As a core activity in the tourism sector, hospitality accounts for the largest share of the sector’s revenue. The last few years, prior to the COVID-19 pandemic, have been years of strong growth both in the number of hotel companies and in the number of available rooms. The hospitality industry has also been betting on diversification as well as on the quality of its services. This activity has a strong impact on the various agents in the sector, thus it makes it essential to measure and analyze the sustainability of these hotels. One of the indicators that proficiently measure short-term sustainability is the company’s liquidity level, as it demonstrates its ability to meet short-term financial obligations. This type of indicator is useful since it provides relevant information not only for managers, but also for banks and lenders, and investors. Volatility is a characteristic of hotels which are associated with geographic location, implying changes in the main operating revenue indicators. In this sense, this research aimed to investigate if the ability to reimburse short-term responsibilities differs according to the geographic location, food and beverage service existence, official stars classification, and hotel size. Portuguese hotels with and without restaurants were analyzed in the 2013–2017 period and the number of available rooms and star rating were included in the database. All the information was obtained on SABI (a database of detailed financial information of Portuguese and Spanish companies) and RNET (the Portuguese Register of Tourist Enterprises). Findings show that the behavior of some hotels concerning short-term obligations does not differ much considering the location of the hotels. However, the Algarve and the North region have the highest values. In fact, the official star rating proved to have the greatest influence. The size of the hotels, as well as the existence of restaurants negatively influences liquidity. This information is very important for hotel investors. This study can also provide management information that allows more informed decision-making as well as the definition of corrective measures if necessary.

中文翻译：

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影响葡萄牙酒店流动性的因素

作为旅游业的一项核心活动，招待费占旅游业收入的最大份额。在COVID-19大流行之前的最近几年中，酒店公司数量和可提供客房数量一直保持强劲增长。酒店业也一直在押注多元化及其服务质量。这项活动对行业中的各个代理商产生了重大影响，因此，衡量和分析这些酒店的可持续性至关重要。可以有效衡量短期可持续性的指标之一是公司的流动性水平，因为它表明了其履行短期财务义务的能力。这种类型的指标很有用，因为它不仅为经理提供了相关信息，而且还为银行和贷方以及投资者提供了相关信息。波动性是与地理位置相关的酒店的特征，这意味着主要营业收入指标发生了变化。从这个意义上讲，本研究旨在调查偿还短期责任的能力是否因地理位置，餐饮服务的存在，官方星级的分类和酒店规模的不同而有所差异。在2013-2017年期间分析了有饭店和无饭店的葡萄牙酒店，数据库中包括了可用客房数和星级。所有信息都是通过SABI（葡萄牙和西班牙公司的详细财务信息数据库）和RNET（葡萄牙旅游企业注册处）获得的。调查结果表明，考虑到酒店的位置，某些酒店在短期债务方面的行为差异不大。但是，阿尔加威和北部地区的价值最高。实际上，官方星级评定被证明具有最大的影响力。饭店的规模以及饭店的存在都会对流动性产生负面影响。这些信息对于酒店投资者非常重要。这项研究还可以提供管理信息，以使决策更加明智，并在必要时定义纠正措施。这些信息对于酒店投资者非常重要。这项研究还可以提供管理信息，以便在需要时进行更明智的决策，并提供纠正措施的定义。这些信息对于酒店投资者非常重要。这项研究还可以提供管理信息，以便在需要时进行更明智的决策，并提供纠正措施的定义。