"The hospitality sector is well protected compared with other asset classes"

We are seeing this strong increase in RevPAR, with growth across the European market as a whole of around 16% compared with 2019. This growth is being driven primarily by average prices, and by country, it is mainly the countries of Southern Europe that are driving this increase.

Italy leads the way, thanks in particular to the return of international customers but also to a restructuring of the market. France is in a relatively good position, while Spain's performance is a little more varied, with a decline particularly towards the end of the season.

Northern Europe, on the other hand, did not show the same growth rates. In particular, Germany has been slower to emerge from the crisis and is experiencing some difficulties in terms of hotel activity. However, the United Kingdom is holding up better than the others.

These good performances have affected all sectors, and all of them are now recording RevPAR growth rates more or less similar to those for 2019, with some differences. The budget and super-economy hotels are recording significant increases.

The only downside is that we are now at a sort of low point since April. This trend is being confirmed over the summer, with growth levels more in line with pre-crisis levels. This is worrying everyone today, but you only have to look back in time to realise that these rates of performance were exceptional.

In addition to revenues, it is important to see how this translates in terms of the bottom line. Over and above this growth in sales, we have costs that are rising in line with inflation, particularly everything to do with raw materials, energy and staff.

In France, RevPAR has risen by around 22% compared with 2019. If we put this into perspective with cost growth, we can see...