This study explores the determinants of capital structure of the hospitality industry such as hotels, lodging
industry and tourism industry using financial data from 2000 to 2019. Several explanatory variables suggested by related theories and past studies were regressed with the dependent variable, debt ratio for the entire sample period, pre-crisis period and post-crisis period and the regression coefficients of the sales expenses, profitability and firm size were found to be statistically significantly negative. Especially the sign of the coefficient of the firm size was
opposite to that of the manufacturing industry, which implies the uniqueness of the hospitality industry.