Lodging and transportation companies lost money in the first quarter and they're losing more during the second. What matters now is shoring up liquidity and improving cash burn for the second half of the year and into 2021. To bolster reserves, suppliers are taking out loans, tapping into credit facilities, cutting spending and reducing workforces. They curtailed or suspended many services. Buyers should be cautious. 

Most providers will probably survive, perhaps with court-supervised restructuring, but there is no guarantee. Everyone will look different. Pricing may fluctuate in the months ahead. With uncertainty on supplier . . .

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