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The Price Implications of "Standing Out"

Author

Listed:
  • Prashant Das
  • Patrick Smith
  • Paul Gallimore

Abstract

Conspicuous features of a commercial real estate asset may qualify it either as “atypical” or “trophy.” Past studies on this topic are fragmented and suggest conflicting price impacts of the two qualities. This is the first study to robustly measure the price implication of conspicuous commercial assets. We geospatially enrich a dataset of nearly 5000 hotel transactions consolidated from two independent sources. We detect asymmetric impact across locally versus nationally superlative features. In particular, locally largest hotels are discounted while the nationally largest ones enjoy premiums. High status of the locality leads to significant price premium after controlling for submarket effects. Also, news coverage is associated with significant price premium.

Suggested Citation

  • Prashant Das & Patrick Smith & Paul Gallimore, 2016. "The Price Implications of "Standing Out"," ERES eres2016_7, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2016_7
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2016-7
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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