The scientific studies on the hedonic pricing for the rooms and the factors affecting these pricings at the accommodation facilities in the tourism sector have gained importance in recent years ( Papatheodorou et al., 2013 Chen and Rothschild, 2010 Rigall-I-Torrent et al., 2011). The hedonic price model describes the relationship between the room rates and the features of the hotel ( Falk, 2008). For a manager, it is very important to determine how the room rates and hotel features are perceived by the consumer ( Chen and Rothschild, 2010). The room pricing decisions are quite complex. In tourism sector, there are many characteristics that affect room rates. The consumers can evaluate the prices of the products, compare the same products, and assess them relative to each other to match the quality and the price ( Brassington and Pettitt, 2007). The pricing studies are an important strategy in the economics ( Papatheodorou et al., 2013). Palabras clave: análisis exploratorio de datos espaciales, econometría espacial, estadística, autocorrelación espacial, modelo de regresión hedónica. El modelo de regresión hedónica se ha construido según el modelo Lag o de retardo espacial (Spatial Lag Model), revelando que es posible utilizar dicho método en estudios similares. Se aplicó la regresión paso a paso ( stepwise) a las variables del análisis espacial. Puesto que estos hoteles están relacionados espacialmente, se ha propuesto un modelo de regresión espacial. Para este propósito, se han seleccionado 1444 hoteles en Antalya. Keywords: exploratory spatial data analysis, spatial econometrics, statistics, spatial autocorrelation, hedonic pricing model.Įl propósito de este estudio es identificar los factores que afectan el precio de la habitación hotelera en Antalya y crear un modelo de regresión hedónica. The Hedonic Price Model was established using Spatial Lag Model and it reveals that it is applicable to similar studies. Explanatory spatial data analysis was applied to variables by stepwise regression. Since there was a spatial relationship between them, a spatial regression model was proposed. In this context, the data of 1444 hotels in Antalya was obtained. What is particularly noteworthy, given the empirical findings of existing studies, is that in Cyprus there seems to be an adverse effect from certain attributes (e.g., proximity to a public transportation hub) to the room rates, at both summer and winter.The purpose of the study is to create a hedonic price model containing spatial effect by identifying the accommodation facilities’ characteristics that affect the room rates in Antalya (Turkey) area. Contrary, air-conditioning, direct-dial telephone and the presence of tennis court and indoor pool amenities affect the room rates only in the summer, while existence of a radio in the room has a significant effect on its pricing only in the winter.
The empirical findings indicate that hotel star rating, spa facilities, playgrounds, table tennis activities and proximity to a bus station have all significant effects on the hotel room prices, in both the summer and the winter seasons. The author follows a hedonic price analysis approach and employs a data set consisting of 92 hotels, collected from a private tourist agent. The aim of the current study is to investigate which attributes or characteristics have significant effects on the hotel room prices in Cyprus.
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