房地产 -欧洲酒店目的地指数 European Hotels Destination Index

FutureCities

EuropeanHotelsDestinationIndex

REPORTCBRERESEARCHDecember2025

FutureCitiesEuropeanHotelsDestinationIndex

2CBRERESEARCH©2025CBRE,INC.

Introduction

Contents

KeyMarketPillars

&Attributes

MacroeconomicDefiningAttributesOverallScores

FundamentalsofDestinationAppeal&Prospects

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IntroductionKeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

&AttributesFundamentalsofDestinationAppeal&Prospects

03

05

17

22

27

Introduction

DefiningAttributesOverallScores

ofDestinationAppeal&Prospects

KeyMarketPillarsMacroeconomic

&attributesFundamentals

01

Introduction

FutureCitiesEuropeanHotelsDestinationIndex

4CBRERESEARCH©2025CBRE,INC.

Introduction

KeyMarketPillarsMacroeconomicDefiningAttributes

&attributesFundamentalsofDestinationAppeal

Introduction

Europe'shotelsectorispropelledbysustainedtravelgrowth

duringaperiodwhensupplygrowthisprojectedtobewellbelowthehistoricalaverage.Thisiscapturingtheattentionofawidercohortofglobalrealestateinvestors.Inthiscontext,market

participantsareturningincreasinglytodata-drivenapproachestoidentifythemostpromisinginvestmentopportunities

Thisreportintroducesthe

EuropeanHotelsDestinationIndex,aproprietaryinauguralindexscoringmodel,that

benchmarks66European

destinationsbasedontwokeydimensions,with

eachfactorequallyweighted:KeyMarketPillarsand

EconomicFundamentals.

Together,theseunderpintheresilience,liquidity,and

investmentpotentialofhotelassetsacrossEurope.

Inaddition,wehaveoutlinedkeydefiningattributesof

destinationappeal.While

thesearenotincludedintheIndexscoringmodel,theyplayaninfluentialroleinshapingadestination’slong-term

attractiveness.

OverallScores

&Prospects

TheIndexevaluatesmarketsthroughfactorssuchasinternationaltourism

flows,hoteldemand,investment

penetrationandlabourcosts,aswellasthemacroeconomiclandscape

includingworkforcedepthandelasticity,localeconomichealth,anddestinationaffordability.

Withinvestorscontinuingtoseek

clarityinacomplexandcompetitive

investmentlandscape,thistool

providesastructuredframework

tocomparemarkets,prioritise

opportunities,andalignlocation

strategieswithfuturegrowthpotentialwherefundamentalsbestsupporttheirstrategicinvestmentobjectives.

Introduction

KeyMarketPillars

&Attributes

OverallScores

&Prospects

MacroeconomicDefiningAttributes

FundamentalsofDestinationAppeal

02

KeyMarketPillars&Attributes

FutureCitiesEuropeanHotelsDestinationIndex

Introduction

KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

&AttributesFundamentalsofDestinationAppeal&Prospects

Key

MarketPillars

Thissectionexaminestheempiricalandmeasurablekeymarket

characteristicsthatshapetheviabilityandappealofhotelinvestmentacrossEuropeandestinations.OurIndexevaluateseachdestinationacrosssevencoresub-factorsthattogetherformaStructuralIndexScore,offeringinvestorsinsightsintotravelflows,scale,liquidity,andoperationalissues.

WhileourIndexfocusesonquantifiablemarketindicators,itdoesnotmeasuretax,legal,or

financingenvironments.Thesefactorscanbeanalysedcomparativelyacrossmarkets,buttheyarenotincorporatedwithintheIndexduetotheabsenceofcomparableempiricaldatasets,astheir

relevanceoftenvariesbyinvestorstrategy,jurisdictionandpreference.

KeyMarketPillars

Inboundarrivals

Total

overnight

stays

Marketliquidity

Marketsize

RevParlevel

NewLabour

supplyCosts

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internationalconnectivity.internationalandexitstrategies.Italsosupports

-Marketswithstronginboundyieldmovement,fosteringaovernightsstaysandtotal

numberstendtoexhibit-Itprovidesaclearerviewofthemarketsizeisakeyindicator

FuttureCitiesEuropeanHotelsDestinationIndex

KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

KeyStructuralMarketPillars

InboundArrivals

Totalovernightstays

MarketLiquidity

MarketSize

Thisfactorreflectsthetotal

Thismetriccapturesthetotal

Thisindicatorreflectsthe

Thisfactorreflectsthetotal

numberofinboundovernight

numberofovernightstays

historicaltradabilityofhotelreal

existinghotelroomsupplyina

visitorsarrivinginacityor

(domesticandinternational),

estate,basedonlong-term(2010–

city.Itcapturesthescaleand

destination,oftencapturingdata

consideringnotjustarrivals,but

2024)transactionvolumes,deal

maturityofthehotelmarketin

fromairports,bordercontrols,

alsocapturingthelengthofstay.

velocity,andthedepthofthe

termsofthenumberofrooms

andtourismauthorities.

investorpoolacrossallsegments.

acrossallsegments.

Whyitmatters

-Ahighvolumeofinbound-Arguablythemostimportant-Highmarketliquidity(higher-Itprovidesaviewonthe

arrivalsreflectsadestination’sofallmetrics,totalovernightscore)signalsinvestorrelativedepthofthepotentialgeneralappealandunderlinesstaysshowsaggregateconfidenceandprovidescapacityforhoteloperationsitsaccessibilityandhoteldemand,frombothgreaterflexibilityforentryandandfuturedevelopments.

-Therelativitybetweentotaldomesticmarkets.moretransparentpricingand

strongerAverageDailyRatesizeofvisitordemandthancompetitivelandscapethatofthecapacityofthemarket

benefitsbothbuyers

(ADR)performance,higherarrivalnumbersalone.toabsorbnewproduct.

andsellers.

brandpenetration,andmore

-Combinedwithanassessment

robustseasonality-Forcoreinvestors,liquidity

ofthenewsupplypipeline

nrledrierliioicldiier,di;t,apoiant

sourcemarkets.enablesfastercapital

viewonthefuture

deploymentanddivestment.

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pricingpower.

FutureCitiesEuropeanHotelsDestinationIndex

KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

KeyStructuralMarketPillars

RevPARLevelNewSupplyLabourCosts

RevenuePerAvailableRoom(RevPAR)ThisfactorconsidersthevolumeofnewhotelThisindicatorreflectsaveragewagelevelsand

combinesbothoccupancyratesandaverageroomsunderconstructionoratfinalplanningrelativestaffingcosts-akeyconsiderationindailyrateintoasinglemetric.stage,adjustedforthecurrentmarketsizetoassessingprojectedprofit.

reflectrelativegrowthpressurebyexpressed

asapercentageoftheexistingroomstock.

Whyitmatters

-Itismostusedbyindustryprofessionalsto-Theadditionofnewsupplyisakeyindicator-Staffingcostisoneofthelargestoperating

gaugetherooms-revenue-generatingofthecompetitivepressurestowhichexistingexpensesinhotelmanagement.Markets

capacityoftheaverageroom–acrossallassetswillbesubject;withlowerwagelevelscansupportmorecost-

segments–inamarket.efficientoperations,especiallyforlabour-

-Investorsmonitorpipelinetrendscloselyto

intensivesegmentssuchasfull-servicehotels.

-RevPARperformancereflectshealthyassesssupplyandsaturationrisks.

demand-supplydynamicsandpricingpower.-Highlabourcostscanalsopointtowarda

potentialneedtoconsiderthe

-SustainedstrongerRevPARlevelsandgrowth

competitivenessofthesegmentation

supportincomestability,enhancingasset

movingforward,perhapsfavouringamore

valuations,andunderpinstheunderwriting

limited-servicemodelwhereADRpricing

of◌ٞacquisitions.

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powerisnotstrong.

FutureCitiesEuropeanHotelsDestinationIndex

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KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

Leadingdestinationsbymarketpillarindex

–Londonleadswithunmatchedscale,liquidity,andglobaldemand,cementingitspositionasEurope’smoststructurallyinvestiblehotelmarket.

–ParisfollowswithenduringdemandfundamentalsandexceptionalRevPARperformance,althoughhighlabourcostsremainastructuralchallengethatcouldlimitfutureoperationalupside.

–Barcelona,Madrid,andRomeformabalancedtierwithsolidstructuralprofilesacrossdemandandmarketdepth,underpinnedbystrongtourismflows.

–Munich,Milan,andViennabenefitfromsubstantialtotalnightsdemandalongsidereasonableliquidityandmarketscale.

–MallorcaandVenicestandoutamongleisuredestinations,combiningstrongrateperformancewithbalancedpipelines,thoughseasonalityrisksmayactasaconstraint.

–Amsterdamremainsstructurallyrobustandefficient.Therestrictionsonnewsupplymakethemarketmoreattractive,astheycreatebarrierstoentrythatsupportpricingpower.

–Athens,Budapest,andTeneriferepresentanemergingcohortofrelativelycost-efficientmarketswithrisinginbounddemandandslowerpipeline.Thesedestinationsoffercompellingmedium-termopportunities,particularlyforvalue-seekinginvestorsorrepositioningstrategies,albeitwithliquiditylimitationscomparedwithcoreWesternEuropeanhubs.

–GranCanariacompletesthetop20,characterisedbysmallerscaleandliquiditybutsupportedbylimitednewhoteldevelopmentandstrongcostcompetitiveness,pointingtoupsidepotentialforopportunisticcapital.

Figure1:Top20destinationsnormalisedscoresbystructuralmarketfactor

London

Paris

Mallorca

Venice

Barcelona

Rome

Madrid

Amsterdam

Florence

Prague

Lisbon

Athens

Tenerife

Milan

Berlin

Munich

GranCanaria

Vienna

Naples

Budapest

0102030405060uInboundarrivalsuTotalnightsuMarketliquidityuMarketsize

RevPARlevelsNewsupplyLabourcosts

FutureCitiesEuropeanHotelsDestinationIndex

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KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Relativelowerroomssupplyas%ofcurrentinventory

Figure2:Hotelmarketdynamics:Hotelnightsdemandgrowthvsnewsupplypipeline

Hoteldemandandsupplydynamicsinmotion

Thissectionexaminesthekeydemand/supplydynamic,mappingprojectedgrowthinroom-nightdemandagainstprojectedgrowthinsupply.ItshouldbenotedthatoverallsupplygrowthacrossmarketsinEuroperemainshighlydisciplined,with

over90%ofmarketsshowingwell-balancednewhoteldevelopmentrelativetoexistingstock.

Thesemarketsshowreasonablegrowthbutarenotexposedtopipelinepressure,offeringstablereturnsandlower

downsiderisk.

AsubstantialnumberofEuropeancitiespositionhere,combiningsoliddemandgrowthwithrelativelylimitednewsupply.Thisshouldsupportpricingpowerandlong-terminvestorappeal.

Asmallnumberofcitiesshowmoderate

growthalongsiderelativelyhigherpipelines.Whilethenumberofnewdevelopmentsishigher,theimpactisstillexpectedtobe

moresegment-specific.

Nomarketcurrentlypositionsplainlyinthisquadrant,wherestrongdemandgrowthwillbemetwithsignificantnewhotelsupply.

Forthevariousreasonsthathavecurtaileddevelopment(planning,constructioncosts,finance),nomajormarketthatexpects

robustdemandcurrentlyhasthesupplytofullyabsorbit.

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

.

●Nice

Toulouse

Strasbourg

o

Lisbon

Steadydemandgrowth,lowersupplyrisk

●

Stuttgart

Marseille

Lille

AntwerpGothenburg

Munich

Amsterdam

Florence

Geneva

Barcelona

Stockholm

Napleallorca

Lyon

Brussels

Strongerdemand

Dubrovnikgrowth,lowersupplyrisk

●Tallinn

●Milan

CologneParisZurichAthens

●Oslo

Vienna

Prague

SofiaHelsinki●Rome

BerlinRiga

TenerifeVenice

NurembergArea

●Warsaw

Dusseldorf

Madrid

●Turin●York

●Frankfurt

GranCanaria

Budapest

●Porto●Bristol

Southampton

LeipzigArea

Copenhage

n

tAirport

●Vilnius

●Bucharest

g

ondon

Brighton●Frankfur

●Hambur.L

Bordeaux

Dublin

Birmingham

●Sevilla

Glasgow

Malag

a

Liverpool

Edinburgh

Manchester

●Valencia

Steadydemand

Strongerdemand

growth,higher

growth,highersupply

supplyrisk

risk

Forecaststrongerpotentialannualhotelnightsdemandgrowthby2030

Source:TourismEconomics,CBREResearch,CBRE’sanalysisofvariousavailabledatain2025

11CBRERESEARCH©2025CBRE,INC.

KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

Inboundtourismdemandandgrowthmomentum

Inboundovernightarrivalsareakeystructural

measureoftourismvitalityandhotelmarketscale.

LondonandPariscontinuetodominateinabsolutevisitorvolumes,reaffirmingtheirroleasEurope’smostestablishedglobalgateways.However,thestrongestforwardmomentumliesinleisure-orienteddestinationssuchasVenice,Rome,andMallorca,eachshowingprojectedcompoundgrowthofbetween4.8%and7.9%through2030.

Thisshiftunderscoresabroaderrebalancingoftraveldemand,whereexperiential,cultural,andresortdestinationscaptureagrowingshareofinternationalvisitors.

Italsopointstothediversificationofinvestmentopportunitiesbeyondtraditionalmetropolitancentres.

Whilegatewaysofferstabilityanddepthofdemand,secondaryandresortmarketsprovidestrongergrowthtrajectories,albeitwithgreaterseasonality.

Overall,theprojectedcontinuedexpansionofinboundarrivalsacrossthesehigh

visitorfootfallEuropeandestinationsreinforcesthesector’sresilienceandformsakeystructuralpillarsupportinglong-termhotelinvestmentattractivenessandviability.

3.0%

4.1%

6.4%

4.9%

5.9%

7.9%

6.6%

2.8%

4.7%

5.2%

5.2%

5.5%

4.4%

3.6%

4.0%

3.8%

5.1%

6.1%

6.0%

9.8%

Figure3:Inboundovernightarrivalsbydestination(Rankedbynumberofvisitor,‘000)

London

Paris

Venice

Mallorca

Barcelona

Rome

Amsterdam

Prague

Vienna

Madrid

Milan

Dublin

Florence

Lisbon

Berlin

Tenerife

Munich

Budapest

Athens

Bucharest

04,0008,00012,00016,000u2025Fa2019CAGR%(2024-2030)

Source:TourismEconomics,projectionsarecalculatedbyTourismEconomics,CBREResearch

12CBRERESEARCH©2025CBRE,INC.

KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

Potentialmarketliquiditylevelbyhotelinvestmentvolume

Liquidityandmarketscale:alignmentwithfundamentals

Figure4comparessimulatedhotelmarketliquiditygrowth(verticalaxis)withactualhistorical

liquidity(horizontalaxis).Theregressionmodeldrawsonkeystructuralfundamentalsincludingtotalnights,inboundovernightarrivals(eachhypotheticallyupliftedby5%),andnewsupplytoillustratehowmarketsmightevolveundermoderatestructuralgrowth.

Thediagonallinerepresentswheresimulatedandactualliquidityareinbalance.Positioningrelativetothislineindicatesthedegreeofalignmentbetweenmarketsizeandinvestmenttransactionactivity,

withoutimplyingcapitalexpenditureorphysicalassetreinvestment.

Neartheline:Marketswheretransactionactivitybroadlycorrespondswiththeiroverallscaleanddemandfundamentals.

Abovetheline:Simulatedliquidityexceedshistoricalactivity.Thismayindicatestructuralheadroom,whereamarket’sscaleandfundamentalssuggestcapacityforgreaterinvestmentactivityovertime,subjecttofactorssuchasavailabilityofinvestiblestockandregulatoryenvironment.

Belowtheline:Historicalliquidityexceedsthemodelledlevel.Thistypicallyreflectsstronginvestorengagement,opportunisticdeals,orcyclesofheightenedactivity.Whilepositive,itmayalsoindicatemarketswheretransactionvolumesperiodicallyrunaheadofstructuralscale.

Note:Thischartisbasedonaregressiontestusingkeystructuralfundamentalsincludingtotalnightsin

accommodation,andinboundovernightarrivals,eachhypotheticallyupliftedby5%tomodelmoderategrowth,alongwiththeprojectedhotelpipeline(newsupply)foreachmarket.

Source:CBREResearch

Figure4:Actualvsmodelledliquidity:marketscaleandstructuralalignment

Potentialforgreaterliquidity

Mallorca

Berlin

Rome

Barcelona

Madrid

DublinTenerife

Hamburg266818477V.5enice

Edinburgh

Frankfurt

Budapest,

,"

Elevatedhistoricaltransactionactivity

Gran

Canaria

.

ViennaMunich

Amsterdam

London

Paris

Actualliquiditybyhotelinvestmentvolume

FutureCitiesEuropeanHotelsDestinationIndex

KeyMarketPillarsMacroeconomicDefiningAttributesOverallScores

Figure5:Top20destinationsbyhotelmarketsizeintermsofno.ofrooms

uInternationalGatewayuMetropolitanHubuSun&LeisureDestination

Marketscaleand

locationdifferences

Introduction&AttributesFundamentalsofDestinationAppeal&Prospects

London

Mallorca

Paris

Barcelona

Berlin

Madrid

Ofthe66destinatio