Hotel roomrates under the influence of a large event: The Oktoberfest in Munich 2012 |
| |
| Institution: | 1. Institute of Agricultural Policy and Market Research, Justus Liebig University Giessen, Senckenbergstr. 3, D-35390 Giessen, Germany;2. Ludwig-Maximilian University Munich, Germany;1. William F. Harrah College of Hospitality, University of Nevada, Las Vegas, 4505 Maryland Parkway Box 6021, Las Vegas, NV, 89154-6021, United States;2. University of Hawai?i at Mānoa, School of Travel Industry Management, 2560 Campus Road, George Hall 346, Honolulu, HI, 96822, United States;3. The Department of Hospitality and Tourism Management, Pamplin College of Business, Virginia Tech, Wallace Hall, Rm 365, 295 West Campus Drive, Blacksburg, VA, 24061, United States;1. Department of Tourism and Convention, Pusan National University, Jangjeon-Dong, San 30, Kumjung-Gu, Busan 609-735, South Korea;2. Department of Hospitality Services, University of Central Florida, Rosen College of Hospitality Management, United States;1. Ben Gurion University of the Negev, Israel;2. Virginia Tech, VA, USA;1. University of Exeter Business School, UK;2. School of Tourism, Bournemouth University, UK;3. School of Health Sciences, Swinburne University of Technology, Australia |
| |
| Abstract: | Surprisingly few studies deal with the implications of large events for hotel prices. We address this issue by modeling hotel prices in Munich under the influence of the Oktoberfest. By utilizing internet data from a metasearch provider for check-in dates prior to and during the Oktoberfest 2012, it is analyzed how the event affected the daily price level as well as price differentials between hotels. In general, average hotel prices are very volatile over time. Apparently, Munich hotels tend to set prices according to expected demand and vary those depending on the day of the week during the event. Ceteris paribus, roomrates are highest on Oktoberfest Friday and Saturday nights, followed by Oktoberfest weekdays and Oktoberfest Sunday nights, but there is a general and strong price-raising impact. Prices differ across hotels mainly due to the star category attributed to a hotel and the proximity to the event. Both price premia are time-dependent. |
| |
| Keywords: | Hotel roomrates Oktoberfest Event study Hedonic analysis Internet data |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
