本研究以國際連鎖旅館通用的RevPAR指標(平均每房營收)的年度變化率進行台灣國際觀光旅館的集群分析，對台灣國際觀光旅館的市場進行分群，藉以呈現旅館市場的波動，此研究成果可應用於旅館投資的資產組合之上。另外再以判別分析法進一步解釋分群的結果，實證資料係為交通部觀光局公佈的台灣國際觀光旅館之營運資料。研究發現主要可分為三點，一、台灣的國際觀光旅館以RevPAR為經營績效指標可分為六群，與傳統的旅館類型的分群不同；二、這六個分群可作為投資者新設或併購旅館時進行資產投資組合管理的參考，例如「正常波動型」與「逆向波動型」可作為最小化風險的資產組合，又「波動平穩型」是優於「波動劇烈型」的投資對象；三、從判別分析的結果得知RevPAR、平均房價、交通可及性、地理位置與旅館類型此五個變數是影響台灣國際觀光旅館市場投資分群的重要變數。

The purpose of this research is the classification of Taiwan’s international tourist hotels by RevPAR index, a popular hotel performance index but rarely used in Taiwan, and identification of important variables to affect the classification results. The previous results represent the volatility of the hotel market, and could be used to real asset portfolio management of hotel investment. The database is official statistics published by Tourism Bureau, Ministry of Transportation and Communication of Taiwan. The findings are concluded into three parts. First, six groups are identified in Taiwan’s international tourist hotel market by RevPAR index. The classification results are different with the ones by hotel types. Secondly, The classification results could be applied to real asset portfolio management by hotel investors. For example, “Normal Fluctuation type” could be combined with “Reverse Fluctuation type” in a portfolio of minimal risk. In addition, “Fluctuation Steady type” is better than “Fluctuation Dramatically type” for hotel investors. Thirdly, five independent variables, including RevPAR, ADR, transportation accessibility, location, and hotel types, mainly affect the classification results.