Hotel Dashboard

The hotel investment market presented a mixed picture after the first three quarters. On the one hand, the absence of major volume drivers resulted in a transaction volume of around €1 billion, down just over 27% on the strong prior-year period. On the other hand, deal activity painted a very different and significantly more positive picture of market sentiment. By the end of September 2026, around 27% more transactions had been recorded than in 2025, marking the highest deal count for the first three quarters since 2022. Accordingly, market momentum in the hotel sector has by no means weakened but is currently characterized by many smaller transactions.

Looking at the individual cities, Berlin currently stands out. Berlin benefits from many smaller properties across a wide range of hotel formats, from budget to more upscale concepts and operators, generating an investment volume of €186 million. Munich also recorded substantial investment activity at €131 million, driven by the Excelsior Hotel as well as transactions in the serviced apartment sector. Frankfurt (€95 million), Hamburg and Düsseldorf (€37 million each) and Cologne (€22 million) remain below the €100 million and €50 million marks, respectively.

Hotel performance indicators continue to send positive signals, including overnight stays. Five of the seven tourism hotspots analyzed recorded stable or slightly higher figures in the first half of the year compared with 2025.

The Hotel Dashboard from BNP Paribas Real Estate provides an overview of the development of hotel investment and key tourism figures in the various top markets in Germany.