Using granular data on U.S. hotel investments over the past two decades, we show that industry-specialist PE firms achieve higher net income from operations and higher capital gains from sale than generalist PE firms for comparable properties. Those results are driven by specialists implementing more and larger cost savings without compromising revenues. Fundamentally, specialists utilize their hotel-specific operating expertise to produce superior performance outcomes. We show that specialists across investment sectors possess deeper industry-specific operating expertise. Our results suggest that specialist PE firms can compete with their generalist rivals by leveraging such expertise in a chosen market niche.

中文翻译：

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私募股权的专业化和绩效：来自酒店业的证据


使用过去二十年美国酒店投资的精细数据，我们表明，与同类物业的通才 PE 公司相比，行业专业 PE 公司获得了更高的运营净收入和更高的销售资本收益。这些结果是由专家推动的，他们在不影响收入的情况下实施了更多、更大的成本节约。从根本上说，专家利用他们特定于酒店的运营专业知识来产生卓越的绩效成果。我们表明，投资领域的专家拥有更深入的行业特定运营专业知识。我们的结果表明，专业私募股权公司可以通过在选定的市场利基中利用这些专业知识来与他们的通才竞争对手竞争。