In this Note, we take up the problem of post COVID-19 gradual adjustment in the industry as well as whether and to what extent opening with limited capacity might be feasible. We find that (i) re-opening gradually requiring only non-negative profits is quite feasible but (ii) re-opening requiring the same level of profit as in the pre COVID-19 period is considerably more difficult, and seems feasible by re-opening at capacity near 33%. Lower capacities would require governmental subsidies which could vary considerably from hotel to hotel.