Nya arbetssätt har vuxit fram till följd av en osäker tid, vilket skapat möjligheter, men också tvingar arbetsgivare att ompröva sitt behov av lokaler. Under flera år har flexibla kontor diskuterats och hur kontorsmarknadens progression skapat förutsättningar som gjort att denna utveckling har kunnat fortsätta. Redan innan pandemin slog till fanns en stor efterfrågan på hyresavtal med korta löptider, vilket skapade ytterligare osäkerhet och gjorde det svårare att förutse framtiden. Efterfrågan på korttidshyresavtal förväntas fortsätta att öka under 2022, med avstegsklausuler som blir allt vanligare. Tidigare forskning har identifierat ett obestämt område i hur fastighetsvärdare och fastighetsägare värderar risken med hyresavtal med kortare löptid, givet den förändrade marknaden till följd av pandemin. En jämförelse med traditionella hyresavtal samt forskning kring värderingsmetoder och processer är ett spännande ämne för bland annat investerare och fastighetsägare. För att besvara studiens forskningsämne har kvalitativa intervjuer med fastighetsvärdare och fastighetsägare genomförts. Samtalen var semistrukturerade med frågor av öppen karaktär och ett induktivt förhållningssätt för att möjliggöra ett mer djupgående samtal. Syftet med denna forskning är därmed att titta på hur respektive part uppfattar risken förknippad med dessa hyresavtal och hur riskpremier och avkastningsräntor kommer till uttryck som ett resultat av den ökade efterfrågan på korta hyresavtal och avstegsklausuler. Resultaten visar att korta hyresavtal och avstegsklausuler inte påverkar värderingar för avkastningsfastigheter generellt, dock finns det vissa villkor i kontrakten som beaktas av marknaden. Samtidigt bör en fastighetsvärderare göra antaganden om vem som kommer att vara den mest sannolika köparen vid uppskattning av marknadsvärdet på en fastighet. Dessa villkor anses inte vara avgörande för större fastighetsbolag och pensionsfonder i Sverige. Eftersom internationella investerare inte besitter samma typ av marknadskunskap om Sverige som nationella investerare kan detta vara avgörande. / New ways of working have emerged as a result of an uncertain time, which has created opportunities, but also forces employers to reconsider their need for premises. For several years, flexible offices have been discussed and how the office market's progress has created conditions that have enabled this development to continue. Even before the pandemic hit, there was a great demand for leases with short maturities, which created further uncertainty and made it more difficult to predict the future. Demand for short-term leases is expected to continue to increase in 2022, with breakoptions becoming more common. Previous research has identified an indeterminate area in how property owners and property owners value the risk of leases with shorter maturities, given the changing market as a result of the pandemic. A comparison with traditional leases and research on valuation methods and processes is an exciting topic for investors and property owners, among others. To answer the study's research topic, qualitative interviews with property valuers and property owners were conducted. The conversations were semi-structured with questions of an open nature and an inductive approach to enable a more in-depth conversation. The purpose of this research is to look at how each party perceives the risk associated with these leases and how risk premiums and yields are expressed as a result of the increased demand for short leases and severance clauses. The results show that short leases and breakoptions do not affect valuations for return properties generally, however, there are certain conditions in the contracts that are taken into account by the market in addition to their conventional value. At the same time, a property valuer should make assumptions about who will be the most likely buyer when estimating the market value of a property. These conditions are not considered decisive for larger real estate companies and pension funds in Sweden. As international investors do not possess the same type of market knowledge about Sweden as national investors, this can be crucial.

The hospitality industry has experienced significant changes in its competitive environment over the past 30 years, driven by the growth of alternative accommodations, the widespread use of the internet for searching and booking accommodations, and the adoption of asset-light business models. In this new competitive landscape, hospitality firms struggle to gain a competitive advantage, particularly as they lack rare and inimitable resources, which are considered crucial for achieving competitive advantage according to resource-based view literature. This dissertation explores three sets of strategies that enable hotel firms to attain a competitive edge despite their resources being non-rare and easily imitated by competitors. The first essay examines the potential for hotel firms to benefit from competitors' resources by co-locating with them. Although this strategy has been widely studied in organizational research, recent developments in the competitive market, such as internet adoption and the growth of short-term leases, have not been considered. Evidence suggests that internet adoption decreases the likelihood of low-level hotels entering markets with high-level hotels and negatively moderates the positive effect of branded hotels on independent hotels' performance, as well as nullifying the effect of low-level hotels on high-level hotels' performance. Additionally, short-term leases impact hotels' decisions and performance, as hotels tend to avoid co-locating with short-term leases with similar price points, and short-term leases can appropriate positive agglomeration externalities created by high-level hotels. The second essay investigates whether hotels can outperform competitors by gaining an advantage in resource appropriation through entering the market with a dual-branded hotel. Results indicate that a competitive advantage is achieved when at least one brand in the composition possesses better resources than competitors. Lastly, the third essay concentrates on the potential for hotels to leverage tacit knowledge transmission to increase the difficulty for competitors to imitate them. Findings reveal that the closer a hotel or short-term lease is to the nearest accommodation managed by the same hotel management company or host, the higher the chances of achieving a competitive advantage. Moreover, short-term leases can base their competitive advantage on idiosyncratic knowledge transferred from the platform, and they can compete in size with incumbent hotels if they have a high concentration of ownership in the market. / Doctor of Philosophy / The lodging industry has undergone numerous changes in the past 30 years, with the widespread adoption of the internet, the growth of the short-term lease market, and the implementation of asset-light strategies significantly impacting how hotels compete locally. This dissertation examines various market-entry strategies that can enable hotel firms to achieve a competitive advantage in local markets. The first essay explores the advantages of co-locating with competitors. Results indicate that previously identified benefits, such as reduced search costs for customers leading to higher performance for clustered competitors, have been diminished or nullified by the extensive use of the internet for searching and booking hotels. Independent hotels may still gain agglomeration advantages by co-locating with branded hotels, but the benefits are substantially reduced due to internet usage. Furthermore, the presence of different levels of short-term leases in the market affects hotels' entry patterns, which tend to diverge from short-term leases. Additionally, low-level short-term leases tend to capture agglomeration benefits created by high-level hotels, resulting in decreased performance for low-level hotels. The second essay investigates the optimal strategy for entering the market with a dual-branded hotel. Results show that, overall, adopting a vertically diversified strategy (i.e., where one of the two brands in the composition is of a higher class compared to the other) is preferable, with the higher class above the market's average class and the lower class below it. Conversely, the least effective strategy is to adopt a vertically diversified approach where both brands are below the market's average class. The third essay examines knowledge sharing among hotels and short-term leases managed by the same hotel management company or short-term lease host. Findings suggest that accommodations should be located near other properties managed by the same entity to facilitate operating knowledge transmission through face-to-face interactions, coordination among units, and the easy transfer of key personnel. Additionally, the study found that hotels should carefully consider entering a market with a high concentration of short-term lease ownership, as a higher concentration of short-term leases owned by the same host leads to lower hotels' RevPAR in the market.