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  • HFTP Research Report: Pre-opening Expenditures in Hospitality

    A study of the pre-opening budget; the timeline for these expenditures; timeline for onboarding of staff; and the selection, installation and training of the technology component. By Agnes DeFranco, Ed.

  • New Global Directors Join the 2018-2019 HFTP Board

    The HFTP 2018-2019 Global Board of Directors was installed during the association's 2018 Annual Convention and introduces new directors Toni Bau, Carson Booth, CHTP and Mark Fancourt. These extensive director profiles give insight into the distinguished professions and personal goals of HFTP's newest association leaders.

  • Letter from the HFTP Global President: At the End of the Year, We Reflect on the Best of the Year

    As we prepare to transition to the new HFTP Global board at the 2018 Annual Convention in October, I would like to take the time to reflect on my year serving as HFTP Global president.

  • Members Only: 2018 HFTP Compensation and Benefits Report

    By Tanya Venegas, MBA, MHM, CHIA. Results to the biannual survey conducted by Hospitality Financial and Technology Professionals (HFTP). Information includes data on compensation and benefits trends for finance and technology professionals in the club and lodging industries.

Applications Now Open for Positions on the HFTP Global Board and Executive Committee

HFTP ·22 January 2019
Hospitality Financial and Technology Professionals (HFTP) is calling hospitality professionals who are innovative, strategic thinkers to join the association's top leadership. The application process to participate is open for director positions on the HFTP Global Board and the secretary on the HFTP Global Executive Committee. These two bodies represent the highest volunteer positions at the association, advising on the strategic direction of HFTP. The deadline to submit an application is April 1, 2019.The HFTP Board of Directors and Executive Committee meet several times a year in person or virtually to discuss the association's immediate and long-term endeavors. Directors and executive committee members provide valuable input drawing from their expertise as hospitality professionals, offering a perspective of current industry trends and concerns; as well as professional skills.Requirements for HFTP Global directors include any HFTP Principal, Agent, Allied or Education member in good standing is eligible for nomination to the Board of Directors. Any HFTP Principal, Agent, or Education member in good standing that holds one of the HFTP designations -- CHAE or CHTP -- shall be eligible for nomination to an officer position. Allied members are not eligible for nomination to an officer position.Directors serve on the board for three years, with new directors selected annually. Annually a secretary is selected for the HFTP Global Executive Committee.To apply for a director position, visit the HFTP website under the Get Involved tab. To apply for the secretary position, please contact Millicent Gustafson for more information. If you have any questions about the process, contact Millicent Gustafson, HFTP Executive Services Administrator at

Marriott Hit by Shutdown & D.C. Hotel Biz Craters

mycloud HOSPITALITY·22 January 2019
Marriott CEO Arne Sorenson told Bloomberg Television today that the U.S. government shutdown is wreaking havoc on business in the Maryland-based hotelier's backyard, Washington, D.C. "It varies from market to market," he said. "Washington, of course, we are big—that's our hometown. We have 150 hotels in the greater Washington area. Business there is down double digits."

Primary markets jostle for position with new guestrooms

Hotel Management·22 January 2019
It’s difficult to predict which market will become the “next Nashville” or the “next Austin.” However, it’s easy to see which primary markets will make the biggest leaps in premium hotel rooms over the next few years. The local population of upper-upscale and luxury hotel rooms is one of the critical pieces that meeting planners evaluate for citywide conventions and companies investigate for potential relocations.

Meyer Jabara Hotels Selected to Manage Cambria Fort Lauderdale

Meyer Jabara ·22 January 2019
[Danbury, Conn.] -- Meyer Jabara Hotels (MJH) has been selected to manage a new construction Cambria hotel in Fort Lauderdale, Fla., scheduled to open in 2020. Owned by Jai and Jessica Motwani, president and CEO of real-estate development group Hotel Motel Inc., the 97-room asset will be located at 2231 N. Ocean Blvd., across the street from the Auberge Beach Residences & Spa, considered to be Fort Lauderdale's most extraordinary beachfront property. The hotel will have views of the ocean and intercostal. Beachfront access is only feet away. Groundbreaking will begin once three existing motels are demolished."As a vacation destination that attracts more than 13 million people on average every year, we are eager to open this new Fort Lauderdale asset," said Justin Jabara, VP of Development and Acquisition for Meyer Jabara Hotels. "We are breaking the mold with this property. Designed as a simplistic, elegant retreat, this hotel will come to set the standard within the market. It will feature all the amenities that business and leisure guests have come to enjoy, such as an open concept lobby, unique restaurant and cocktail lounge, flexible meeting space, state-of-the-art fitness center, swimming pool and retail space. This truly is an amazing asset, and with Meyer Jabara's management in play, this hotel will emerge as a market leader."This management contract marks the sixth Cambria Hotels & Suites in our portfolio, and we are excited to re-enter the Fort Lauderdale market," he said. "Cambria is the ideal brand for the market with its industrial design, stylish rooms, business center conveniences, and highly-personalized service. We are delighted to continue our growing relationship with Choice Hotels International and look forward to seeing this stylish property come to life."Under the design focus of Jessica Motwani and Hospitality Furnishings & Design Inc., the Cambria Fort Lauderdale will evoke a coastal modern aesthetic. The raw, natural materials of stone and wood will be complemented with clean, soft, modern finishes that provide a therapeutic space for all guests. Sandy tans and cool greys mingle with deep cerulean bringing the relaxing beachfront into the space and enabling guests to feel the presence of the coast resulting in a relaxed and rejuvenating experience."The Cambria Fort Lauderdale will quickly become the place to stay for urban travelers visiting south Florida," Jabara said. "The hotel will be minutes away from some of the area's best attractions, including world-class dining and shopping at the Galleria Shops and Las Olas Boulevard, museums, and theaters. The Fort Lauderdale/Hollywood International Airport and Port Everglades also are close by."For more information on Meyer Jabara Hotels, visit To follow the "Just Journey" Blog, click here. For media inquiries, call Barb Worcester of PRpro at (440) 930-5770 or email her at Meyer Jabara HotelsWith headquarters in Danbury, Conn., Meyer Jabara Hotels is an award-winning hospitality company owning, operating or leasing hotels and restaurants in 11 states throughout the eastern portion of the United States. The company was formed in 1977 as Motel Hotel Associates through the partnership of William Meyer, a specialist in real property law, and Richard Jabara, a second-generation hotelier. Their portfolio of hotels includes Marriott, Hilton, Choice, Hyatt, InterContinental, and Wyndham brands, as well as several independent hotels. The company culture, referred to as "The Journey," is considered by Meyer Jabara Hotels to be their strongest competitive advantage because it challenges and encourages each team to create special relationships, or heart connections, with the key stakeholders: business partners, associates and customers. For more information on Meyer Jabara Hotels, visit About Cambria HotelsCambria Hotels are designed for the modern traveler, offering guests a distinct experience with simple, guilt-free indulgences allowing them to treat themselves while on the road. Properties feature compelling design inspired by the location, spacious and comfortable rooms, flexible meeting space, and local freshly prepared food and craft beer. Cambria Hotels is rapidly expanding in major U.S. cities, with hotels open in Chicago, New York City, Pittsburgh, Washington, D.C., and Los Angeles. Cambria now has 31 hotels open across the United States, and there are 100 hotels open or in the pipeline in the U.S. and Canada. To learn more, visit

PMZ Realty Capital Secures First Ever CMBS LOAN for Tru by Hilton

Hotel Interactive ·22 January 2019
PMZ Realty Capital LLC, a boutique real estate investment banking firm, has secured the first ever CMBS loan for Tru by Hilton property. PMZ Realty Capital specializes in hotel real estate investment banking nationwide, with an expertise in sourcing capital.

VivoAquatics Receives Growth Investment, Led by Level Equity

VivoAquatics ·22 January 2019
VivoAquatics, the leading water management and real-time monitoring platform for hotels, resorts, fitness clubs and other commercial facilities announced it has secured Series A financing led by Level Equity, a growth equity firm focused on software and automation companies. The funding represents another milestone for the company as leading brands and properties continue to adopt the VivoPoint software and IoT platform to proactively manage the risks and costs of water within a facility while improving the guest experience. Funds will be used to expand the suite of integrations across a commercial facility, expand sales and marketing, and drive strategic opportunities."We are thrilled to partner with Level Equity and our investor group to help facility and engineering leaders better manage water across commercial properties to protect their brand and assets," says Willan Johnson, CEO of VivoAquatics. "This is a dynamic and growing industry and we look forward to providing the applications and tools to assist facility owners and managers create baselines and benchmarks, establish standards and provide real-time monitoring and support to help them manage water more cost effectively and safely."VivoPoint is a platform of controllers, sensors, communication gateways and software to provide facilities with real-time control and monitoring of water quality and usage (both water and energy). VivoPoint is currently used by hundreds of commercial facilities including many of the world's leading resorts, waterparks and hospitality organizations to manage their recreational water (i.e., swimming pools, spas, lakes, streams, fountains). The company is now piloting VivoPoint across other functions (i.e., irrigation, cooling towers, etc.) within a facility."We recognize that commercial facility owners and managers face a daunting task in managing water as compliance and safety requirements increase, sustainability objectives are set, and costs increase," said George McCulloch, Founder and Co-CEO of Level Equity. "VivoAquatics' strong industry experience, exceptional and capital efficient growth and their amazing client orientation sets them apart as a market leader. We share their vision for continuing to build a world class software and IoT solution."About VivoAquatics: Founded in 2015, VivoAquatics is an innovative water management company providing automation solutions to hospitality destinations, water parks, fitness clubs, multi-family REITs and municipalities through its VivoPoint application. The brand's services and and VivoPoint software solution is specially designed to give clients greater control over their systems, equipment and staff for improved operational efficiency and ongoing cost-savings. For more information on VivoAquatics, please visit www.vivoaquatics.comAbout Level Equity:Based in New York, NY, Level Equity is a growth equity firm focused on providing capital to rapidly growing software and internet companies. The firm manages over $1.65 billion across a series of long term committed investment partnerships. For more information about Level Equity, visit

How to avoid workplace retaliation claims

mycloud HOSPITALITY·21 January 2019
Workplace retaliation claims have nearly tripled in frequency over the past decade and now are one of the most frequent claims filed in employment-related lawsuits and administrative charges. Not only are they on the rise statistically, they also are one of the most difficult claims to defend against.

U.S. Sees Sharp Decline in Investment from China

Hotel F&B Observer·21 January 2019
Chinese foreign direct investment in the United States declined significantly to $4.8 billion in 2018—an 84% decrease from the previous year, according to analysts at Rhodium Group.

Hotel Association of NYC Offers Free Rooms to Furloughed Federal Workers for Emergencies

Lodging Magazine·21 January 2019
In a show of goodwill to thousands of workers affected by the government shutdown, the Hotel Association of New York City announced it will provide free hotel rooms to furloughed federal workers who need to travel to New York City for personal emergencies during the shutdown.

MENA expects $30B in hotel-construction contracts

Hotel Management·21 January 2019
According to the second annual Hotel Investment Forecast from the Arabian Hotel Investment Conference, close to $30 billion worth of hotel-construction contracts will be awarded in the Middle East and North Africa between now and 2023.

Marilyn Cox: Advancing in the World of Hotel Brokers

Lodging Magazine·21 January 2019
Back in the mid-2000s, Marilyn Cox saw the writing on the wall while working in residential real estate in Atlanta. She noticed that some deals weren’t closing and, sure enough, that trend soon moved to the commercial side.

Aussie hotel real estate sales hit $1.8 billion in 2018

Hotel F&B·21 January 2019
Investors snapped up $1.8 billion in hotel real estate transactions over the course of 2018, according to Colliers International’s Hotels Sales Analysis Report for the year, the company announced today.

Bali Mulls How to Charge $10 Tax on Foreign Tourists

mycloud HOSPITALITY·19 January 2019
Tourism revenue accounts for a vast majority of Bali's income, but the crowds take a toll on its resources and infrastructure. Now the provincial government will charge a toll of its own: a $10 tax on foreign visitors to help defray the impact.

Braemar Buys Ritz-Carlton Lake Tahoe; More...

Hotel F&B Observer·18 January 2019
Braemar Hotels & Resorts closed on the acquisition of The Ritz-Carlton Lake Tahoe, construction financing was secured for a massive mixed-use development in California, and there’s more.

Amex GCS Billings & Revenue Jump Again in Fourth Quarter

Hotel F&B Observer·18 January 2019
American Express' corporate card business continued its growth in the fourth quarter of 2018. The Global Commercial Services division, which operates Amex's corporate card programs, had $127 billion in card-billed business, up 9 percent over the final quarter of 2017 on a foreign currency-adjusted basis, according to Amex's latest earnings report. Meanwhile, corporate cards in force reached 14.5 billion, up 4 percent over the previous year.

Four Proactive Measures To Meet Website Accessibility Standards

Lodging Magazine·18 January 2019
Carol C. Lumpkin and Stephanie N. Moot, partners at the Miami office of K&L Gates, advise businesses with websites to take the following steps to ensure their awareness of and adherence to the laws that pertain to their website accessibility.

Three Ways to Safeguard Your Restaurant or Hotel Against Fraud

mycloud HOSPITALITY·18 January 2019
Restaurants and hotels used to be low-priority targets for online fraudsters, but now, online fraud trends are shifting. As omni-channel and mobile experiences expand, both the restaurant and hotel industries are becoming more vulnerable to new methods of online fraud attacks. In order to guarantee a fraud-free New Year, merchants in these sectors should ensure their fraud prevention solutions are agile enough to continually adapt to dynamic fraud trends.

Travel retail market size worth $128.8 billion by 2025

Hotel Online·18 January 2019
The global travel retail market size is expected to reach USD 128.80 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to expand at a strong CAGR of 8.7% over the forecast years. Rapidly expanding retail and travel and tourism industry along with increasing per capita income levels is expected to drive the market growth. Different retail channels help in improving the retail experience of the passengers while contributing to economic growth.

Hotels Should Be Careful Not to Underestimate the Impact of the U.S. Government Shutdown

mycloud HOSPITALITY·17 January 2019
March is usually a boom time for Washington hotels, as better weather and the U.S. capital’s famed cherry blossoms draw tourists, school groups and armies of government contractors pitching goods and services to federal agencies. Now, with national parks closed and contracting agents furloughed in the longest-ever government shutdown, the city’s hotels are facing a spring chill, said Jan Freitag, a senior vice president at lodging data provider STR.

7 Golden Rules for ERP Implementations

CFO Magazine·17 January 2019
A few years ago, I made the decision to leave a big multinational company and join a privately held mid-sized company. I joined as the CFO with expanded responsibilities that included overseeing HR and IT. One of the first initiatives I undertook was to understand the company’s IT infrastructure. I knew that if we wanted to grow rapidly and support the owner’s vision of tripling the size of the business in five years, we had to have the right IT infrastructure to support the growth.

Mayor de Blasio Proposes Mandatory Paid Personal Time Law

mycloud HOSPITALITY·17 January 2019
On January 9, 2019, Mayor Bill de Blasio announced his plan to make New York City the first city in the country to mandate that private sector employers provide paid personal time (“PPT”) for their employees. Under the proposal, employers with five or more employees would be required to grant their employees 10 days of PPT to use for any purpose, including vacation, religious observance, bereavement, or simply to spend time with their families. It is unclear whether the proposed legislation would apply to only full-time workers, or whether, similar to the Earned Safe and Sick Time Act (“ESSTA”), it would include many part-time employees as well. The Mayor said he would work with the New York City Council to develop the legislation, and several Council members have already voiced their support for the proposal.

Watchdog Finds Trump D.C. Hotel Should Not Have Been Cleared on Foreign Payments

mycloud HOSPITALITY·17 January 2019
The U.S. General Services Administration ignored a constitutional ban on extra government benefits to the president when it allowed Donald Trump to continue leasing federal property for his luxury hotel in Washington, the agency’s watchdog said Wednesday.
Article by Erich Baum

Possessory Interests in Hotel Real Estate

HVS ·17 January 2019
What is a Possessory Interest?A possessory interest is created when a private-sector tenant is granted exclusive use of real property (land and/or building) that is owned by a tax-exempt entity, typically a municipality or a state or federal government agency. The right to occupy and use the land and/or building is usually conferred via a leaseThe Trump International Hotel opened in September 2016 with 263 rooms and was adapted from the historic Old Post Office and Clock Tower. Trump Hotels leases the land and building from the General Services Administration (GSA), a tax-exempt independent agency of the United States government.The Marriott Marquis Washington, D.C. opened in May 2014 with 1,175 rooms, on land leased from the District of Columbia (and a related quasi-public agency). The District aggregated the land through multiple acquisitions for the express purpose of expediting the hotel's development. The property functions as the District's convention center headquarters hotel.In the case of the Trump Hotel, the possessory interest includes both the land and the building. For the Marriott, the possessory interest includes only the land. As in a typical ground lease, the Marriott lease stipulates that ownership of any building improvements constructed by the tenant will revert to the landlord at the lease's termination. Thus, ownership of the Marriott includes both a possessory interest in the land and a leasehold interest in the building. In both the Trump and Marriott cases, the leases run for approximately 100 years, including extension options. Because of the long term and the high quality of the assets, each interest has an investment profile basically consistent with that of a fee simple interest, except for the property rent burden.The Four StandardsTo qualify as a possessory interest, four standards must be met. The tenancy must be independent, durable, and exclusive of the rights held by others, and it must provide private benefit to the possessor above that which is granted to the public. Independence means that the tenant enjoys the freedom to use the property without the landlord's undue intervention. Durability is established by the contractual term over which the tenant will enjoy the use. And with exclusivity, the possessor can legally exclude others from interfering with its use of the property.Sounds Like a Leasehold Interest, Right?When appraising a possessory interest, the appraiser must exclude the value of any rights retained by the public owner/landlord, or any rights that will revert to the public owner/landlord when the lease expires. These same considerations hold true for any valuation of a typical leasehold interest. Furthermore, in a typical ground or property lease, the tenant is responsible for all property tax payments, land and building. The same is true of a possessory interest. Essentially, possessory interest is different from a leasehold interest in name only, the key distinction being that the landlord is a tax-exempt public entity.Why Then Was Possessory Interest a Necessary Creation?Possessory interest as a distinct form of taxable property was created to assure that private-sector tenants occupying public property were appropriately taxed for any enjoyment and/or economic benefits conferred to them by the lease. Because the landlord is exempt from property taxation, tenants have argued that it is unfair for them to have to pay taxes on property that hasn't been taxed previously and are only now taxed because of the fact of their tenancy. Tenants have asked, why is paying rent to the government or other public agency not enough?The logic underlying the additional payment of property tax expense holds up upon further consideration. The tenant pays rent to occupy the land and/or building; that is the public's return on the value of the property. These rent payments are unrelated to ad valorem property taxation, which is levied to fund municipal services. In the case of a large-scale commercial hotel, the tenant's possessory interest tax payments compensate the municipality for the costs of providing infrastructure, fire and safety services, and public education. These burdens are funded through ad valorem taxation. Without a taxable possessory interest, the tenant's share of these expenses would be unfairly distributed to the municipality's other taxpayers.How to Value?The valuation methodology is basically the same as the methodology applied in a typical leasehold appraisal. A discounted-cash-flow (DCF) analysis is recommended; if the remaining lease term exceeds 50 years, then the standard ten-year DCF methodology typically applies, with reversionary proceeds from an assumed sale quantified at the end of the tenth year.For leases with less than 40 remaining years, HVS typically employs a DCF analysis extending through to the year of expiration, with no reversion included.Lease terms with 40 to 50 years remaining are open to interpretation. The appraiser can extend the DCF over the remaining life and exclude the reversion, or use a ten-year DCF and reversion, adjusting the terminal capitalization rate upward to reflect for the shorter lease life remaining.In cases where the contractual rent fluctuates significantly in comparison to the assumed inflation rate, the appraiser is advised to extend the DCF to the full term, no matter how many years remain, and again exclude the reversion.What if the Assignment is a Property Tax Appraisal?When determining the property value for ad valorem taxation, the ground and/or building rent is excluded as an operating expense in the forecast of EBITDA Less Replacement Reserve. The rent represents the contractual return on the possessory interest component. Excluding it as an expense assures that the possessory interest value component is captured in the total real property valuation used to calculate property tax expense. If a single-year direct capitalization methodology is applied, the property tax rate can be loaded into the selected overall capitalization rate. If a DCF is used, the property tax expense should be iterated using the total property value and the Year One property tax expense as mutual unknowns. Appraisers sometimes avoid the iteration process by loading the tax rate into the discount rate instead, but the results are mathematically erroneous, with the error becoming more significant with the magnitude of the value. In a DCF, the tax rate can and should be loaded into the terminal capitalization rate in either case, however.ConclusionPossessory interest is less complicated than it sounds. It exists primarily as a means of ensuring fair distribution of ad valorem property tax expense across the population of taxpayers. For appraisals performed for bank or acquisition purposes, the same set of factors that are associated with typical leasehold valuations apply. For appraisals developed for property tax assessment purposes, the property rent is excluded from the income approach forecast so that the possessory interest's real property value component is appropriately captured.

Kennedy Wilson Sells the Ritz-Carlton, Lake Tahoe for $120 Million

Hotel Online·16 January 2019
Global real estate investment company Kennedy Wilson (NYSE:KW) announced today the sale of the Ritz-Carlton, Lake Tahoe for $120 million. In December, the company also sold a portfolio of hotels located across the U.K. for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetime of the two investments.

Chesapeake Hospitality Maximizes Data Management and Forecasting Efficiency with ProfitSword

ProfitSword ·16 January 2019
Greenbelt, Md. - ProfitSword, hospitality's premier developer of business intelligence and data integration software, has announced the implementation of its ProfitSage operational and financial reporting solution by Chesapeake Hospitality, one of the largest independent operators in the hospitality industry, specializing in full-service and upscale properties. Previously utilizing a separate third-party platform for data management and forecasting operations, Chesapeake Hospitality ultimately selected ProfitSage in order to provide its portfolio and staff with a more robust and accessible solution that could also address the complexities of ongoing company growth."After all of our departments performed an extensive evaluation of potential replacements, ProfitSage unanimously stood out as an intuitive solution that could easily extract the precise data needed to maximize profits, improve efficiency and better serve our clients," says Louis Schaab, Chief Financial Officer at Chesapeake Hospitality. "Unlike other platforms that have been developed by programmers with a purely technological background, ProfitSword is operated by individuals that have an extensive history in working within the hospitality industry, and that expertise is certainly reflected in their ability to produce a platform that fully caters to all of our data forecasting needs. With its unique insight on the industry and as a company that has served our market the longest, ProfitSword really does serve as a bellwether in the field of data management and analytics, and I can absolutely foresee us working with them in order to implement more of their solutions."With ProfitSage, company leadership and hoteliers at each Chesapeake property can gain instant and real time access to an array of valuable performance metrics, including financial statements, sales data and revenue reports. Through ProfitSage's ability to integrate with multiple disparate systems and by its maintaining of a single shared database, staff members can be confident that any data being analyzed is complete, uniform and accurate at all times. Further enhancing data management efficiency is ProfitSage's ability to automate the delivery of reports that can be scheduled on a pre-set basis."We are honored to be identified as the most reputable and established innovator of business intelligence technology by Chesapeake Hospitality, and are pleased that their employees now have the ability to understand precisely what their data means and how to use it most effectively," states Paul Bennie, Director of business development at ProfitSword. "We look forward to further working with Chesapeake Hospitality in identifying other areas that can benefit from our experience in enhancing overall business intelligence efficiency."In addition to ProfitSage, ProfitSword's line of data management platforms also includes ProfitPace, ProfitPlan and ProfitWizard. A solution developed to effectively manage sales data, ProfitPace allows businesses to efficiently monitor sales team efforts to ensure that the company is on track to achieve individual and company sales goals. It also allows for the comparison of sales pace to forecast, budget, prior years and same time last year trends. Using ProfitPlan, hoteliers can incorporate stylized report templates to produce several types of reports required to manage daily tasks and information. ProfitSword's data analysis tool, ProfitWizard, combines business intelligence, decision support, performance management and ad-hoc reporting for efficient analysis of data.

Embedding eWOM into efficiency DEA modelling: An application to the hospitality sector

mycloud HOSPITALITY·16 January 2019
Author(s): Marcello M. Mariani, Franco Visani - This paper develops and tests an innovative DEA model in the hospitality sector, by originally embedding online customer ratings among the outputs of the model. Based on a sample of 268 independent hotels located in Rome (Italy), we test a eWOM-informed DEA model and find that the introduction of online ratings among the outputs of the model significantly affects the assessment of hotels' efficiency regardless of hotel category. The efficiency rankings generated by the DEA models embedding eWOM are radically different compared to those resulting from DEA models exclusively based on financial variables. The number of hotels improving their position in the efficiency rankings is lower than the number of hotels decreasing in the ranking.


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