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Performance comparison of lodging REITs, hotel C-corporations and resorts and casinos

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The purpose of this study is to examine the performance of lodging real estate investment trusts (REITs), hotel C-corporations and resorts and casinos as compared to the overall market, and to compare the relative performance of lodging REITs, lodging C-corporations and resorts and casinos during 1995–2005. Excess returns on three portfolios are regressed against the excess returns on the value-weighted Center for Research in Security Prices (CRSP) portfolio. Lodging REITs provide the highest returns between the two different types of investment portfolios (resorts and casinos and C-corporations), as well as the market benchmark (the overall market portfolio). As an investment vehicle, lodging REITs command respectable returns with relatively low volatility in comparison with stock investments. The excess returns of lodging REITs were not found to be significantly different from zero during the three subperiods of 1995–2005: growth, recession and recovery. Investors who are interested in increasing their share of real estate investments may find lodging REITs a relatively attractive investment vehicle that could be added to their portfolios.


Document Type: Research Article

DOI: http://dx.doi.org/10.5367/te.2011.0023

Publication date: February 1, 2011

More about this publication?
  • Tourism Economics, published bimonthly, is a peer-reviewed journal devoted to the economics and finance of tourism worldwide. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).

    Fast Track. Tourism Economics Fast Track papers have been peer-reviewed, revised and fully accepted for publication. However, although these are the final versions from the authors, they are unedited manuscripts and will undergo a rigorous editing process before their appearance in an issue of the journal. This means that the Fast Track manuscripts may not conform to journal style in terms of presentation, spelling and other usages. They may also contain errors of typography, grammar, spelling, referencing, etc, all of which will be corrected in the processes of copy-editing and proofreading.
    Tourism Economics operates a Fast Track online publication system so that papers can be published and made available almost immediately on final acceptance by the journal. Each Fast Track article is given a DOI. When the paper is assigned to an issue, this DOI will automatically be transferred to the article in the journal issue.
    Fast Track articles may be cited using the DOI. Citations should include the author's or authors' name(s), the title of the article, the title of the journal followed by the words Fast Track, the year of Fast Track publication and the DOI. For example:

    Smith, J. (2013), Article title, Tourism Economics Fast Track, DOI xxxxxxxx.

    Once the paper has been published in an issue of the journal, the DOI will automatically resolve to that final version and the article can be cited in accordance with normal bibliographical conventions.

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