5. Discussion and conclusions
This study aimed to investigate the competitive success factors for hotel companies and examine the link between business strategy and performance. Using a structural equations model to identify and explain the complex relationships that develop within a company, the present study covers an important gap in the literature. The study results provide new insights from the hotel industry in Spain on the link between business strategy and firm performance. It is evident that both industryand firm-level factors are significant determinants of performance.
