"Domestic tourism has fueled the improvement in hotel performance across the APAC markets in Q2 2020. However, transactional activity has remained subdued."

"Google mobility data demonstrates pronounced improvements in travel across leisure-led locations, translating into strong occupancy and ADR performance"

"Green shoots stemming from the phased reopening of economies, plentiful policy support and slowly improving data is beginning to be seen across the European Hotels market"

"As you're aware, the situation remains highly fluid with downside risk, particularly as the big unknown in terms of how long the situation will last remains"

"After a record year in 2019, Q1/2020 saw a sharp fall in investment volumes as a result of the COVID-19 outbreak, hitting a post-2013 low."