Thoughts from the Berlin hotel conference, where economic worries took the shine off what has, so far, been a strong recovery. But the global majors are setting such worries aside, helped by the return of the US market to 2019 levels, or even better. The laggard is China, where frustrations over the Chinese government’s Covid-19 lockdown policy are becoming evident - and forcing Chinese hotel groups to keep cutting back. Will they sell up their European operations?