What's likely to happen over the next few months, as investors with cash wonder how best to deploy it, or whether to sit on it, and those with borrowings wonder how to approach refinancing. Against a gloomy outlook, hotel businesses continue to deliver cash - and it can't be long before private equity is active in the sector once more. And third party managers rev up to sign up more branded hotels, as owners wake up to the value within their assets - and the brand groups prefer franchises.