Abstract

This study investigated the performance of lodging real estate investment trusts (REITs) over a 13-year period. The study period was highlighted by economic growth, decline, geopolitical, and social events. These conditions and events affected lodging demand, and consequently the performance of the underlying REIT asset, the lodging facility. The results of the study indicated that overall, the performance of lodging REITs was inferior to the market portfolios as a whole. Lodging REITs' performance was also inferior to other equity REITs except for retail and specialty REITs. These findings suggest that the lodging REIT sector might not be as resilient as other equity REIT subsectors.

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