Post COVID-19, Marriott's "reimagined" property-level operations will boost margins.

Management guardedly estimates that global break-even occupancy could be permanently reduced by as much as 300 to 500 basis points.

We think that the higher margins and lower break-even points, post pandemic, will turbocharge incentive management fees.

At the property level, even those Marriott-franchised hotels that are forced into foreclosure are likely to continue their franchise agreements.

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