Abstract

The assumptions real estate developers make regarding hotel development have a significant effect on the net present value (NPV) and internal rate of return (IRR) of the proposed project. While controlling for major hotel characteristics, we study the effect of hotel time-to-delivery (TTD), consisting of both planning and construction time, on the performance of hotel operations: occupancy, average daily rate, and revenue per available room after completion. These results will inform hotel real estate developers, operators, and analysts because the duration of development serves as a detrimental influence on the initial prospects of a hotel development project.

摘要

房地产开发商对酒店开发所做的假设对拟议项目的净现值 (NPV) 和内部收益率 (IRR) 有重大影响。在控制主要酒店特征的同时，我们研究了酒店交付时间 (TTD)，包括规划和建设时间，对酒店运营绩效的影响：入住率、平均每日房价和完工后每间可用房间的收入. 这些结果将告知酒店房地产开发商、运营商和分析师，因为开发持续时间会对酒店开发项目的初始前景产生不利影响。