Are Innovations relevant for consumers in the hospitality industry? A hedonic approach for Cuban hotels [¿Son relevantes las innovaciones para los consumidores en la industria hotelera? Una aproximación hedònica para los hoteles cubanos]

This paper evaluates the impact of innovative activity in the hotel industry on the willingness to pay by consumers. To this end we estimate a hedonic price function where innovation is identified indirectly through certain attributes. The contrast is performed on a representative sample of Cuban hotels considering a large number of attributes of hotels and rooms. To solve the usual problems of collinearity an original procedure is developed. The results highlight the importance of the attributes linked to innovation and internationalization on the price of the rooms of Cuban hotels.