“…Some studies focused on monetary outcomes and evaluated hotel performance using financial indicators such as revenues, ratios, stock performance, and accounting profitability (Chen, 2011;Lee et al, 2014b). Numerous other studies examined operational outcomes such as RevPAR, occupancy rate, average daily rate (ADR), guest numbers, and nights spent (Barros, 2005;Chen, 2009Chen, , 2010Assaf and Barros, 2011;O'Neill and Carlbäck, 2011;Zheng, 2014). Several studies used self-reported scales to collect managers' views on hotel performance (Wu and Lu, 2012;Wang, 2014).…”