There’s likely to be greater variance in what happens to fares than we’re used to, because airlines build their schedules guessing what demand patterns are going to look like and those may be more volatile than we’re used to – airline revenue management tools are more likely to “guess wrong” than in the past because they’re dealing with new situations they haven’t encountered before.
Hotels are a different story. While hotels can leave entire floors closed to save on cleaning and heating and air conditioning costs during periods of low demand, it’s harder to mothball capacity.