The hotel sector and its investors welcomed the positive news from the trials of Pfizer’s coronavirus vaccine.
Shares in Marriott International rose by 21%, with Expedia Group up 22.5% and Park Hotels & Resorts rising by 40% on the news.
Hugh Taylor OBE, CEO, Michels & Taylor, said: “The news today on a potential vaccine is a huge boost to the hospitality industry.
“The problems we have been facing since March have not just been confined to ensuring our hotels are safe to welcome our guests but have also focused on trying to convince them that it’s ok to travel and stay with us. Ultimately the future of the industry comes down to rebuilding consumer confidence in our hotels, and a proven vaccine will be a massive help in securing that confidence.
“At M&T, we will continue to ensure that all the hotels we run, and all the hotels of our owners who we support and advise, continue to operate within the operating standards required to protect guests from the risk of Covid for as long as it is required."