This paper focuses on the development of an explicative model regarding the entry mode into a new market as chosen by Spanish hotel chains. Two types of variables have been analysed: some which refer specifically to the destination country, including its potential and cultural distance and others which depend on the company itself, such as its financial situation, the experience gained previously in the country or the company's degree of internationalisation. Several hypotheses have been put forward and empirically tested using secondary data.

Goal and objectives of the dissertation GoalTo analyse the determining factors of the choice of the mode of entry to a foreign market and of the repercussions of this choice on the result of the international strategy of the hotel chains, under the dynamic approach of the theory of real options and giving refined treatment to the topic of uncertainty.