Public hotel companies experienced similar, largely expected levels of performance declines in the fourth quarter and throughout 2020, but executives reporting earnings noted positive trends in room growth and booking demand for 2021.

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Analysts said the short-term metrics are still not as meaningful as the forward-looking projections for hotel companies during the upcoming fourth-quarter 2020 earnings season. Real estate investment trusts are expected to focus on controlling costs.

The top executives at Marriott International said there are promising signs of the recovery starting in 2021 as optimism grows over pandemic mitigation.

Hilton surpassed 1 million rooms in the fourth quarter of 2020, capping off a year of 5.1% net unit growth.

Wyndham Hotels & Resorts has 4% fewer rooms systemwide than it did at the end of 2019, but projects net rooms growth of between 1% and 2% in 2021.

Choice Hotels International and its franchisees are optimistic about 2021 based on the rollout of vaccines and reservations made 30 days or more in advance.

During the company’s recent earnings call, MGM Resorts International’s CEO said the company focused on minimizing costs to maximize its profitability in 2020, allowing it to prepare for the eventual recovery.

Executives at Swedish hotel owner Pandox AB, which also leases hotels, say they are confident in the future, citing robust industry returns in China and the United Arab Emirates.

During Expedia Group’s fourth quarter and full-year earnings call, the CEO said the challenges from the pandemic will continue to complicate travel in 2021, but he expects the vaccine rollout will drive consumer confidence.

While leisure transient travel is still the largest piece of the pie, Hyatt Hotels Corp. President and CEO Mark Hoplamazian said corporate interest in booking large group meetings is stronger than initially anticipated for 2021.

Host Hotels & Resorts is evaluating "actionable opportunities" on the acquisitions front and is seeing a number of attractive assets being sold by private owners.

CEO Keith Barr calls Avid IHG's next brand of scale.

COVID-19 depressed hotel demand and profitability to levels last experienced in the 1980s, according to executives.

Pebblebrook Hotel Trust executives said their company remains financially stable and its newly renovated properties will have an advantage over the competition during the recovery.

Officials with Ashford Hospitality Trust say they've managed to "substantially complete" their efforts to get forbearance on debt and have greatly improved their liquidity.

CEO Brian Chesky said he expects hotels and professionally managed properties to be only a small piece of Airbnb's ecosystem going forward.

Extended Stay America President and CEO Bruce Haase said growing the company's brand umbrella opens up opportunities for hundreds of Extended Stay America Premier Suites properties at a higher price point.

Although the early rebound for the hotel industry is expected to be driven by leisure demand, Park Hotels & Resorts President and CEO Thomas Baltimore Jr. said his company will stick to its strategy of group-driven hotels.

Executives at the hotel industry's public companies said group booking volume is beginning to pick up, with smaller events planned in the latter half of 2021 and more into 2022.

Some executives with hotel-focused real estate investment trusts are eager to start doing deals again, while others say they need to be more focused on cash preservation and maintaining liquidity.

Hotel News Now's Earnings Tracker offers an overview of results in key performance metrics for select hotel companies and real estate investment trusts. The chart for this latest earnings season will be updated as companies report, and can be downloaded here.