■ Year to date transaction volumes total £5.7 billion with year end expected to reach £8.5 billion, exceeding the previous 2006 peak.

■ Portfolio transactions will continue to dominate going into 2016 albeit to a lesser extent than seen previously.

■ This should not generate any concerns for activity levels as we expect to see further break-ups of portfolios going forward.

■ Downward pressure on yields continue, exacerbated by lack of good quality stock.

■ Availability constraints in London and renewed confidence in the regional hotel markets are attracting new overseas investors into the regions.

■ Institutional appetite for hotels shows no signs of waning, as they look to 'new' brands and concepts to fulfil demand.