...As you may be aware, the global Covid-19 pandemic has created unprecedented circumstances for the hospitality industry. Travel around the world has significantly slowed or, in many places stopped, which has led to a number of IHG-branded hotels closing temporarily or significantly reducing operations. Whilst IHG® has supported hotels to reduce costs and reduce cash flow, the severity of this crisis has led hotels to make difficult decisions, including to furlough or let go many hotel colleagues. It is an unfortunate issue we face as an entire industry, with the World Travel Tourism Council estimating that the crisis could lead to up to 174 million job losses. The Holiday Inn Resort Los Cabos is an IHG franchised property, which means it is owned and managed by an independent third-party, with all hotel employees employed by that third-party, and has made a decision to close the property upon termination of its license. As franchisor, IHG does not have any further information on the details of the hotel closure process. We continue to engage with our owners to provide further support to limit the number of closures, where possible, including provision of tailored recovery toolkits and targeted marketing campaigns to drive hotel demand...