A strong 2024 saw high volumes of hotel investment transactions across the UK and mainland European hotel markets. Will similar levels of activity be enjoyed in 2025? The SPACs, Soho House and Sonder, remain under pressure, with a new take-private offer appearing for the membership business; this time around, it appears major stakeholders may accept the offer. And French investment giant Covivio reaffirms its interest in hotels, as it takes its operational learnings from the hotel sector to change the way it manages its office and residential assets, too.