All the major brands, except $IHG which releases tomorrow, have announced Q2 2020. Common themes:
1) RevPAR decline > 85%
2) China recovery is almost complete
3) All brands continue to maintain & grow healthy pipeline of rooms https://twitter.com/LibrarianCap/status/1290969930746273794">https://twitter.com/Librarian...

$AC FP:
1. RevPAR down by 88.2%
2. Transition to asset light model continues
3. As of 2019, 1.5 bill int& #39;l travellers
4. Could drop by as much as 80% to 320 mill, which was the vol in 1985 when global pop was 1/3rd

$H:
1. RevPAR down by 89%
2. Uses analyical approach to evaluating opening hotels
3. Exposure to upper upscale properties + 25 urban markets have hurt
https://s2.q4cdn.com/278413729/files/doc_financials/2020/q2/Q2-2020-Earnings-Release-FINAL.pdf">https://s2.q4cdn.com/278413729...

$HLT:
1. RevPAR down by 81%
2. Expects 40% - 50% occupancy by end of summer, early fall
3. Typical customer - higher-rated leisure and higher-rated business
https://ir.hilton.com/~/media/Files/H/Hilton-Worldwide-IR-V3/quarterly-results/2020/q2-2020-earnings-release.pdf">https://ir.hilton.com/~/media/F...

$MAR:
1. RevPAR down by 84.4%
2. No visibility on when RevPAR will turn around
3. Leisure makes up 1/3rd of total rooms
4. Both US and China are domestic travel dominated https://marriott.gcs-web.com/news-releases/news-release-details/marriott-international-reports-second-quarter-2020-results">https://marriott.gcs-web.com/news-rele...

$IHG:
1. I believe is better positioned than the rest (Disclosure: Long)
2. Pre-announced with RevPAR decline of 75%
3. Holiday Inn & Express rely mostly on domestic travel
4. China makes up ~ 15%, which should help near term