Abstracts for Vol.
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Cluster analysis is used to provide a more rigorous classification of hotel markets in relatively homogeneous groups. Using discriminant analysis, each cluster is then linked to various economic characteristics. Five hotel market clusters are identified with differences in various employment location quotients, employment SIC categories and employment growth largely determining the cluster groupings. This analysis can be used to improve hotel portfolio diversification strategies for both real estate investment trusts and direct-side equity investors. Tsolacos A three-equation simultaneous system is used to model the industrial property market in Great Britain.