Sport, Tourism and Hospitality Management, Temple University, Philadelphia, PA, USA;2. School of Hotel, Restaurant, and Tourism Management, University of South Carolina, Columbia, SC, USA;1. Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, 229 C.N. Hilton Hotel & College, Houston, TX 77204-3028, United States;2. School of Hotel Administration, Cornell University, 538 Statler Hall, Ithaca, NY 14850, United States |
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| Abstract: | this paper studies the determinants of survival of 6494 Spanish hotel firms located in 97 national tourist destinations in the period 2005–2011. The characteristics of the firms and the tourist destinations where they are located have been studied through survival analysis techniques. This is relevant because the impact of the financial and economic crisis on the Spanish lodging sector has shown different effects among tourist destinations. The results confirm that the location significantly affects the probability of survival. In particular, the main determinant of firm survival is the level of occupancy in a tourist destination which has a positive effect. Also, we have found that a low level of competition reduces the average expected survival while the average profitability of a tourist destination has a positive effect on firm survival. Finally, the total effect related to destinations factors can reduce the expected survival by up to 90% (hazard ratio). |
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| Keywords: | Survival analysis Hotel survival Competition level Occupancy |
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