The two sides can better make necessary adjustments working more closely together. 

Banks withdrew finance from the sector as fears grew about the impact of Covid-19 but private capital operators – providing both equity and debt – are filling many of the gaps.

Dillip Rajakarier qualified his prediction with reference to the uncertainties that remain around global health and restrictions.

The deal was executed through a fund managed by Italian asset manager Kryalos SGR.

The upper-upscale, upscale and midscale offerings will target families and extended stay guests.

The best performance came in countries with more domestic and leisure customers.

Since the vaccine rollout gathered pace at the start of the year, some hotel executives have been optimistic about the return of bookings.

Richard Solomons will take up his non-executive role on 1 December.

The company has raised money to help fund its growth.

Ian Wright, the CEO of the Food and Drink Federation, drew comparisons with the late 1970s.