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The Investment Opportunity Set and the Long-Term Debt Decision of U.S. Lodging Firms

University of Nevada, Las Vegas

Arun Upneja

The Pennsylvania State University

This article investigates, in further detail, a previously researched positive relationship between long-term debt and growth opportunities in the U.S. lodging industry. In addition to utilizing variables related to the three major theories of capital structure, the authors use alternative growth opportunity measures in an attempt to confirm previous findings in the hospitality literature. The results indicate that certain growth opportunity proxies do a better job of explaining the long-term debt choice for U.S. lodging firms. This research could be used to reexamine the long-term debt decision and growth opportunities in other sectors of the hospitality industry.

Key Words: hotel financing • hotel capital structure

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