Figure 1. Average values of Z 1, Z 2 and Z 3 Scores
The number of firms and their percentage to total, belonging to each cut off distress zone, is
presented by hotel category and for each one of the three models in Table 2:
Table 2. Z - Scores for Hotels of 5, 4, 3 and 2 stars, 2007, with 3 Bankruptcy Models