Housing market heats up, cruise industry in murky waters

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A hospital staff walks past rows of beds at a makeshift COVID-19 care center at an indoor sports stadium in New Delhi, India, Wednesday, July 8, 2020. India has overtaken Russia to become the third worst-affected nation by the coronavirus pandemic. (AP Photo/Altaf Qadri)

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus.

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TRAVEL: Choice Hotels is confident that its business will benefit from its emphasis on leisure travel amid the travel industry's recovery from the pandemic. The company, whose brands include Comfort, Quality Inn and EconoLodge, said in an investor presentation that leisure travel makes up about 3/4 of its room nights and it has limited exposure to convention and group business.

While essential workers, government, trucking, logistics and construction business travelers have continued to stay at its brands during the outbreak, Choice anticipates being able to capitalize on pent-up leisure demand, citing its more than 2,000 domestic properties located near beaches and national parks. The company said that 90% of its properties are in “drive-to" locations, with more than 4,000 of its domestic hotels within one mile of a highway exit.

— Indonesia expects to resume foreign arrivals to Bali in September.

Bali Governor I Wayan Koster said that the tourist island will be reopened for the first time on Thursday for local people and foreign tourists who have been stranded on the idyllic Southeast Asian island due to pandemic.

Koster said the island will reopen for domestic tourists at the end of the month, with “strict health guidelines” in place.

— Web traffic for major cruise lines does not appear to be improving. JP Morgan Securities analyst Brandt Montour said in a client note that data from SimilarWeb shows total volume — which includes desktop and mobile visits — for Carnival, Royal Caribbean and Norwegian Cruise Lines tracking down 74% year over year, which is near the lows to date.