[New Publication] Understanding Lodging REIT Vulnerability Through Event Study Analysis

Apostolos Ampountolas, Ph.D., has published “Market Volatility and Lodging REIT Performance: An Event Study Analysis” in Tourism Analysis.

The study examines how the COVID-19 pandemic affected 18 publicly traded lodging REITs using an event study approach and the Fama–French five-factor model. Results show significant negative cumulative abnormal returns following the World Health Organization’s pandemic declaration, with lodging REITs experiencing greater vulnerability than the S&P 500. The findings highlight the importance of diversification and proactive risk management in strengthening financial resilience during market shocks.

Tourism Analysis: An Interdisciplinary Tourism & Hospitality Journal - Cognizant Communication Corporation

Link to article

  • Date: Jan 19, 2026

View all posts