A Performance Study on Independent-owned International Tourist Hotels in Taiwan
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1 A Performance Stud on Independent-owned International Tourist Hotels in Taiwan Kuang -Jung Tseng, Associate Professor, Dept of International Business, Hsuan Chuang Universit ABSTRACT The data envelopment analsis methods used in this research include CCR BCC and CEM modes, and input orientation is also used to discuss the operating performance of 8 international tourist hotels in Taiwan and to compare the difference in performance of different operating stle of international tourist hotels. Use Malmquist Indices to discuss the trend of their production variations in different periods. Our research discovered: (1) the total operating performance of the sampled hotels has all reached to a certain standard. Landis Resort has the best total operating performance. Most of the hotels scale and performance are increasing. () The performance of chained independent-owned international tourist hotels is better than that of wholl owed international tourist hotels. () The average total factor productivit of 5 hotels is increasing while the average total factor productivit of sampled hotels is declining. Kewords: International Tourist Hotels, Performance Evaluation, Data Envelopment Analsis INTRODUCTION Tourism Bureau, ROC pointed out (in 00) that the development of Taiwan tourism started in In 1959, Hotel Holida Garden, Kaohsiung was the first independent-owned international tourist hotel in Taiwan - it was established b overseas Chinese. Hotel Kingdom was first international tourist hotels constructed b local investors in Taiwan. Among the independent-owned international tourist hotels in Taiwan, Lemidi Hotel Chitou was closed down for 5 ears due to Tphoon Toraji. Due to either termination of cooperation contract or change of management, man hotels changed their names in recent ears. For eample, due to poor operation performance, Asianworld Hotel has been consigned and to be managed b Holida Inn Group for about a ear. Now their operation is on the track and has paid back emploees salaries the owed for the past several ears due to poor hotel performance. The has formall changed their name to Holida Inn Asianworld Hotel Taipei at the end of 00. On September 1, 006 the hotel changed its name to Sunworld Dnast Hotel Taipei. From the above histories of Taiwan independent-owned international tourist hotels, we learn that hotel business continuit is difficult and management is ver important to hotel industr. Ever since 190, the development of Taiwan international tourist hotels had eperience different stages. We have compiled all the data as Table 1. Table 1 The Development of Independent-owned International Tourist Hotels Period Developing Stages Representative Hotels Era of Traditional Hotel Era of Developing of Tourist Hotels In the era at beginning of Taiwan restoration, hotel business was sluggish. Most of the hotels were actual inns, rest house, or in the form of traditional hotels. Onl official hotels could provide basic standard accommodations for foreigners. During Korean War, US arm assisted us in protecting Taiwan. The social condition was more stable at the time. Taiwan Hotel changed its name to the Grand Hotel in 195. Its architecture stle made it the most well known hotel in Taiwan at that time. Taiwan Visitors Association was also established in Taiwan Hotel (predecessor of The Grand Hotel) Friend of China Hotel Freedom Hotel Taiwan Railroad Hotel The Grand Hotel Journal of International Management Studies * Februar
2 Era of Independentowned International Tourist Hotels Era of Big Independentowned International Tourist Hotels (After 1990 Hotel management had been internationalized) The hotel industr in Taiwan was read to develop and the government also push tourism ver hard. In 1968 the government stipulate Tourism Management for Taiwan and ordered that hotel room numbers for international tourist hotels must eceed 80 rooms. Local small sized hotels were also established in Taiwan. Overseas Chinese returned Taiwan to invest in hotel constructions. Major factors for the tourism development at this period were the stabilities of political and economic condition, US arm spent holidas in Taiwan and Japan opened up tourism visa etc. In 1980, Taipei Regent Hotel cooperated with Hong Kong Regent Hotel. In 199 Taipei Regent ceased its cooperation contract with Regent and changed its name to Grand Formosa Regent Taipei. In 00 Taichung Regent and Kaohsiung Regent also separated entirel with the Regent sstem and accordingl changed their name to Taichung Splendor Hotel and Kaohsiung Splendor Hotel, respectivel. Hotel Holida Garden (invested b overseas Chinese from Thailand) Tong-First Hotel Hotel Kingdom (first international tourist hotels constructed b local investors in Taiwan.) Brother Hotel The Landis Taipei Hotel Howard Plaza Hotel Grand Formosa Per sources from Tourism Bureau, MOTC, R.O.C.( ), during the 8 ears period, onl 8 hotels did not cease their operation or changed its name due to poor management. In , the investment cost and annual operation cost of independent-owned international tourist hotels in Taiwan were decreasing. In recent ears, there were man international tourist hotels in Taiwan joining international hotel management sstem. With assistance from foreign professional hotel management group the hope to increase more customers and increase hotel revenue. This makes independent-owned international tourist hotels in Taiwan faced more completive challenge as of limited manpower, resource and finance. We need to pa attention to how to use limited resource to achieve effective management, establish completive edges for the owners of the independent-owned international tourist hotels and to create bigger profit. In the documentation we found that onl Chen Jin Fu, Huang Chiu Ming(001) made research on operation performance of independent-owned international tourist hotels in Taipei. Onl a few studies showed performance analsis of independent-owned international tourist hotels in Taiwan. Our research is based from productivit (efficienc) point of view (i.e. ratio of output and input) to discuss the operating performance of independent-owned international tourist hotels in Taiwan. The purpose of our research is for the following three purposes: 1. To understand the operating performance of independent-owned international tourist hotels in Taiwan.. To understand the overlapping productivit variation trend of independent-owned international tourist hotels in Taiwan.. To provide managers of independent-owned international tourist hotels in Taiwan references for their internal control. LITERATURE REVIEW Hotel Operation Method Hsieh Ming Chen (1999) pointed out that current Taiwan hotel management methods were classified in 5 categories, i.e. independent-owned, rented, transferred, ioin an alliance and contractual management. The definition and classification of the above 5 categories is listed in Table. 80 Journal of International Management Studies * Februar 008
3 Table Definition and Classification of International Tourist Hotels Operation Categor Definition Representative Hotels The compan independentl manages its invested hotel Gloria Hotel Brother Hotel Wholl owned without outside assistance. The compan owns the hotel and makes all the operation Independent-owned decisions. The parent compan (of the Howard Plaza Hotel hotel) manages different hotels Chained in different locations and regulates rights and obligations Rented of these hotels. Owner of the hotel rented land to build hotel. Join international well-known organization and become its Membership members. Continue to be Transferred audited b them. Join hotel chain booking Join chains sstem. Onl b joining an alliance with global hotel groups b signing cooperation contract. It subsidiar hotels pa certain Join an alliance amount of fied roalt to parent compan in echanging their SOP (standard operation procedures) and management know-how. Hotel investors assign chained international hotel to manage Contractual management its invested hotel. Ownership and management are completel separated. Source:Hsieh Ming Chen (1999), Updated Hotel Management. The Westin Taipei (the land is rented from Catha Group) Sherwood Hotel Ambassador Hotel Sheraton Taipei Hotel Far Eastern Plaza Hotel DEA Applied Documents There are man DEA documents that evaluate performance for hotel management among which there are 10 important articles, which are summarized as follows: More and Dittman (1995) used 199 accounting data to evaluate performance of 5 hotels managers in the US. Anderson et al. (000) evaluated in 1999 the total efficienc, allocative efficienc, technical efficienc, pure technical efficienc and scale efficienc of 8 hotels in the US. Tsaur (001) evaluated the operation efficienc of 5 international tourist hotels in Taiwan from 1996 to Hwang and Chang (00) evaluated 1998 efficienc of 5 hotels in Taiwan and efficienc variations of 5 hotels from 199 to Chen Jin Fu, Wang Ting Yu(00), studied on international tourist hotels in Taipei Area and to discuss the different operation efficienc in chained and non-chained operation b using Malmquist Progress Inde MPI to evaluate the variation in productivit of different period. Chiang et al. (00) used 000 data from Tourism Bureau and based on three different operation stles, i.e. independent-owned, dealership and international management, to evaluate performance of 5 international tourist hotels. Barros and Alves (00) evaluated the operation efficienc and total variation on factor productivit of Portugal s Enatur government run chained hotel from 1999 to 001. Sun and Lu (005) evaluated the performance in management, room occupation and food and beverage of 55 international tourist hotels in Taiwan in 001 and studied the growth of productivit of international tourist hotels from B energ consumption data collected from questionnaires received from & n& u& t and Soner (006) evaluated the electricit, water and fuel efficienc of five starts hotel in Turke. hotel, O & Journal of International Management Studies * Februar
4 RESEARCH METHOD Documents Researched Our research discussed operation performance of international tourist hotels. Data are corrected from national and universit libraries and database of Pro-Quest, SDOS etc. Quantitative Analsis Our research used CCR BCC and CEM modes to evaluate international tourist hotels. Bilateral Model is also used to compare performance of wholl owned and chained independent-owned hotels. Färe (199) Malmquist Inde, MI is used to process analsis on Productivit Variation Trend. The data envelopment analsis method used in our research include CCR BCC and CEM modes, and also used input orientation to discuss the operating performance of 8 international tourist hotels in Taiwan and compared the difference in performance of different operating stle of international tourist hotels. Use Malmquist Indices to discuss the trend of their production variations in different periods. B choosing input and output items Roll et al.(1989) pointed out, in theor DEA can be used for administrative efficienc analsis of multi-input and multi-output. Different input and output items ma affect the stud result. However, b using more than enough input items would decrease the segmentation effect of DMUs. Our research had referred to national and foreign related documentation and analsis of the reliabilit of data using for evaluation of the operation performance of international tourist hotels. We choose four input variables and four output variables to establish evaluation mold. The four input variables are: room numbers( 1 ), emploee numbers ( ), floor area( ) and operating epenses( ). The four output variables are: operation income ( 1 ), room occupation ratio( ), average room price ( ) and average emploee productivit ( ). To establish operation performance concept, Table is the Definition of Variables of Input and Output and Table is Variables Narration Statistics. In order to further understand the relationship between input and output variables is Isotonicit or not, we further analze all related data and achieve relative coefficient analsis table as in Table 5. (1) Input Relation: All input items are in positive correlation which means when the numbers of emploee increased, operation epenses is increased; when room numbers increased, emploee numbers are increased and when the floor area of international tourist hotels increase, emploee numbers will also be increased. () Output Relation:All output items are in positive correlation which means when the operation income increased, the average emploee productivit is increased; when room occupation ratio increased, average emploee productivit is increased; when the average room price increased, the average emploee productivit is increased and when hotel room occupation ratio increase, the operation income is also increased. () Relation between input and out items: the input and output items showed positive correlation which helps to eplain the increase of emploee numbers, floor area, operation epenses also increase the room occupation ratio, average room price and average emploee productivities. Input Item: Variables Room Numbers Emploee Numbers Floor Area of Food and Beverage Department Operating Epenses Table Definition of Variables Definition Room Numbers international tourist hotels provided to customers (Unit:Room) Full time emploee numbers international tourist hotels hired (Unit:Person) Floor Area of Food and Beverage Department (Unit:Ping) Cost for wages related, food and beverage, laundr, other operating cost, utilities, fuels, insurance, depreciation, rental, ta, advertisement, maintenance and other epenses. (In NT$) 8 Journal of International Management Studies * Februar 008
5 Output Item: Operating Income Room Occupation Ratio Average Room Price Average output value of emploees Income from hotel rooms, food and beverage, laundr, shop rental, additional operation business, service, nightclub and others. (In NT$) Room Occupation Ratio of international tourist hotels (Unit:%) Average Room Price(In NT$) Average output value of emploees of hotel rooms, food and beverage, management and administration, night club.(in NT$) Note:In this research, other than to replace room epense with laundr cost, the definition of input and output items are all in according to that of Tourism Bureau, MOTC, R.O.C. ( ) Table Variables Narration Statistics Variable Average Number Standard The minimum The maimum deviation Input Items Room Numbers ( 1) Emploees Numbers ( ) Floor Area (ping)( ) Operating Epenses ($)( ) Output Items Operating Uncome ($)( 1 ) Room Occupation Ratio (%)( ) Average Room Price ($)( ) Average output value of emploees ($)( ) Sources:Tourism Bureau, MOTC, R.O.C. ( ) Table 5 Relative Coefficient Analsis Table ** ** 0.65** ** 0.970** 0.679** ** 0.9** 0.666** 0.96** * 0.5** 0.56** 0.508** 0.50** * 0.9** 0.5* 0.557** 0.56** 0.7** ** 0.596** 0.85** 0.689** 0.75** 0.66** 0.59** Note:** showed that statisticall when significance level is 0.01(two-tailed test), correlation is significant. Evaluation of Sample Hotels Chosen The research is a stud of 8 independent-owned international tourist hotels in Taiwan from Sample Hotels chosen are as Table 6. Methods of independent-owned: 10 local-chained hotels, 18 wholl owned hotels. hotels located in cities and 6 located in suburbs. Journal of International Management Studies * Februar 008 8
6 Table 6 List of Research Targets DMU Tpe Location Customers Room number Names of the Hotel Scale H1 The Grand Hotel MA F H The Mandarina Crown Hotel 1 MA F 5 H Emperor Hotel 1 MA F 8 H Hotel Riverview Taipei 1 MA F 6 H5 Golden China Hotel 1 MA F 6 H6 Brother Hotel 1 MA F 6 H7 Santos Hotel 1 MA F 5 H8 The Landis Taipei Hotel MA F 6 H9 United Hotel 1 MA F 6 H10 Taipei Fortuna Hotel 1 MA F 5 H11 Grand Formosa MA F H1 Howard Plaza Hotel MA F H1 Hotel Kingdom 1 MA F 5 H1 Hotel Holida Garden 1 MA F 6 H15 Howard Plaza Hotel Kaoshiung MA D 6 H16 Hotel National 1 MA D H17 Plaza International Hotel 1 MA F 6 H18 Evergreen Laurel Hotel (Taichung) MA F 5 H19 Howard Plaza Hotel Taichung MA D 7 H0 Astar Hotel 1 RA D 7 H1 Marshal Hotel 1 RA D 6 H Parkview Hotel 1 RA D 5 H Landis Resort RA D 8 H Grand Formosa Taroko RA D 5 H5 The Grand Hotel Kaohsiung RA F 7 H6 Taouan Holida Hotel 1 MA D 5 H7 Hotel Tainan 1 MA F 7 H8 Ta Shee Resort 1 MA F 6 Note: 1. Per sources from Tourism Bureau, MOTC, R.O.C. ( ).Location:MA:Cities;RA:Resorts.Customers:D:Local customer ratio > 50% of total customers F:Overseas customer ratio > 50% of total customers. Scale of room numbers (R): (1) : R 700 rooms ; () : 600 rooms R < 700 rooms ; () : 500 rooms R < 600 rooms ; () : 00 rooms R < 500 rooms ; (5) : 00 rooms R < 00 rooms ; (6) : 00 rooms R < 00 rooms ; (7) : 100 rooms R < 00 rooms ; (8) : R < 100 rooms 5. Tpes: 1 means wholl owned; means in chained BUSINESS VALUATION: CASE STUDIES ANALYSIS Our research used DEA Solver Professional software to make total and individual performance analsis and analsis of Productivit Variation. Trend. Frontier Analst Professional software is also used for CEM analsis. 8 Journal of International Management Studies * Februar 008
7 I. Total Operation Performance Analsis Our research used CCR, BCC and CEM molds for computation in order to obtain efficienc of international tourist hotels and RTS. Table 7 is the Average Annual Total Performance for the 8 ears. From Table 7 we can find the following research results: (1) The average technical efficienc of international tourist hotels is 0.80, which shows that average technical efficienc of hotels reached to a normal level. The Pure Technical Efficienc of Emperor Hotel, Grand Formosa and Landis Resort have reached 1. The poorest is The Mandarina Crown Hotel of average technical efficienc. () The average pure technical efficienc of international tourist hotels is 0.876, which shows that pure technical efficienc of hotels reached to a normal level. The pure technical efficienc of Emperor Hotel, Grand Formosa, Howard Plaza Hotel and Landis Resort have reached 1. The poorest is Grand Hotel of pure technical efficienc. () The scale efficienc of international tourist hotels is 0.97 which means hotel efficienc has reached a certain scale. The technical efficienc of Emperor Hotel, Grand Formosa and Landis Resort has reached 1. Even the poorest Taichung Howard Plaza Hotel has reached () Hotel average CEM value is The best four hotels are Landis Resort 0.96, Grand Formosa 0.99, Howard Plaza Hotel and Emperor Hotel (5) For 6 ears Grand Formosa and for 5 ears Astar Hotel have reached CRS, which shows that the are in the best MPSS. For 5 ears Landis Resort is in DRS. There are 15 hotels in IRS, 5 hotels in CRS and 7 hotels in DRS. Table 7 Average Annual Total Performance Names of the Hotel CCR BCC SCALE CEM RTS IRS CRS DRS The Grand Hotel The Mandarina Crown Hotel Emperor Hotel Hotel Riverview Taipei Golden China Hotel Brother Hotel Santos Hotel The Landis Taipei Hotel United Hotel Taipei Fortuna Hotel Grand Formosa Howard Plaza Hotel Hotel Kingdom Hotel Holida Garden Howard Plaza Hotel Kaoshiung Hotel National Plaza International Hotel Evergreen Laurel Hotel (Taichung) Howard Plaza Hotel Taichung Astar Hotel Marshal Hotel Parkview Hotel Landis Resort Grand Formosa Taroko The Grand Hotel Kaohsiung Taouan Holida Hotel Hotel Tainan Ta Shee Resort Average Journal of International Management Studies * Februar
8 II. Bilateral Model Analsis Our research has studied the total performance, hotel room performance and food and beverage performance for the 8 ears Rank-Sum-Test of wholl owned independent-owned international tourist hotels and chained independent-owned international tourist hotels, shown as Table 8. When α=10% below significance level, the statistic t value of 8 ears is -.881, smaller than - t When under α=5%, there is a significant difference between wholl owned independent-owned international tourist hotels and chained independent-owned international tourist hotels, i.e. the performance of chained independent-owned international tourist hotels is better than that of wholl owned independent-owned international tourist hotels. Table 8 Statistics Test Table Categor Rank-Sum-Test Result Total Performance -.88<-t 0.05 =-.6 With significant difference III. Analsis of Malmquist Variation Trend (1) As a whole the productivit variation inde of Taiwan area is increasing. It is onl decreasing from () The productivit variation inde of 5 hotels is increasing. Onl the productivit variation inde of Taipei Fortuna Hotel, Howard Plaza Hotel and Taouan Holida Hotel are decreasing. () As far as period is concerned, 1999 to 000 has the biggest growth rate. () As far as hotels are concerned, the Variation of Astar Hotel from 1999 to 000 of.55 is the highest while variation of Brother Hotel from 001 to 00 of 0.5 is the lowest. Analsis of Malmquist Productivit Variation Trend is as Table 9. Table 9 Analsis of Malmquist Productivit Variation Trend 97=>98 98=>99 99=>00 00=>01 01=>0 0=>0 0=>0 Average H H H H H H H H H H H H H H H H H H H H H H H H H H Journal of International Management Studies * Februar 008
9 H H Average Ma Min SD CONCLUSION AND RECOMMENDATION I. The total operating performance of sampled hotels are poor - average technical efficienc is 0.80, average pure technical efficienc is and average Scale Efficienc is Amongst which Landis Resort is the highest with CEM value of 0.96, net is Grand Formosa, with CEM value of In 8 ears, there are 15 hotels in IRS, 5 hotels in CRS and 7 hotels in DRS. II. The total productivit of independent-owned international tourist hotels is low, with average CEM value of This could be the result of saturation in market suppl. B RTS analsis, hotel management can adjust its operation scale to achieve best operation performance. III. Most of independent-owned international tourist hotels are between IRS or DRS. Merel a few hotels are in CRS. The performance of chained independent-owned international tourist hotels is better than that of wholl-owned international tourist hotels. IV. The annual average efficient variation of international tourist hotels from 1997 to 00 is The average total factor productivit of 5 hotels is increasing while the average total factor productivit of hotels is declining. V. Ministr of Foreign Affairs and Tourism Bureau, MOTC, R.O.C. should aggressivel promote Project of Double Increase of Visitors. Ministr of Foreign Affairs should open up more no visa required and visa upon arrival countries to allow global visitors to come to Taiwan for business, travel, etc. Information Bureau and Tourism Bureau, MOTC, R.O.C. should also seek popular famous people or idol groups to aggressivel advertising Taiwan in order to attract visitors desire to visit Taiwan and increase Taiwan tourism revenue. VI. Aggressivel open up for visitors from Mainland China to travel to Taiwan. Also design special tourist spots or hotels for Chinese visitors in order to create Taiwan tourism sources. The consuming capacities of maintain Chinese cannot be overlooked. VII. Hotels should provide more comfortable facilities to satisf customers demand for higher qualit. Therefore it is important to hotels to maintenance or remodel periodicall to make the hotels more luurious and splendid. VIII. In the hotel industr, qualit control of human resources is ver important. It is therefore important to have a plan for on the job training, overseas training for supervisors, etc. in order to achieve regular training for services personnel. REFERENCES Anderson, R.I., M. Fish, Y. Xia, and F. Michello(1999), MeasuringEfficienc in the Hotel Industr : A Stochastic Frontier Approach, International Journal of Hospitalit Management, 18, Anderson, R.I., R. Fok, and J. Scott (000), Hotel Industr Efficienc : An Advanced Linear Programming Eamination, American Business Review, 18(1), 0-8. Barros, C.P. and F.P. Alves (00), Productivit in the Tourism Industr, International Advances in Economic Research, 10(), Chen Jin Fu, Wang Ting Yu(00), Stud on Different Operation Efficienc on International Tourist Hotels Taking Taipei Area as an Eample, Bank Quarterl, Volume 6 Number, Pages Chen Jin Fu, Huang Chiu Ming(001), Stud on Management Efficienc of International Tourist Hotels in Taipei, Volume 1 Number 1, Pages 7-5 Chiang, E.R., M.H. Tsia, and L.S.M. Wang(00), A DEA Evaluation of Taipei Hotel, Annual of Tourism Research,1(), Cooper, W.W., L.M. Seiford, and K. Tone,(000), Data Envelopment Analsis A Comprehensive Tet with Models, Applications, References and DEA Solver Software. Boston: Kluwer Academic Publishers. Doren, C.S. and L.D. Gustks(198), Spatial Analsis of the US Lodging Industr, Annals of Tourism Research, 9(), Enz, C.A. and L.Canina(00), The Best of Times, the Worst Of Times : Differences in Hotel Performance Following 9/11, Cornell Hotel and Journal of International Management Studies * Februar
10 Restaurant Administration Quarterl, (5), -. Färe, R., S. Grosskopf, B. Lindgren, and P. Roos(199), Productivit Development in Swedish Hospitals:A Malmquist Output Inde Approach. In A. Charnes, W.W., A. Y. Cooper, L. and L. M. Seiford(eds), Data Envelopment Analsis Theor Methodolog, and Application,Boston:Kluwer Academic Publishers, 5-7. Hsieh Ming Chen (1999), Updated Hotel Management, Taipei: Xue Zhi Publishing Co., Ltd. Hwang, S.N. and T.Y. Chang (00), Using Data Envelopment Analsis to Measure Hotel Managerial Efficienc Change in Taiwan, Tourism Management,, Ismail, J.A., M.C. Dolbor, and J.E. Mills(00), Using RevPar to Analze Lodging-segment Variabilit, Cornell Hotel and Restaurant Administration Quarterl, (5),7-80. Kimes, S.E.(1989), The Basics of Yield Management, Cornell Hotel & Restaurant Administration Quarterl, 0(),1-19. Liang Ling Chin(1997), The Development and Market Operation Profile of International Tourist Hotels in Taiwan, Bank Quarterl, Volume 1 Number, Pages More, R.C. and D.A. Dittman(1995), Evaluating a Hotel G M's Performance:A Case in Benchmarking, Cornell Hotel Restaurant and O & n u& Administration Quarterl, 6(5),0-5. & t, S.and S. Soner (006), Energ Efficienc Assessment for the Antala Region Hotels in Turke, Energ and Buildings, 8, Pan Chi Ming(00), Concentration Analsis of International Tourist Hotels in Taipei, Tourism Management Stud, Volume Number, Pages Roll, Y. and B. Gollan (1989), An Application Procedure for DEA,Journal of Management Science,17():7-50. Sun, S. and Lu, W.M.(005), Evaluation the Performance of the Taiwanese Hotel Industr Using a Weight Slacks-Based Measure, Asia-Pacific Journal of Operational Research, (), Tourism Bureau, MOTC, R.O.C. ( ) The Operation Analsis Report of International Tourist Hotels in Taiwan, Taipei. Tsaur, S.H.(001), The Operating Efficienc of International Tourist Hotels in Taiwan, Asia-Pacific Journal of Tourism Research, 6(1), 9-7. Wassenaar, D.J. and E.R. Stafford(1991), The Lodging Inde: Economic Indicator for the Hotel/Motel Industr, Journal of Travel Research, 0(1),11-1. Wijesinghe, B.S. (199), Breakeven Occupanc for a Hotel Operation, Management Accounting, 71(), Journal of International Management Studies * Februar 008
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