The hotel industry is one of the most negatively impacted economic sectors by the COVID-19. Its recovery relies on the capacity to control the pandemic and to the macroeconomic efficiency of the policies undertaken by public institutions to enhance general economic recovery. In this context, it is essential for hotel industry stakeholders to assess the economic impact directly attributable to the COVID-19 pandemic's evolution, along with the effect that economic policies may have in supporting the industry. Accordingly, this paper estimates how the 20 world-largest and publicly listed hotel companies' stock market returns reacted to the pandemic evolution and to the different public sector economic measures across the different countries they operate using regression techniques. Specifically, the industry response is examined during the period ranging from February 24 to April 24, 2020. The main results show, on the one hand, that the hotel industry has been negatively affected by the COVID-19 evolution. On the other hand, hotel stock prices are positively correlated to economic policies with direct impact in public budget, whereas measures with nondirect impact, such as liquidity provisions or financial assistance, seem not to support the industry.
Purpose This study aims to propose and estimate the urban tourism performance index (UTPI), an index that can measure and track the month-by-month tourism performance on main tourism cities since the initial outbreak of the COVID-19 pandemic. The UTPI is estimated for the following urban destinations: Bangkok, Paris, London, Dubai, Singapore, Kuala Lumpur, New York, Istanbul, Tokyo, Seoul, Osaka, Phuket, Milan, Barcelona, Bali and Hong Kong. Design/methodology/approach Monthly based data measuring the tourism industry’s performance for these urban destinations has been collected. This data includes airlines’ and hotels’ performance, as well as potential tourists’ online searches. The obtained data has been combined using a principal component analysis, generating the UTPI. Findings The UTPI shows that all urban areas analyzed in this study experienced a devastating negative impact because of the COVID-19 pandemic outbreak. However, the tourism recovery evolution follows heterogeneous patterns. Research limitations/implications The proposed index can be estimated using additional variables. Moreover, the index is only estimated for 16 tourism cities. Future studies can reproduce the methodology by incorporating further variables and amplifying the geographical coverage. Practical implications The UTPI might be useful for researchers and policymakers interested in using a measure of tourism performance during the COVID-19 pandemic in some of the most important urban destinations. Likewise, the UTPI index may serve as a suitable aggregated measure of tourism performance in a post-COVID-19 era or to monitor tourism during future crises. Originality/value This study analyzes the tourism performance during the COVID-19 pandemic from an urban perspective.
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