| Hotel internal factors | Average daily rate | (Chattopadhyay & Mitra, 2019; Enz et al., 2016; Singh et al., 2014) |
| Employees | (Sainaghi, 2011) |
| Years since last renovation |
|
| Hotels/number of rooms | (Jiang & Taylor, 2020; Kim et al., 2013; Sainaghi, 2011) |
| Hotel owner | (Jiang & Taylor, 2020; Xiao et al., 2012) |
| Quality of service and product | (Cross et al., 2009; Kimes, 1999) |
| Sales effectiveness | (Cross et al., 2009) |
| Sustainability certificate | (Bianco et al., 2023) |
|
| Marketing policies | Social presence/social media usage | (Anderson, 2012; De Pelsmacker et al., 2018) |
| Brand positioning/Brand affiliation | (Cross et al., 2009; Xiao et al., 2012) |
| Total marketing expenses | (Singh & Dev, 2015) |
| Digital innovation | (Alrawadieh et al., 2021; Bovsh et al., 2022) |
| Customer mix/market orientation | (Kim et al., 2013; Sainaghi, 2011) |
|
| Consumers | Consumer confidence | (Chen, 2015; Liu et al., 2013; Pacheco, 2016) |
| Customer satisfaction | (Kim et al., 2013; Kimes, 1999) |
| International tourist arrival | (Chen, 2011; Liu et al., 2013; Pacheco, 2016) |
| Number of residents and non-residents overnight stays | (Pacheco, 2016) |
| Online review sites | (Anderson, 2012; De Pelsmacker et al., 2018; Phillips et al., 2016) |
| Demand for hotel rooms | (Chattopadhyay & Mitra, 2019) |
|
| Hotel uncontrollable factors | Abnormal weather conditions | (Mun & Park, 2022) |
| Economic growth | (Pacheco, 2016) |
| Seasonality/trend | (Chattopadhyay & Mitra, 2019; Jiang & Taylor, 2020) |
| Grand impact events (Olympic games, tsunami, hurricane) | (Choi et al., 2019; Liu et al., 2013) |
| Government's role | (Subedi & Kubickova, 2023) |
| Stock index | (Liu et al., 2013) |
| Real-estate development |
|
| Exchange rate Trade balance |
|
| Growth of room supply | (Zheng, 2014) |
