Cameron Sperance

The pandemic nosedive in business helped IHG accelerate its plan to cut a few bad apples from the Holiday Inn and Crowne Plaza network. More trimming is likely to boost brand quality and — just as important — get back to 2019 levels of record growth.

Group business and convention bookings may be coming back to life, but we're years away from some of the world's largest hotels seeing regularly sold-out nights. Barry Sternlicht said it, in striking difference to some bullishness from his fellow travel execs this week.

Hyatt needs — not wants — corporate travel and conventions to recover quickly to avoid further quarters of hemorrhaging hundreds of millions of dollars. Hybrid meetings are a good first step.

If Hilton sees reason to be optimistic around a faster-than-expected travel recovery, that’s a major boost to all hotel companies, especially ones with less exposure to convention and business-transient customers.

Hotels face massive worker shortages this summer, but investors don't care and still want to buy up assets. Chalk this up to taking the long view and hoping hotels find a way to win back workers from other industries.

Hotel companies with a strong focus on leisure and drive-to properties are going to show the strongest development numbers this cycle, but don't expect a massive downturn in construction from even the more business-oriented brands. Real estate is a long-term play.

The large supply of independent hotels in Mexico is a massive opportunity for companies like Marriott and Hilton to quickly beef up their portfolios without the drawn-out process of new construction. Investors, however, will likely favor markets that performed worse during the pandemic.

Many hotel companies shouldn't expect to replicate Wyndham's early financial success. Global companies like Accor and Hyatt have to grapple with business-oriented hotels in urban markets — areas which are still struggling from pandemic restrictions.

Relaxed restrictions on crowds puts Sin City on track for an accelerated recovery over the duration of the rest of 2021, but MGM Resorts still has to grapple with a lagging comeback in Macao, its other key gaming market.

Timeshare companies like Travel + Leisure Co. were well-positioned to capitalize on the early days of the leisure-led travel recovery from the pandemic. Now, it's less about a rebound and more about can they exceed pre-pandemic business performance by year's end.