Hotel and cruise line shares tumbled Monday as investors weighed the fallout from escalating U.S. and Israeli strikes on Iran. European hotel operator Accor saw its Paris-listed shares plunge over 9% after retaliatory Iranian attacks hit its luxury properties in Dubai and Bahrain. IHG shares also dropped more than 4% in London trading.

Bernstein analysts Richard Clarke and Sabrina Blanc warned that airport closures in Dubai and Abu Dhabi, along with flight cancellations, would directly impact hospitality stocks. They noted Accor faces the highest exposure, with nearly 10% of its rooms in the Middle East generating premium revenue per available room due to its luxury portfolio. IHG ranks second in exposure, though its Saudi Arabian properties have seen less disruption than those in the UAE.

While the Middle East represents a small portion of U.S. hotel groups' room inventory, cruise operators face different challenges. Bernstein analysts said the conflict could drive up oil prices and force rerouting of voyages through Gulf states and North Africa. Carnival shares fell 7% in premarket trading, while Royal Caribbean dropped more than 6%.