Hotel room values across Europe continued to expand in 2018, with London one of the continent's most expensive cities to get a room and Birmingham and Manchester among the cheapest.
The European Hotel Valuation Index (HVI) found that the value of rooms in the sector as a whole had picked up by 3%, showing more modest growth than the previous year's rate of 3.9%.
However, one of the few cities to experience a drop in value was Manchester, where an influx of new supply suppressed room rates.
Co-author of the index Magalí Castells said: "While there has been geopolitical uncertainty and instability in Europe, the influence of this on investors, developers and lenders within the hotel sector seems to be continually lessening.
"Although individual changes in 2018 were much more modest than in 2017, with no double-digit growth, it was a positive year for Europe's hotels, with growth and recovery in many cities, new value highs reached by hotels in many markets, and a positive outlook."
London was one of the most expensive places in Europe to find a room, along with Paris, Zurich, Geneva and Rome. Manchester was among the cheapest, along with Birmingham, which came bottom of the 33 cities, according to the index.