While investment in the hotel sector has been on the increase in recent years, with this asset class now accounting for 3% of built property, as Adrien Lanotte pointed out at the last Hospitality Operator Forum, its development is increasingly constrained by legislation and the tourist destinations themselves. It is now essential to consider hotel investment from the point of view of both sustainability and local appeal. This can be a complex balance to strike, but one that does not seem to be worrying investors either, given the volume of transactions in the sector in Europe.