Spenser Robinson

Financial Impact of LEED and Energy Star Certifications on Hotel Revenues

This study examines the topline performance of a cross-section of hotels in the United States from 2009 to 2013 to test whether eco-labeled (LEED or Energy Star, in particular) properties generated revenue performance premiums over noncertified hotels. In other words, does it pay to acquire these labels? Regressions included regional, class, chain scale, size, and location controls. Custom comparable clusters were also separately tested. Results show that LEED-labeled hotels experience higher average daily rate but lower occupancy rates, resulting in a statistically insignificant difference in RevPAR. Energy Star-labeled buildings consistently showed higher occupancy.

Hospitality REITs and financial crisis: a comprehensive assessment of market quality

Purpose The purpose of this paper is to examine market microstructure differences in stock market quality for hospitality real estate investment trusts (REITs) during the pre- and post-financial crisis eras. It provides insight on different trading strategies based on the underlying liquidity and volatility of hospitality REITs as compared traditional REITs and the broader market. Design/methodology/approach The paper uses established microstructure measures for liquidity, trading volumes and risk assessment and compares daily and intraday trading patterns of REITs, hospitality REITs and the broad market. Findings The results suggest a quicker recovery of performance for hospitality REITs and some fundamental increases in liquidity measures post-crisis. The results of the study highlight the differences in trading volumes, liquidity and risk profile of hospitality REITs compared to traditional REITs both in the pre- and post-financial crisis periods. Practical implications The quicker recovery of hospitality REITs in key trading measures may suggest flight to quality during periods of high volatility. Originality/value This study fills the gap in the literature relative to microstructure studies and provides information to help hotel firms and portfolio managers choose an appropriate organizational structure and investment vehicle, respectively.

Urban Sustainability Preferences Revealed Through Multifamily Rents

Rising urban population growth increases demand for multi-family housing; sustainable urban form and building level sustainability represent vital planning areas for this demand . Here, the multi-family housing stock is used to examine consumer preferences about sustainability in growing urban areas. Drawing on a data set of more than 40,000 apartment buildings/complexes from Apartments.com and secondary data from the describing urban form, walkability, proximity, access to transit, schools, and crime, this paper addresses the question: what sustainability features are desirable both in building and locational form in the largest U.S. CBSAs? Methodologically, the paper uses the traditional hedonic modeling techniques that include both apartment complex and unit attributes. These models are augmented with spatial and locational attributes designed to reveal preferences for sustainability in cities. Further, the unique data reveals previously unobserved property and locational traits. Model results have implications for property investors, developers, asset managers, and urban policy makers