The main limitation of the study is that it explores only one city in detail. In addition, the empirical part of the analysis makes use of the cheapest price offer for a single room. Future work can explain temporal price variance for otherwise the same product by excluding the cases where the product being offered was slightly different (e.g., free cancellation and upgrades) from one booking time to the other. Another interesting avenue for future research is the application of the Shapley method in a spatial setting.
Despite the focus is on the values of hotel characteristics to buyers of hotels without the need to model formally the supply side of the market (Vanslembrouck, Huylenbroeck, & Meensel, 2005), costs might affect revenue management strategies. Finally, the way tangible, reputational and contextual variables interact with short- term and long-term profitability represents an interesting topic for future research.