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  "notes": "The slide includes a callout box regarding sensitivity analysis against historical recessions.",
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      "kind": "callout",
      "text": "We've sensitized our forecast against several historical recessions to maintain ample cash cushion across a range of scenarios",
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      "text": "Annual RevPAR as a % of 2019 RevPAR for urban upper-upscale hotels, Sonder market-weighted",
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      "text": "Source: STR (April 2022), CBRE (March 2022). (1) Deloitte Insights expects business travel to grow from 36% of 2019 levels in Q2 2022 to 63% of 2019 levels in Q2 2023.",
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