According to organisational theories, performance can be explained by threats and opportunities generated in the external environment and the interplay between the macro and the microenvironment. This logic holds for tourism companies. This study aims to analyse the impact of a macro-environmental factor, the COVID-19 pandemic, on the accommodation sector in Portugal, studying differences across regional destinations and industries. A descriptive approach was made using secondary data from INE (the Portuguese Statistics Institute) for 2019 and 2020. Three performance indicators were analysed: number of overnight stays, number of guests, and total income. Results suggest that the impact of COVID-19 was relatively higher in the regions of Lisbon and the Azores and on the industry of short-term rentals. The region of Alentejo and the industry of rural tourism/manor houses were the least affected. Implications are both theoretical and practical. Theoretically, this study highlights the interplay between the macro and the microenvironment, translating to future crises. For managers, our research also highlights specific characteristics of regional destinations and industries, which might have been a source of competitive advantage during the pandemic, translating into less unfavourable outcomes in this context.