The results for the variables describing the type of accommodation
are highly significant and positively related to price.
As can be expected the coefficient of the dummy variable
HOTEL is much higher than that of BANDB; hotels are a much
greater leap in quality than bed and breakfast establishments
are from rooms in private accommodation. Hence, a greater
price difference can be expected. The coefficient of the variable
HOTEL is significant at the 0.5% level for all specifications. The
coefficient of the variable BANDB for the specification combinations
L1 is significant at the 0.5% level, and for the
combinations with L2 it is significant at the 1% level.