“…These studies mostly focus on single indicators such as cost-volume-profit (Fay et al, 1971, Jaedicke et al, 1975and Coltman, 1978, the lodging industry's sales receipt information (Van Doren and Gustke, 1982), the concept of perishable asset revenue management to measure performance (Kimes, 1989), lodging index (Wassenaar and Stafford, 1991), the RevPar (revenue per available room) index (Ismail et al, 2002), a revenue performance indicator (Baker and Riley, 1994), and an efficiency indicator (Wijeysinghe, 1993). Although these accounting and financial indicators in terms of simple ratios provide important and useful infonnation for benchmarking a hotel's financial performance, there are in fact many factors relative to hotel performance, and obviously these techniques have not taken into account the mix and nature of services provided.…”