"2020 has been a year of change. The branded residential sector looks resilient even as competition grows"

"Despite immediate headwinds facing hotels, the underlying fundamentals of the sector continue to support longer-term investment opportunities"

"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"

"Arrivals to EU destinations still reporting growth despite geopolitical headwinds influencing travel trends across key source markets"