Banco Sabadell | The hotel sector is one of the worst off after the irruption of Covid-19. Travel, both leisure and especially business, has almost completely disappeared. This has led to hotel closures and occupancy levels below 20% in some months. The airlines’ perspectives could be a good proxy in order to try to find out what could happen with hotel demand. IATA forecasts that the number of global passengers will be 61% lower in 2020 compared to 2019. Our forecast of a drop in occupancy is -66% in NH Hotels and -67% in Meliá Hotels.