SIGNIFICATNLY HIGHER TRANSACTION ACTIVITY IN Q2
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The German hotel investment market recorded a transaction volume of approximately €790m in the first half of 2026, broadly matching the level achieved in the previous year. The strong 2025 result, which was supported by landmark transactions such as the Mandarin Oriental Munich and the Steigenberger Hotel am Kanzleramt in Berlin, was missed by only a marginal 4%. In particular, an accelerated second quarter, which contributed €475m in transaction volume, played a key role in delivering this solid interim result.
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A notable feature of the market is the significant increase in transaction activity compared with previous years. For the first time since 2019, more than 50 transactions were recorded in the first half of the year. This compares with around 35 deals in each of the two preceding years and just 28 transactions in the first half of 2023. While investment activity has broadened considerably, the market continues to be driven predominantly by smaller transactions. As a result, the average deal size currently stands at approximately €15m and has remained at this relatively low level since 2022, apart from the first half of 2025.
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Strong operating performance indicators, combined with guest and overnight stay figures that in many locations have returned to or even exceeded pre-pandemic levels, continue to attract international investors to the German hotel investment market. As a result, international investors currently account for 52% of total transaction volume.