Title: Into the unknown: impact of coronavirus on UK hotel stock performance

Authors: Javad Izadi; Pantea Foroudi; Alireza Nazarian

Addresses: University of West London, London, England, UK ' Middlesex University of London, Hendon, London, England, UK ' Westminster Business School, University of Westminster, London, England, UK

Abstract: As the Coronavirus disease (COVID-19) spread in March 2020, it crashed economies across the world, including in the UK. This study investigates the impact of the COVID-19 pandemic outbreak on the stock return of publicly listed hotels in the UK. By employing the event-study approach, this study (i) scrutinises the effect of the Coronavirus pandemic on UK hotel stock price changes, (ii) examines how the magnitude of the COVID-19 outbreak has affected stock price movements in the UK market place and (iii) examines how COVID-19 has impacted the hotel industry via the reactions of the stock market. Our results show that listed hotels in the stock market experienced substantial negative cumulative abnormal returns. This article's findings could be useful for businesses to be better prepared for similar future pandemics.

Keywords: COVID-19; coronavirus pandemic; event study method; abnormal stock return; hotel industry.

DOI: 10.1504/EJIM.2026.154252

European Journal of International Management, 2026 Vol.29 No.3, pp.427 - 448

Received: 08 Nov 2020
Accepted: 21 May 2021
Published online: 18 Jun 2026 *

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