A Study on the Impact of Hospitality Property Prices: A Comparison between Pre-COVID-19 and Ongoing Period

This study investigated the factors influencing hospitality property prices in the context of COVID-19. Previous research primarily focused on luxury hotels, and it lacks a comprehensive analysis of the entire hospitality sector. The study analyzed transaction data of 586 hospitality properties nationwide from 2018 to 2021. We model all the regional economic, physical, locational, and market characteristics. We use pooled OLS specification with all the interacting variables with COVID-19 period (2020 and 2021) dummy variables. We found that both the residential areas dummy and annual growth of the apartment price index showed positive signs during the COVID-19 period. This study shows that hospitality properties were sold during the period as a residential alternative, such as conversion to officetel.