$SPY I think hotels will come back a lot stronger than pre-pandemic levels due to increased efficiencies despite higher wages. I can use my phone to check-in and unlock my room, rooms do not get cleaned everyday unless requested and etc. Remote work or hybrid work or 4-day work week, people will have more time to travel. Business travel will be slow to return but I can see hotels being more creative by offering subscriptions for hybrid workforce who may want to stay few days in the city and return to big suburb houses during the weekends.