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

• Woo Gon Kim ^{[1] [2]} ; Leonard A. Jackson ^[3] ; Jun Zhong ^[4]
  1. [1] Florida State University

     Florida State University

     Estados Unidos

     
  2. [2] Kyung Hee University

     Kyung Hee University

     Corea del Sur

     
  3. [3] University of Memphis

     University of Memphis

     Estados Unidos

     
  4. [4] Oklahoma State University

     Oklahoma State University

     Estados Unidos

     

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• Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 17, Nº. 1, 2011, págs. 91-106
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • 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 valueweighted 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 Ccorporations), 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.