The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Jon, in -- it was refreshing to hear a more optimistic tone in the press release and in your commentary. Very unlike you, but I'm sure that will help
get things going here. And so first question, you guys talked about the modest improvement in business travel. Just wondering if you can maybe
elaborate on that in terms of what size businesses. Is it more regional? I imagine it's not the big public companies and also kind of like what sectors
are traveling, any trends you can see there. And then your larger corporate accounts, what are you hearing from them? And when does it seem
like they're going to start coming back in any meaningful way?
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Okay. Great. Next one for me, maybe just a more broad question in terms of like the model going forward, when the next cycle accelerates, is in
terms of your new operations and on the expense side, protocols with brand standards changing, all those things post-COVID, what does that look
like in terms of either margin or expense savings? What margins can look like? I don't know if you, for example, back-tested it into what 2019
revenues would be. So if you could talk about how that looks or how you see that progressing and sort of what peak margins could potentially
look like, that would be great.
Question: Neil Lawrence Malkin - Capital One Securities, Inc., Research Division - Analyst
: Okay. And just last one, Ray, I think that the recovery kind of taking longer than maybe some expected, a competitor in the industry extended their
covenant waivers. Now obviously, everyone has a different portfolio. But have you thought about or started talking with your lending groups about
potentially extending those waivers so you don't run into any problems in next year?
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
:
Question: William Andrew Crow - Raymond James & Associates, Inc., Research Division - Analyst
: Yes. One follow-up for me, Jon. You talked a little bit about the days around the holidays and maybe being a little better. It seems like college
calendars have changed a lot. We still have people working at home. Could this really be a kind of a blowout December, January, February in places
like South Florida or the west coast of Florida for you? And are you doing enough to -- did you -- you gave us some great statistics on Key West
from this past quarter. But rate -- could rate have been pushed more? And are you looking at pushing rate a little bit higher going forward?
|
