The impact of the coronavirus pandemic is huge and not yet predictable on the hospitality business. Fortunately, we see a slightly higher performance from the spring period. According to the STR, the recent September occupancy is at 48.5%, compared to 20% in April.

However, performance increases are not so meaningful. For example, Hilton's second-quarter revenue per available room (RevPAR) decreased 81% on a currency-neutral basis for the second quarter from the same period a year ago, as the company swung to a net loss of $430 million from net income of $260 million.

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