“…Positive relationships have been found between hotel performance and external macroeconomic factors of market concentration (Pan, 2005); money supply (Barrows and Naka, 1994) and gross domestic product (Tang and Jang, 2009). Internal hotel traits of size, location, ownership and affiliation have been identified as having a positive association with hotel performance (Capó et al, 2007;Enz et al, 2001;Israeli, 202;Pine and Phillips, 2005). Particularly relevant to this study, market orientation has been found to have a strong positive relationship with hotel performance (Sin et al, 2005;Cizmar and Weber, 2000;Gu and Ryan, 2008).…”