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A Model of Investment in the Sydney Four and Five Star Hotel Market

Industry Commission staff information paper

This paper was released in October 1996.

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Contents

Preliminaries
Copyright, Preface, Contents, Executive Summary

1   Review Of The Hotel Market
1.1   4 and 5 star hotels, Sydney 1987 to 1994
1.2   Other sectors and earlier periods

2   Previous Studies of Demand and Supply

3   Dynamic Models of Supply and Demand
3.1   Demand
3.2   Supply
3.3   Pricing constraints

4   Explaining Supply and Demand
4.1   Investment in Sydney 4 and 5 star hotels under full information
4.2   Investment in Sydney 4 and 5 star hotels under limited information
4.3   Capital gains expectations and other investment considerations

5   Summary

APPENDICES

A   Mathematical representation of the model

B   Estimation of the operating cost function

C   Model validity and sensitivity analysis

References

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