| Variables found in the literature | Main area of study | Source |
| Hotel performance determinants (HPD) framework: § General economic conditions: tax rate, gross domestic product growth, exchange rate, fuel price, disposable income. § Safety and stability: number of natural disasters, crime rate § Market supply and demand: number of other accommodation providers, number of competing hotel rooms, performance of the overall hotel industry, domestic tourist arrivals per capita, international tourist arrival per capita. § Regulation and support: T & T government expenditure, transparency of government policies, fairness in government spending, visa requirements. § Quality of infrastructure: quality of air transport infrastructure, quality of port infrastructure, quality of road infrastructure. § Labor skills and training: ease of hiring foreign labor, quality of the educational system. | Hotel performance | [47] |
| PESTELIR model: § Political conditions: regional and local policies supporting website development, public subsidies for ICT implementation, tourism promotion. § Economic conditions: macro- and microeconomic trends determining business investments: economic cycles, changing origins of most tourists, development of new destinations. § Socio-demographic conditions: changes in consumption habits, new customer needs, new market segments. § Technological conditions: technology-related innovations allowing the offer of new hotel products and services or improvements in productive processes. § Ecological conditions: pollution, environmental policies regulating protected areas. § Legal conditions: legislation regarding construction, legislation for protection of personal data, legislation for protection of personal data. § Infrastructure conditions: changes in tourism infrastructure (airports, convention centers, new communication infrastructures). § Human resource conditions: basic features of the workforce to be accessed by hotels and other tourism organizations: training, motivation, languages. | Hotel performance | [48] |
| § Nominal exchange rate § Relative prices § World GDP per capita | Tourism demand | [49] |
| § The national growth effect § The industrial mix effect § The competitive share effect | Tourism growth | [50] |
| Hotel location | Hotel profitability | [51] |
| § Direct expenditure § Output effects § Income effects § Value added § Import effects § Product taxes effects | Tourism demand | [52] |
| Oil price shocks | Tourism sector, oil prices and economic growth | [53] |