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The Event Hospitality and Entertainment Ltd share price has bounced higher

Although the market has tumbled sharply today, it hasn’t stopped the Event Hospitality and Entertainment Ltd (ASX: EVT) share price from climbing higher.

In late afternoon trade the hotel, resorts, and cinema operator’s shares are up almost 2% to $13.00.

Despite today’s jump, Event’s shares are still down a disappointing 12% since this time last year.

This decline means that its shares are now changing hands at approximately 19x trailing earnings and provide investors with a trailing fully franked 3.9% dividend.

While its results have been a bit of a disappointment this year, there is reason to be optimistic according to one Motley Fool contributor.

With the Australian tourism boom showing no signs of slowing, Event and rival accommodation provider Mantra Group Ltd (ASX: MTR) have been tipped to deliver solid returns for investors over the long-term.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia owns shares of Event Hospitality & Entertainment. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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