The goal of this research is to identify the investment preferences of top managers and owners of four- and five-star hotels and the impact of the COVID-19 pandemic on their investment planning. The study examines various factors, including the individual characteristics of executives (such as gender, age group, education level, and position held in the hotel unit), and their perceptions of the pandemic’s effects on their investment planning. To the best of our knowledge, this is the first attempt to capture the pandemic’s impact on investment options, planning, and spending for luxury hotels. The study first conducted a structured questionnaire survey to record investment priorities under two distinct scenarios: one prior to the pandemic and another after the pandemic’s spread and containment measures. Statistical tests were then used to compare the results between the two periods, revealing clear differences in investment choices among top executives and owners. Chi-square tests were also employed to examine the impact of individual characteristics on executives’ perceptions of the pandemic’s impact on their investment planning and their willingness to limit investment spending. Ordinal regressions were used to explore association further. The findings show that participants’ age group was associated with their perception of the pandemic’s negative impact on investment planning and their willingness to limit investment spending. Participants’ position in the hotel unit partially explained their willingness to reduce investment resources during the pandemic. Therefore, the research highlights that the age of higher management in luxury hotels impacts the business's ability to adapt to the post-COVID-19 environment. The results also suggest that policy makers' public measures aimed at enhancing executives’ willingness to invest during difficult periods should consider these factors.