“…Many factors influence the performance of a hotel; e.g. its location (Xiao et al, 2012), human resource management (HRM), quality management (QM), sustainability, corporate social responsibility, strategy (Sainaghi et al, 2019;Pereira-Moliner et al, 2021), ownership structure (Chen and Yeh, 2012), brand, and diversification (Yang et al, 2017;Woo et al, 2019;Kim and Lin, 2021).…”