“…In the process of selecting locations for business activities, decisions are based on an analysis of location factors, which Godlewska (2005, p. 35) define as "Specific features of particular locations, which have a direct impact on the formation of investment expenditure during the construction of the company's facility(ies) as well as on the net profitability of the business activity carried out in those locations". The results of previous studies indicate that location factors are important for hotels, and can be contractually aggregated into three groups: factors minimizing costs, which include construction factors (mainly land and labor) and all the related costs; factors maximizing revenues including demand and supply volume; and stimulating factors including administrative, planning, and financial incentives from public authorities (Chou, Hsu, Chen, 2008;Damborsky, Wokoun, 2010;Kowalczyk, 2001;Kundu, Contractor, 1999;Leśniewska-Napierała, Napierała, 2017;Matczak, 2017;Puciato, 2016;Włodarczyk, 2017;Yang, Wong, Wang, 2012;Zhank, Guillet, Gao, 2012;Żakowska, Podhorodecka, 2018). However, economic practice shows that the process of location choice also contains significant uncertainties and risks which should be treated as types of corporate costs.…”