Despite available liquidity and appetite of certain investors, the hotel real estate market did not escape from the shock of the 2020 health crisis. However, the hotel industry still seems to be a safe bet for investors, given that the number of transactions has remained stable compared to 2019. “It is a market that is regulated more by volume than by price. There are no sold off assets. There are some drops in the value, but they are relatively low, from 10 to 15%”, corroborates Jean-Marc Palhon, Chairman of EXTENDAM, representing 222 hotels and 2 billion euros in asset value in Europe, during his last interview for Les Echos.