Eres : Digital Library : Works

Paper eres2016_7:
The Price Implications of “Standing Out”

id eres2016_7
authors Das, Prashant; Patrick Smith; Paul Gallimore
year 2016
title The Price Implications of “Standing Out”
source 23rd Annual European Real Estate Society Conference in Regensburg, Germany
summary Conspicuous features of a commercial real estate asset may qualify it either as “atypical” or “trophy.” Past studies on this topic are fragmented and suggest conflicting price impacts of the two qualities. This is the first study to robustly measure the price implication of conspicuous commercial assets. We geospatially enrich a dataset of nearly 5000 hotel transactions consolidated from two independent sources. We detect asymmetric impact across locally versus nationally superlative features. In particular, locally largest hotels are discounted while the nationally largest ones enjoy premiums. High status of the locality leads to significant price premium after controlling for submarket effects. Also, news coverage is associated with significant price premium.
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session Real Estate Investment
last changed 2017/11/18 16:16
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