IDEAS home Printed from https://ideas.repec.org/a/sae/toueco/v17y2011i2p321-338.html
   My bibliography  Save this article

Pricing the Time and Location of a Stay at a Hotel or Apartment

Author

Listed:
  • Catalina Juaneda

    (Departament d'Economia Aplicada, Universitat de les Illes Balears, Cra. De Valldemossa, km 7.5, 07122 Palma (Illes Balears), Spain)

  • Josep Maria Raya

    (Escola Universitaria del Maresme, Universitat Pompeu Fabra, Ernest Lluch s/n, 08302 Mataró (Barcelona), Spain)

  • Francesc Sastre

    (Departament d'Economia Aplicada, Universitat de les Illes Balears, Cra. De Valldemossa, km 7.5, 07122 Palma (Illes Balears), Spain)

Abstract

This paper presents a comparative study of the price component of the physical characteristics and the location of apartments and hotels in order to compare their effect on the final price of both types of accommodation. In addition the authors carry out a comparative study of the price component of the point in time at which the stay was offered. For the price component of the actual place, substantial variability can be observed in the case of hotels, whereas little variability can be observed in the case of apartments. When seasonality is compared, slightly lower seasonality can be observed for hotels in relation to apartments throughout the period under study, and higher seasonality observed in the case of Spanish resorts (particularly the Balearic Islands) in comparison with French ones.

Suggested Citation

  • Catalina Juaneda & Josep Maria Raya & Francesc Sastre, 2011. "Pricing the Time and Location of a Stay at a Hotel or Apartment," Tourism Economics, , vol. 17(2), pages 321-338, April.
    • Handle: RePEc:sae:toueco:v:17:y:2011:i:2:p:321-338
    DOI: 10.5367/te.2011.0044
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.5367/te.2011.0044
    Download Restriction: no
    File URL: https://libkey.io/10.5367/te.2011.0044?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Olympia Bover & Pilar Velilla, 2001. "Hedonic house prices without characteristics: the case of new multiunit housing," Estudios Económicos, Banco de España, number 73.
    2. Mendelsohn, Robert, 1984. "Estimating the Structural Equations of Implicit Markets and Household Production Functions," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 673-677, November.
    3. Olympia Bover & Pilar Velilla, 2001. "Hedonic house prices without characteristics: the case of new multiunit housing," Estudios Económicos, Banco de España, number 73.
    4. Gencay, Ramazan & Xian, Yang, 1996. "A forecast comparison of residential housing prices by parametric versus semiparametric conditional mean estimators," Economics Letters, Elsevier, vol. 52(2), pages 129-135, August.
    5. Eugeni Aguiló & Joaquín Alegre & Maria Sard, 2003. "Examining the Market Structure of the German and UK Tour Operating Industries through an Analysis of Package Holiday Prices," Tourism Economics, , vol. 9(3), pages 255-278, September.
    6. Goodman, Allen C., 1988. "An econometric model of housing price, permanent income, tenure choice, and housing demand," Journal of Urban Economics, Elsevier, vol. 23(3), pages 327-353, May.
    7. Mills, Edwin S. & Simenauer, Ronald, 1996. "New Hedonic Estimates of Regional Constant Quality House Prices," Journal of Urban Economics, Elsevier, vol. 39(2), pages 209-215, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Aldric Vives & Liudmila Ostrovskaya, 2024. "Exploring the impact of hotel attributes and services on price and revenue: A hedonic pricing model approach with a focus on internal and external segmentation and repeat customers," Tourism Economics, , vol. 30(4), pages 813-843, June.
    2. de la Peña, Mario Raúl & Núñez-Serrano, Juan A. & Turrión, Jaime & Velázquez, Francisco J., 2016. "Are innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels," Tourism Management, Elsevier, vol. 55(C), pages 184-196.
    3. Loïc Lévi & Jean Jacques Nowak & Sylvain Petit & Hakim Hammadou, 2022. "Industrial legacy and hotel pricing: An application of spatial hedonic pricing analysis in Nord-Pas-de-Calais, France," Tourism Economics, , vol. 28(4), pages 870-898, June.
    4. Luigino Baldassin & Massimo Gallo & Elena Mattevi, 2017. "Tourism in European cities," Tourism Economics, , vol. 23(1), pages 3-28, February.
    5. Martin Petricek & Stepan Chalupa & Karel Chadt, 2020. "Identification of Consumer Behavior Based on Price Elasticity: A Case Study of the Prague Market of Accommodation Services," Sustainability, MDPI, vol. 12(22), pages 1-14, November.
    6. de Oliveira Santos, Glauber Eduardo, 2016. "Worldwide hedonic prices of subjective characteristics of hostels," Tourism Management, Elsevier, vol. 52(C), pages 451-454.
    7. Aldric Vives & Marta Jacob & Eugeni Aguiló, 2019. "Online hotel demand model and own-price elasticities: An empirical application in a mature resort destination," Tourism Economics, , vol. 25(5), pages 670-694, August.
    8. José Francisco Perles Ribes & Luis Moreno Izquierdo & Ana Ramón Rodríguez & María Jesús Such Devesa, 2018. "The Rental Prices of the Apartments under the New Tourist Environment: A Hedonic Price Model Applied to the Spanish Sun-and-Beach Destinations," Economies, MDPI, vol. 6(2), pages 1-9, April.
    9. Aldric Vives & Marta Jacob & Marga Payeras, 2018. "Revenue management and price optimization techniques in the hotel sector," Tourism Economics, , vol. 24(6), pages 720-752, September.
    10. Josep Maria Espinet & Ariadna Gassiot-Melian & Ricard Rigall-I-Torrent, 2020. "An analysis of price segmentation in the cruise industry," Journal of Revenue and Pricing Management, Palgrave Macmillan, vol. 19(3), pages 162-189, June.
    11. Alegre, Joaquín & Cladera, Magdalena & Sard, Maria, 2013. "Tourist areas: Examining the effects of location attributes on tour-operator package holiday prices," Tourism Management, Elsevier, vol. 38(C), pages 131-141.
    12. Bobrovskaya, Ekaterina & Polbin, Andrey, 2022. "Determinants of short-term rental prices in the sharing economy: The case of Airbnb in Moscow," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 65, pages 5-28.
    13. Josep Raya Vilchez, 2013. "Destination and Seasonality Valuations: A Quantile Approach," Tourism Economics, , vol. 19(4), pages 835-853, August.
    14. Ripoll-Zarraga, Ane Elixabete & Raya, Josep Maria, 2020. "Tourism indicators and airports' technical efficiency," Annals of Tourism Research, Elsevier, vol. 80(C).
    15. Ante Mandić & Elza Jurun, 2018. "The Determinants of Small and Family Owned Hotel Room Rates," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 11(2), pages 17-22, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Josep Raya Vilchez, 2013. "Destination and Seasonality Valuations: A Quantile Approach," Tourism Economics, , vol. 19(4), pages 835-853, August.
    2. Jose Torres-Pruñonosa & Pablo García-Estévez & Josep Maria Raya & Camilo Prado-Román, 2022. "How on Earth Did Spanish Banking Sell the Housing Stock?," SAGE Open, , vol. 12(1), pages 21582440221, March.
    3. Nicodemo, Catia & Raya, Josep Maria, 2012. "Change in the distribution of house prices across Spanish cities," Regional Science and Urban Economics, Elsevier, vol. 42(4), pages 739-748.
    4. Jose Torres-Pruñonosa & Pablo García-Estévez & Camilo Prado-Román, 2021. "Artificial Neural Network, Quantile and Semi-Log Regression Modelling of Mass Appraisal in Housing," Mathematics, MDPI, vol. 9(7), pages 1-16, April.
    5. Alegre, Joaquín & Sard, Maria, 2015. "When demand drops and prices rise. Tourist packages in the Balearic Islands during the economic crisis," Tourism Management, Elsevier, vol. 46(C), pages 375-385.
    6. Bun Lee & Eui-Chul Chung & Yong Kim, 2004. "Dwelling Age, Redevelopment, and Housing Prices: The Case of Apartment Complexes in Seoul," The Journal of Real Estate Finance and Economics, Springer, vol. 30(1), pages 55-80, October.
    7. Julio Escobar Potes & José Vicente Romero, 2003. ""Métodos de construcción de índices de precios de vivienda” teoría y experiencia internacional," Ensayos Sobre Economía Regional (ESER) 3211, Banco de la República - Economía Regional.
    8. Ioannides, Yannis M. & Zabel, Jeffrey E., 2008. "Interactions, neighborhood selection and housing demand," Journal of Urban Economics, Elsevier, vol. 63(1), pages 229-252, January.
    9. Paolo Buonanno & Daniel Montolio & Josep Raya-Vílchez, 2013. "Housing prices and crime perception," Empirical Economics, Springer, vol. 45(1), pages 305-321, August.
    10. Albert Saló & Anna Garriga, 2011. "The Second-Home Rental Market: A Hedonic Analysis of the Effect of Different Characteristics and a High-Market-Share Intermediary on Price," Tourism Economics, , vol. 17(5), pages 1017-1033, October.
    11. Salá Rios, Mercè, 2004. "Análisis territorial de la accesibilidad a la vivienda en España," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 22, pages 1-21, Diciembre.
    12. Andrés Sagner, 2009. "Determinantes del Precio de Viviendas en Chile," Working Papers Central Bank of Chile 549, Central Bank of Chile.
    13. Reis, Hugo J. & Santos Silva, J.M.C., 2006. "Hedonic prices indexes for new passenger cars in Portugal (1997-2001)," Economic Modelling, Elsevier, vol. 23(6), pages 890-908, December.
    14. Li Tian, 2006. "Impacts of Transport Projects on Residential Property Values in China: Evidence from Two Projects in Guangzhou," Journal of Property Research, Taylor & Francis Journals, vol. 23(4), pages 347-365, October.
    15. Jorge Martínez Pagés & Luis Ángel Maza, 2003. "Analysis of house prices in Spain," Working Papers 0307, Banco de España.
    16. Jéssica Fernanda Castaño Lavado. & Miguel Ángel Morales Mosquera, 2015. "Revisión Metodológica de Índices de Precios de la Vivienda," Temas de Estabilidad Financiera 81, Banco de la Republica de Colombia.
    17. Ather H. Akbari & Yigit Aydede, 2012. "Effects of immigration on house prices in Canada," Applied Economics, Taylor & Francis Journals, vol. 44(13), pages 1645-1658, May.
    18. Mark A. Wynne & Diego Rodriguez‐Palenzuela, 2004. "Measurement Bias in the HICP: What do we know and What do we need to know?," Journal of Economic Surveys, Wiley Blackwell, vol. 18(1), pages 79-112, February.
    19. Tun-Hsiang Yu & Seong-Hoon Cho & Seung Kim, 2012. "Assessing the Residential Property Tax Revenue Impact of a Shopping Center," The Journal of Real Estate Finance and Economics, Springer, vol. 45(3), pages 604-621, October.
    20. Shehryar Rashid & Asjad Tariq Sheikh, 2015. "Farmers’ Perceptions of Agricultural Land Values in Rural Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 54(4), pages 809-821.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:toueco:v:17:y:2011:i:2:p:321-338. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.