Market segmentation for hotel properties is quantitatively assessed. Results indicate that the hotel property market is segmented by hotel class. The results are robust to model specification including general economic conditions, property performance measured by market level RevPAR, ADR,...

The extent to which a real estate investment trust’s (REIT’s) physical growth is related to market valuation and performance is examined. Using a sample of U.S. equity REITs over the 1995-2020 period, we measure a REIT’s growth as the growth of its total area in square feet (or its number...