So far I have received emails from the CEO's of Hilton, Marriott, and IHG group announcing a more flexible cancellation policy for existing reservations for hotel stays at least through March, and some through April.
The Marriott announcement explicitly states that even pre-paid, non-refundable reservations through April 30 can be cancelled without penalty up to 24 hours ahead of the visit.
The IHG Announcement is not as explicit, simply stating that they waive cancellation fees worldwide. But I was able to get our London hotel reservation (Pre-paid, non-refundable) canceled and refunded by calling Member Services. A previous phone call and 2 emails to the hotel itself were not fruitful.
Unfortunately the small, family-run hotels that many of us prefer cannot afford to be as flexible, and I understand that. But some are offering credit toward a future stay, which allows them to keep the deposit now when they most need it. A reasonable solution.