| Abstract: |
The hotel industry is significantly heterogeneous, and each brand and location
may have different performances based on the tourism demand and the supply of
similar destinations for the world's market. International crises have an
impact on the tourism demand and on the performance of hospitality companies,
but the effect is different on the basis of the type of crisis analysis
(financial, health, etc...). After the pandemic, shareholders are more worried
about the risk of investing in corporations that enter the hospitality
industry, even if the probability of similar events in the near future is
remote. The paper focuses on the shareholders’ point of view and it evaluates
the risk of an investment strategy in hotel-listed companies by considering
companies operating in different areas and sectors (business, leisure, etc...)
for the time horizon 2007-2023. Results highlight differences in the risk
exposure on the basis of the type of hotel selected and point out the benefits
related to a diversification strategy for reducing the risk of losses,
especially in a crisis scenario. |