SELECTION OF TOURIST DESTINATION FOR INVESTMENT DECISION: A HOLISTIC MODEL

Mallick, Sanmoy and Mitra, Professor Debabrata and Ghosh, Dr Amlan (2021): SELECTION OF TOURIST DESTINATION FOR INVESTMENT DECISION: A HOLISTIC MODEL.

Abstract

Tourism is the fastest rising around the world and it affects the economic and social growth of every country. To develop tourism and to provide the best possible facilities to tourists, investment in the tourism sector is highly needed. Many times it has been observed that investors are ready to invest in the tourism sector but they don’t have a clear road map. The main problem is ‘where to invest, will the place of investment mean the tourist destination will give them the expected Return on Investment (ROI) or not? In this study based on existing literature and studies, the selection of tourist destinations for investors before their investments have been examined and a simplified model has been suggested. Before investing, the selection of tourist destinations is very important. Investments in tourism have a direct impact on income and employment. Tourism investors and tourism researchers may consider the proposed major and sub-criteria of the tourist destinations.

• Item Type: MPRA Paper
• Language: English
• Keywords: tourism, tourism investment, Return on Investment, Criteria, model
• Subjects: L - Industrial Organization > L8 - Industry Studies: Services > L83 - Sports ; Gambling ; Restaurants ; Recreation ; Tourism; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O21 - Planning Models ; Planning Policy

References

REFERENCES:- 1. Adeola, O., & Evans, O. (2020). ICT, infrastructure, and tourism development in Africa. Tourism Economics, 26(1), 97-114. 2. Akama, J. S. (1997). Tourism development in Kenya: Problems and policy alternatives. Progress in Tourism and Hospitality Research, 3(2), 95-105. 3. Akama, J. S. (2002). The role of government in the development of tourism in Kenya. International Journal of Tourism Research, 4(1), 1-14. 4. Anuar, A. N. A., Ahmad, H., Jusoh, H., Hussain, M. Y., & Nasir, R. A. (2015). Developing of Tourist Friendly Destination Concept: A Quantitative Study. Journal Tourism Hospitality, 4(1), 2167-0269. 5. Banerjee, O., Henseler, M., Maisonnave, H., Beyene, L. M., & Velasco, M. (2017). An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic. Tourism Economics, 23(8), 1568-1580 6. Bookman, Milia Z., & Karla. R. Bookman. (2007). Medical Tourism in Developing Countries. New York: Palgrave Macmillan. 7. Cebrián, F., & Sánchez, I. (2016). The landscape as a tourist resource and its impact in mountain areas in the south of Castilla-la Mancha (Spain). International Journal of Sustainable Development and Planning, 11(3), 345-354. 8. Coppola, P., Carbone, A., Aveta, C., & Stangherlin, P. (2020). Assessing transport policies for tourist mobility based on accessibility indicators. European Transport Research Review, 12(1), 1-17.

Page 10 of 13 9. Dogru, T., McGinley, S., & Kim, W. G. (2020). The effect of hotel investments on employment in the tourism, leisure and hospitality industries. International Journal of Contemporary Hospitality Management. 10. Dujmović, M., & Vitasović, A. (2014). Tourism product and destination positioning. Mediterranean Journal of Social Sciences, 5(19), 570-570. 11. FICCI-Report-TIM(2019).https://ficci.in/spdocument/23099/FICCI-report-TIM-2019.pdf(last accessed on 21Jan2022 at IST 9.38pm). 12. FICCI, Tourism Investment Potential Report( 2021). https://nangia-andersen.com/wp- content/uploads/2021/09/FICCI-Booklet.pdf(last accessed on 24Jan2022 at IST 10pm). 13. Gaurav, K. (2019). Factors influencing destination choice of Indian tourists visiting abroad an analytical study. Pramana Research Journal, 9(6), 203-217. 14. Ghosh, A. (2020). Post Covid19 strategy to survive the Tourism industry: Indian Perspective. Online at https://mpra.ub.uni-muenchen.de/102808/ MPRA Paper No. 102808. 15. Hennessey, S., Yun, D., MacEachern, M., & MacDonald, R. M. (2008, June). The importance of scenic drive tourism: An exploratory study. In 39th Annual Travel and Tourism Research Association (TTRA) Conference, Philadelphia, Pennsylvania. 16. Jovanović, S., & Ivana, I. L. I. Ć. (2016). Infrastructure as important determinant of tourism development in the countries of Southeast Europe. Ecoforum journal, 5(1). 17. Khadaroo, A. J., & Seetanah, B. (2007a). Research note: Does transport infrastructure matter in overall tourism development? Evidence from a sample of island economies. Tourism Economics, 13(4), 675-687. 18. Khadaroo, J., & Seetanah, B. (2007b). Transport infrastructure and tourism development. Annals of tourism research, 34(4), 1021-1032. 19. Khadaroo, J., & Seetanah, B. (2008). The role of transport infrastructure in international tourism development: A gravity model approach. Tourism management, 29(5), 831-840. 20. Khanalizadeh, B., Kakaei, H., & Daneshzad, A. (2018). The Effects of Hotel Development on Tourism industry: Evidence Iran. University Library of Munich, Germany. 21. Khuong, M. N., & Nguyen, P. A. (2017). Factors affecting tourist destination satisfaction and return intention–a study in Ho Chi Minh City, Vietnam. Journal of Economics, Business and Management, 5(2), 95-102. 22. Lim, C., Zhu, L., & Koo, T. T. (2019). Urban redevelopment and tourism growth: Relationship between tourism infrastructure and international visitor flows. International Journal of Tourism Research, 21(2), 187-196. 23. Mamirkulova, G., Mi, J., Abbas, J., Mahmood, S., Mubeen, R., & Ziapour, A. (2020). New Silk Road infrastructure opportunities in developing tourism environment for residents better quality of life. Global Ecology and Conservation, 24, e01194. 24. Martínez Meléndez, L. A. (2010). NAFTA, tourism, and environment in Mexico. International Environmental Agreements: Politics, Law and Economics, 10(2), 107-131.

Page 11 of 13 25. Matias, A., Nijkamp, P., & Neto, P. (2007). Advances in modern tourism research. New York: Physica-Verlag. 26. Mattila, A. (1997). Investment Retuns and Opportunities for Hotels in Asia: A Comparison of Money-Partners' Expectations. Cornell Hotel and Restaurant Administration Quarterly, 38(1), 72-78. 27. Michniak, D., Więckowski, M., Stępniak, M., & Rosik, P. (2015). The impact of selected planned motorways and expressways on the potential accessibility of the Polish-Slovak borderland with respect to tourism development. Moravian Geographical Reports, 23(1), 13- 20. 28. Muzindutsi, P. F., & Manaliyo, J. C. (2016). Effect of political risk shocks on tourism revenue in South Africa: Time series analysis. International Journal of Business and Management Studies, 8(2), 169-186. 29. Naudé, W. A., & Saayman, A. (2005). Determinants of tourist arrivals in Africa: a panel data regression analysis. Tourism economics, 11(3), 365-391. 30. Nguyen, Q. H. (2021). Impact of Investment in Tourism Infrastructure Development on Attracting International Visitors: A Nonlinear Panel ARDL Approach Using Vietnam’s Data. Economies, 9(3), 131. 31. Ouariti, O. Z., & Jebrane, E. M. (2020). The impact of transport infrastructure on tourism destination attractiveness: A case study of Marrakesh City, Morocco. African Journal of Hospitality, Tourism and Leisure, 9(2), 18. 32. Prideaux, B. (2000). The role of the transport system in destination development. Tourism management, 21(1), 53-63. 33. Prokopiou, D., Mavridoglou, G., Toanoglou, M., & Tselentis, B. (2018). Tourism development of the cyclades Islands: Economic, social and carrying capacity assessment and consequences. WIT Transactions on Ecology and the Environment, 217, 509-521. 34. Samimi, A. J., Sadeghi, S., & Sadeghi, S. (2013). The relationship between foreign direct investment and tourism development: evidence from developing countries. Institutions and Economies, 59-68. 35. Seetanah, B., Juwaheer, T. D., Lamport, M. J., Rojid, S., Sannassee, R. V., & Subadar, A. U. (2011). Does infrastructure matter in tourism development?. University of Mauritius research journal, 17, 89-108. 36. Seetanah, B., & Khadaroo, J. (2009). An analysis of the relationship between transport capital and tourism development in a dynamic framework. Tourism Economics, 15(4), 785-802. 37. Shone, M. C., Simmons, D. G., & Dalziel, P. (2016). Evolving roles for local government in tourism development: a political economy perspective. Journal of Sustainable Tourism, 24(12), 1674-1690. 38. Steiner, C. (2007). Political instability, transnational tourist companies and destination recovery in the Middle East after 9/11. Tourism and Hospitality Planning & Development, 4(3), 169- 190.

Page 12 of 13 39. Suleiman, N. N., & Albiman, M. M. (2014). Dynamic relationship between tourism, trade, infrastructure and economic growth: Empirical evidence From Malaysia. Journal of African Studies and Development, 6(3), 49-55. 40. Swarbrooke, J., & Horner, S. (2001). Business travel and tourism, Buterworth. 41. Thapa, B. (2012). Soft-infrastructure in tourism development in developing countries. Annals of Tourism Research, 39(3), 1705-1710. 42. Tourism and Transport Forum (TTF). (2012). Tourism Infrastructure Policy and Priorities. 43. Tribe, J. (2004). Knowing about tourism: Epistemological issues. In Qualitative research in tourism (pp. 64-66). Routledge. ISBN 9780203642986. 44. Yang, Y., Luo, H., & Law, R. (2014). Theoretical, empirical, and operational models in hotel location research. International Journal of Hospitality Management, 36, 209-220. 45. Yu, M. (2016). Research on the impact of infrastructure construction on tourism industry: evidence from the “Wuhan-Guangzhou high-speed rail”. Open Journal of Social Sciences, 4(01), 126. 46. Urtasun, A., & Gutiérrez, I. (2006). Hotel location in tourism cities: Madrid 1936–1998. Annals of tourism research, 33(2), 382-402. 47. Weng, J., Zhu, X., & Li, X. (2020). Impact of high-speed rail on destination accessibility: a case study of China. Journal of China Tourism Research, 16(4), 494-509.