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Luxury tourism is an emerging area of research and deserves consideration for its implications for tourism and hospitality management and policy development. This chapter reviews the phenomena of luxury tourism in the academic literature and in particular, its links to the concepts of high yield, sustainability and tourist experiences. The global hiatus caused by the COVID-19 pandemic has presented an opportunity for tourism policymakers and industry stakeholders to reconsider how luxury tourism can contribute to optimal economic, social and environmental outcomes with desired yield and sustainability aspirations. A renewed understanding of luxury tourism in terms of its production and consumption processes, as well as the associated value, emotion and narrative, is therefore of critical importance. The value of this chapter lies in synthesising a number of strands of inquiry across disparate bodies of literature to identify a research agenda. Areas that are proposed for further research include the conceptualisation of luxury tourism, the evolving nature of luxury experiences; value co-creation across all stages of luxury tourism; and the nexus between luxury tourism and destination image. Managerial implications of luxury tourism are also discussed, including the necessary conditions for cultivating luxury tourism; the need to measure the social and environmental impact of luxury tourism; and the important relationships between luxury tourism, innovation and market leadership.

This study aims to assess if the benefits outweigh the costs of participation in online travel agencies (OTAs) such as Booking.com.

A two-step system generalised method of moments estimation of a regression model of firm-level return on assets (ROA) is used on a dummy variable indicating whether a lodging facility participates in Booking.com. The assessment contained various control variables, including size, age, leverage, liquidity and lagged ROA. The moderating effect of firm age and size was studied by including interaction variables between the Booking.com dummy and age and size, respectively. The model was estimated using participation and financial data of 775 Belgian firms over a 20-year period (1999–2018).

The findings indicate that participation in Booking.com is associated with higher profitability, with this effect more economically important and pronounced for smaller hotel properties.

The study provides a broadly applicable empirical model to assess the impact of platform participation on the financial performance of tourism, hospitality or retail businesses.

The study provides empirical evidence that, from a transaction cost perspective, the benefits of participation in OTAs outweigh the costs, resulting in substantially higher profitability. The evidence can be used to justify the use of OTAs as distribution channels.

While prior studies have described and conceptually analysed the evolution and role of OTAs in the hotel sector, and speculated on the net effect of OTA participation, to the best of the authors’ knowledge, this is the first study to empirically assess whether OTA participation creates value for hotel owners and investors.

本文采用了两步系统GMM的估计方法, 用一个虚拟变量指示住宿设施是否参与了Booking.com, 以确定企业级别的资产回报率（ROA）的回归模型。评估涵盖了多种控制变量, 包括公司规模, 年限, 杠杆, 流动性和滞后资产回报率。企业年龄和规模的调节作用是通过加入Booking.com虚拟变量与年龄和规模之间的交互变量实现的。该模型是使用20年（1999–2018年）间775家比利时公司的参与和财务数据估算得出的。

本文目的是评估收益是否超过了参与Booking.com等在线旅行社（OTA）的成本。

研究结果表明, 参与Booking.com与更高的获利能力相关联。这种影响在经济上更加重要, 并且对于较小的酒店物业而言更为明显。

该研究提供了广泛适用的经验模型, 以评估平台参与对旅游业, 酒店业或零售业的财务绩效的影响。

该研究提供了重要的实证依据。从交易成本的角度来看, 参与OTA的收益大于成本, 从而大大提高了盈利能力。该实例证明了使用OTA作为分销渠道是合理的。

尽管先前的研究已经描述并从概念上分析了OTA在酒店领域的演变和作用, 并推测了OTA参与的净效应, 但据我们所知, 这是第一个凭经验评估OTA参与是否为酒店所有者和投资者创造价值的研究。

Una estimación GMM en dos pasos de un modelo de regresión del rendimiento de los activos (ROA) a nivel de empresa sobre una variable ficticia que indica si un establecimiento de alojamiento participa en Booking.com. La evaluación contenía diversas variables de control, como el tamaño, la edad, el apalancamiento, la liquidez y el ROA retardado. El efecto moderador de la edad y el tamaño de la empresa se estudió incluyendo variables de interacción entre la variable ficticia de Booking.com y la edad y el tamaño, respectivamente. El modelo se estimó utilizando datos de participación y financieros de 775 empresas belgas durante un periodo de 20 años (1999–2018).

Evaluar si los beneficios superan los costes de la participación en agencias de viajes online (OTAs) como Booking.com.

Los resultados indican que la participación en Booking.com está asociada a una mayor rentabilidad, siendo este efecto más importante y pronunciado desde el punto de vista económico para las propiedades hoteleras más pequeñas.

El estudio proporciona un modelo empírico ampliamente aplicable para evaluar el impacto de la participación en la plataforma en los resultados financieros de las empresas turísticas, hoteleras o minoristas.

El estudio proporciona pruebas empíricas de que, desde la perspectiva de los costes de transacción, los beneficios de la participación en las OTAs superan los costes, lo que se traduce en una rentabilidad sustancialmente mayor. Las pruebas pueden utilizarse para justificar el uso de las OTAs como canales de distribución.

Aunque estudios anteriores han descrito y analizado conceptualmente la evolución y el papel de las OTAs en el sector hotelero, y han especulado sobre el efecto neto de la participación en las OTAs, hasta donde sabemos, éste es el primero que evalúa empíricamente si la participación en las OTAs crea valor para los propietarios e inversores de hoteles.

Culture is an important motivation force to people within the context of tourism. It provides new opportunities for destinations to promote cultural elements and attract more travellers. This study aims to investigate how the cultural heritage of Cyprus is promoted online and to identify whether the needs of travellers who focus on experiential aspects and prioritise culture can be fulfilled.

The research aim is fulfilled through a critical discourse analysis of selected WebPages concerning representation of the culture of Cyprus within the tourism context.

Eighteen websites were included, and the results suggest that Cyprus has Web exposure specifically promoting its cultural heritage. However, the websites have been established with different tourism scopes, with culture comprising just one part of the content. Thus, the development of specialised websites is dedicated exclusively to culture and tourism, and it seems appropriate to attract travellers interested in more educational activities with cultural and historical value. This approach would bring many benefits because this cohort of travellers is in an upper-scale tourist market.

This study is original in nature because it brings together the case of Cyprus, an island destination highly depended on tourism in relation to cultural tourism Web discourse. The promotion of cultural parameters will provide more opportunities for the island and escape from the 3S’s (sea, sun and sand) image to be positioned as a culturally sustainable destination.