Performance Evaluation of Hotel Enterprises in Crete

Abstract

The main purpose of this chapter is to evaluate the financial performance of hotel enterprises in Crete from a Multiple-Criteria Decision Making (MCDM) perspective. Crete is one of the most developed tourist destinations in the Mediterranean basin and the hotel sector plays a major role constituting the main driving power towards economic growth. In this study, the multi-criteria method PROMETHEE II, based on outranking relations, will be implemented based on five different criteria. The original financial data are obtained through financial statements for the recession period 2008-2012. According to the availability of data, the sample consists of 194 hotel companies. The present study provides valuable insights for a number of stakeholders in such a dynamic competitive sector.