The current situation is serious and fragile. While the leisure hospitality is prospering in many regions, the city hospitality is struggling, and the market recovery will take longer than originally expected. International fairs are being cancelled and business tourism stays uncertain. The danger to turn into a local infection-hotspot makes forecasts nearly impossible. Product- and location specific judgement and valuation is needed. The mutual togetherness of banks, operators and investors is more important than ever before. The attached paper gives you insights and details about the current situation in Europe while highlighting the performance of some major cities.