I guess the silver lining is this: the hotel corporate structures can continue to be profitable, even through a rough bear market. Individual properties may lose money and some may even close entirely, but at least we aren't all sitting around wondering if the corporate structures under which our points are managed are going to go Chapter 7 anytime soon.

It's a little different than with the airlines although I think a lot of alternatives would be explored before any major airline went completely Ch.7, and even then someone might buy the FFP. (There's an April Fools-ish thread on MilesBuzz right now in fact).