Travel will rebound and their last quarter bookings while down are recovering well.

They also have more “rooms” and any hotel chain without any of the capex or infrastructure costs so it’sa fantastic model that is light on cash and creates tremendous scale.

The pandemic forced them to cancel advertising, save a ton of cash, and realize that their brand is strong enough that advertising isn’t really needed in the traditional sense which improves their balance sheet for 2021 and 2022 and future years.