News / From the associates

CBRE’s 2026 Hotel Investor Intentions Survey highlights that investor sentiment toward the European hotel sector remains very positive despite the more uncertain macroeconomic environment. In fact, over 90% of investors plan to maintain or increase their allocation to the hotel sector in 2026, confirming the growing perception of hospitality as a strategic long-term asset class rather than an opportunistic one. Among the main reasons behind the increase in investments are expectations of more favorable returns, cited by over 30% of respondents, along with considerations related to pricing and valuations. In terms of strategies, value-add still prevails, chosen by 53% of investors, but interest in opportunistic approaches is also growing significantly, rising from 15% in 2025 to 25% in 2026, signaling a greater appetite for risk during certain phases of the real estate cycle.

From an operational and management perspective, investors continue to favor structures that allow for greater direct control over assets. Purchase with vacant possession remains the preferred structure, while interest in Hotel Management Agreements is increasing, as fixed or variable lease agreements become less attractive. The influence of major international brands is also growing: 53% of investors prefer hotels affiliated with global brands, up from 43% the previous year, while interest in independent hotels has declined, falling from 40% to 24%. Soft brands also continue to grow, reaching 24%, thanks to greater operational flexibility. In terms of product, the luxury segment remains the most attractive, cited by 53% of investors, while interest in alternative formats such as extended-stay and all-inclusive options is increasing, particularly in leisure destinations. Sustainability is increasingly becoming part of investment and asset management processes: 36% of investors are focusing on energy retrofits of existing properties, and 30% are investing with the explicit goal of improving ESG performance.

Geographically, Spain remains the European market considered most attractive for hotel investments, followed by Italy, which ranks second ahead of the United Kingdom, Portugal, and France. This data reflects the strength of tourism demand in Southern European markets and the hospitality sector’s solid operational performance. Italy also features prominently in city preferences: Milan rises to fourth place, tied with Paris, among the most attractive urban destinations for hotel investors, while Rome ranks seventh alongside Athens and Prague. London and Barcelona occupy the top two spots in the ranking, followed by Madrid. Overall, the analysis shows that investors are balancing interest in established gateway cities and high-growth leisure destinations, gradually expanding the range of destinations considered strategic within the European landscape.