A combination of factors including the Lunar New Year holiday period - when there's less business travel, and people are visiting relatives - and the coronavirus outbreak has resulted in hotel occupancy in China dropping from 69% of 15 January to 17% on 26 January - 71% less than occupancy in the comparable period in January 2019.

At the same time, a drop in numbers of travelers outbound from China is impacting hotel performance elsewhere: Tourism Economics estimates that fewer Chinese visitors to the US in 2020 could result in the loss of more than 4M room sales and more than $5B in spend.