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Journal of Hospitality & Tourism Research, Vol. 26, No. 2, 138-154 (2002)
DOI: 10.1177/1096348002026002004
© 2002 ICHRIE

Hotel Real Estate Investment Trusts' Risk Features and Beta Determinants

Hyunjoon Kim

University of Hawai'i at Manoa, hyunjoon{at}hawaii.edu

Zheng Gu

University of Nevada, Las Vegas

Anna S. Mattila

The Pennsylvania State University

This study examines the risk features of hotel real estate investment trust (REIT) firms. In particular, it investigates the systematic and unsystematic risk of hotel REIT stocks and the determinants of their systematic risk, or beta. Using the financial data of 19 U.S. hotel REIT firms from 1993 through 1999, the authors found that 84% of the firms'total risk was contributed by firm-specific, unsystematic risk. Systematic risk correlated positively with debt leverage and growth but negatively with firm size. These findings suggest that growth via mergers and acquisitions and less reliance on debt financing may help lower systematic risk and enhance hotel REITs'value.

Key Words: hotel REITs • systematic risk • unsystematic risk • risk determinants • value


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[Abstract] [PDF]