In my opinion there are other opportunities with more upside.

To think that any airline is going to get anywhere near their 52 high in the next 18-24 months is wishful thinking. I do think there is some upside (I have a small amount of DL stock I bought at $19) but by an large there are other industries I see recovering more quickly.

If going after the travel and leisure space, I'd rather be in hotels (REITs specifically since the hotel chains own few or no assets). Business travel drives the profit margins for the airline industry and business travel is going to be non-existent until 2021 (many F500s including the one I work for have communicated as much). Plus airline assets aren't that liquid (if all airlines are in trouble, who is buying the slot rights or the airplanes). Plus airlines need to figure out the social distancing thing and how they are going to address it.

Hotels on the other hand can be accessed in a world where borders are still closed but restrictions are eased for travel within the country -- people with cabin fever can get in a car and drive. As long as they adhere to their stated cleaning goals, the social distancing aspect is largely irrelevant (apart from a buffet breakfast which requires some thought). Plus the actual land owned by some of the REITs is a more liquid asset that can be sold if needed. Personally I got into PK when it was at $6 (now at $8.16 has bounced up to $10 on a couple days). They were spun out of Hilton a couple years ago and hold a number of valuable and centrally located Hilton properties in major US cities.