One of the most fundamental challenges companies face is to find out what gives rise to competitive advantage and how it can be sustained (Srivastava, Fahey and Christensen 2001). As the rapid increases in business globalization and free trade continue to increase business competition (Guimaraes and Armstrong 1998), the importance of identifying and understanding factors likely to produce sustained competitive advantage, growth, and enhanced company financial performance have become even more important to both the managers and shareholders (Tonge, Larsen and Ito, 1998). Hospitality companies face the same challenge. Market saturation and competition from international hospitality companies further emphasize the importance of sustained competitive advantage in today’s marketplace.