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Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave

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  • Michael L Polemis
  • Panayiotis Tzeremes
  • Nickolaos G Tzeremes

Abstract

The scope of this study is to unravel possible convergence clubs regarding the occupancy rates of the hotel industry in the US states in the aftermath of the first COVID-19 pandemic wave. For this reason, the underlying paper resorts to the application of the generic convergence algorithm developed in Phillips and Sul (2007) for a sample of 50 US states over the daily period ranging from 01.12.2019 to 26.07.2020. The empirical analysis supports the identification of two primary convergence clubs consisting of an equally distributed number of regions (states). However, the two clubs can be merged into one after the implementation of the Phillips and Sul (2009) methodology, revealing that the first pandemic wave has eliminated any distinct (economic) characteristic between the different US states. JEL codes: L10, L80, R10 .

Suggested Citation

  • Michael L Polemis & Panayiotis Tzeremes & Nickolaos G Tzeremes, 2023. "Hotels’ occupancy rates and convergence: Empirical evidence from the first pandemic wave," Tourism Economics, , vol. 29(2), pages 533-542, March.
    • Handle: RePEc:sae:toueco:v:29:y:2023:i:2:p:533-542
    DOI: 10.1177/13548166211049871
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    References listed on IDEAS

    as
    1. Kock, Florian & Nørfelt, Astrid & Josiassen, Alexander & Assaf, A. George & Tsionas, Mike G., 2020. "Understanding the COVID-19 tourist psyche: The Evolutionary Tourism Paradigm," Annals of Tourism Research, Elsevier, vol. 85(C).
    2. Peter C. B. Phillips & Donggyu Sul, 2007. "Transition Modeling and Econometric Convergence Tests," Econometrica, Econometric Society, vol. 75(6), pages 1771-1855, November.
    3. Yeon, Jihwan & Song, Hyoung Ju & Lee, Seoki, 2020. "Impact of short-term rental regulation on hotel industry: a difference-in-differences approach," Annals of Tourism Research, Elsevier, vol. 83(C).
    4. Assaf, A. George & Tsionas, Mike, 2018. "The estimation and decomposition of tourism productivity," Tourism Management, Elsevier, vol. 65(C), pages 131-142.
    5. Peter C. B. Phillips & Donggyu Sul, 2009. "Economic transition and growth," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(7), pages 1153-1185.
    6. George Assaf, A. & Josiassen, Alexander & Woo, Linda & Agbola, Frank W. & Tsionas, Mike, 2017. "Destination characteristics that drive hotel performance: A state-of-the-art global analysis," Tourism Management, Elsevier, vol. 60(C), pages 270-279.
    7. Albert Assaf & Raffaele Scuderi, 2020. "COVID-19 and the recovery of the tourism industry," Tourism Economics, , vol. 26(5), pages 731-733, August.
    8. Mérida, Adrián L. & Carmona, Mónica & Congregado, Emilio & Golpe, Antonio A., 2016. "Exploring the regional distribution of tourism and the extent to which there is convergence," Tourism Management, Elsevier, vol. 57(C), pages 225-233.
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    More about this item

    Keywords

    occupancy rates; club convergence; COVID-19; transition paths; US states;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L80 - Industrial Organization - - Industry Studies: Services - - - General
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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