COVID-19: hotel industry response to the pandemic evolution and to the public sector economic measures

Abstract

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.

Urban tourism performance index over the COVID-19 pandemic

“…Thus, these results are aligned with previous literature demonstrating that the tourism industry is negatively impacted by unexpected events (Barbhuiya and Chatterjee, 2020;Bassil et al, 2019;McAleer et al, 2010;Neumayer and Plümper, 2016;Page et al, 2012;Rossell o et al, 2020;Seabra et al, 2020). Likewise, this paper is also connected to those previous attempts of documenting the relationship between the impacts of the COVID-19 on the tourism industry (Anguera-Torrell et al, 2020;Gössling et al, 2020;Hoque et al, 2020;Karim et al, 2020;Maneenop and Kotcharin, 2020;Sharma and Nicolau, 2020;Sobieralski, 2020). Nevertheless, this study provides new insight as it analyzes the COVID-19 possible impacts on urban tourim by providing a monthly indicator that allows for constant tracking of its evolution on a monthly basis.…”

Reviving the Indian hospitality industry after the Covid-19 pandemic: the role of innovation in training

“…Given the outbreak's communicable nature, all hospitality industry stakeholders should facilitate appropriate safety and well-being initiatives, including contactless payment provisions, secure facility and delivery management, free sanitizer placed at entries and exits and the cessation of unnecessary gatherings at workstations and in other locations (Romashko, 2020). While prior studies have been conducted on Covid-19 in hospitality settings, the main focus has been on travel avoidance (Gupta et al, 2021), revival approaches for tourism after the pandemic (Shih-Shuo, 2021) and hygiene aspects pertinent to guests in five-star hotels (Anguera-Torrell, 2021). As yet, there has not been a review of innovative training programmes implemented and used by hotels in India during the pandemic.…”

Surviving and growing in the post-Covid world: the case of Indian hotels

“…During the past year, a considerable body of literature has emerged on the economic implications of the pandemic (Abiad et al, 2020;Siddiquei and Khan, 2020;Debata et al, 2020;Sahoo and Ashwani, 2020;Hevia and Neumeyer, 2020;Maital and Barzani, 2020) and its impact on travel and tourism ( Skare et al, 2020;Baum and Hai, 2020;Sharma and Nicolau, 2020;Anguera-Torrell et al, 2020;G€ ossling et al, 2020;Hoque et al, 2020) in the context of both developing and developed economies. However, research discussing the measures adopted in the short term and planned for the long term by hotels in the wake of the pandemic originated in China (Hao et al, 2020;Le andPhi, 2020, Lai andWong, 2020), Spain (Rodr ıguez-Ant on and Alonso-Almeida, 2020;Valle, 2020) and Greece (Pavlatos et al, 2020).…”