"With national borders largely closed worldwide, inbound tourism to Japan has plummeted. Although overseas visitors are a key driver of growth in the hospitality sector, domestic tourism still accounts for most demand. "

"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."

"Hospitality sector facing a short-term adjustment. The number of annual overseas visitors to Japan has risen for the eighth consecutive year, marking YoY growth of 2.2% for 2019. Unfortunately, the goal of 40 million visitors in 2020 appears out of reach."