房地产 -2025年第四季度法国酒店数据 2025年投资额和游客数量创纪录 France Hotel Figures Q4 2025 Record investment volumes and tourist numbers in 2025

CBRE

Recordinvestmentvolumesandtouristnumbers

in2025

5.00%

primeyieldQ42025

95.6M

Airportinternational

passengertraffic2025

66.2%

occupancyrate2025Hotels

459,900

Investmentvolumes2025

Averagedailyrate2025Hotels

RevpAR2025Hotels

overnightstays11M25-12rollingmonths

Note:Arrowsindicateannualchanges.

summary

2025witnessedexceptionalperformanceinovernightstays,encompassingalltypesofcollectivetouristaccommodationandbothdomesticandinternationalvisitors;

TheparisRegionexhibitedatwo-tieredmarket:whileestablishmentsinparisperformedstrongly,whereastheremainderoftheRegionexperiencedweakerresults;

AnnualRevpARreached84.0,althoughgrowthdecelerated,indicatingtheendofthe

recoverytrendobservedsince2021.

-Investmentin2025surpassed3billion,drivenprimarilybystrongactivityintheparisRegion·

-primeyieldsstabilisedthisquarteratlevelsthatremainrelativelyattractivetoinvestors·

short-termindicators

FranceGDPInflation

0.9%

(2025)

0.95%

(2025)

Euro/dollar

exchangerate

TourismspendingbytheFrench*

+2.2%

(Forecasts2025vs2024)

$1.18

(asof31Dec25)

:v

NB:Thearrowsindicatethetrendfortheyear2026."*packageholidaysandaccomodationservices.source:oxfordEconomics,INSEE,January2026.

10-yearGVTBond

3.56%

(asof31Dec25)

Household

confidenceindex

(December2025)

FIGURES|HOTELSFRANCE|Q42025

2CBRERESEARCH©2026CBRE,INC.

Touristnumbers

Arecord-breakingyearin2025forovernightstays

withnearly460,000overnightstaysrecordedbytheendofNovember2025(rolling12-monthperiod),thesectorsignificantlyexceededthepreviousattendancerecordsetin2023(+7%)andsawan8%increasecomparedto2024,ayearofdecline·Thisstrongperformancewaswidespread,withgrowthacrossallaccommodationtypes(+10%forhotels,+8%forcampsites,and+5%forothercollectivetouristaccommodation)andbothdomesticandinternationalclientele(+6%and+12%,respectively)·Franceappearstobebenefitingfromthesuccessoftheparis2024summerolympicGamesandtheongoingexpansionofglobaltourism·

Datafromthefinalthreemonthsoftheyea「(september/october/November)indicateadeclineinovernightstaysfordomesticvisitors,primarilyattributabletothelessfavorablepositioningoftheNovember1stpublicholidaythisyearcomparedtopreviousyears(fallingonasaturdayve「susaFridayin2019and2024).Incontrast,internationalvisitornumbersincreasedby8%ove「thesaeperiodin2024·

Lookingahead,the2025winterholidayseasonisexpectedtobelessaffectedbycalendareffects,givenfavorablesnowfallinmountaindestinationsandend-of-yearpublicholidaysconducivetolongweekends·Furthermore,hotelbookingratesrecordedinmid-January2026suggestthatthestartof2026willbeatleastequivalentto2025·

FIGURE1:NumberofovernightstaysinFrancedomesticandinternationalcustomers

DomesticInternationalShareofinternationalvisitors

34%

FIGURE2:weeklyBookingRatecomparisonforFrance(midJanuary2026vsmidJanuary2025)

FIGURES|HOTELSFRANCE|Q42025

3CBRERESEARCH©2026CBRE,INC.

FOCUS:Touristnumbersintheparisregion

strongperformanceBooststhepositionoftheparisRegionalatthenationallevel

Availabledataattheregionallevel-limitedtohotelsindicatesarecordyea「forile-de-France,withthenumberofovernightstaysinthisaccommodationcategoryapproaching72,500comparedtofewerthan69,000thepreviousyear.Followingadownturnin2024,linkedtotheunderperformanceduringtheparis2024summerolympicGames,thecapitalcityhasreaffirmeditsstatusastheleadingnationaldestination,capturing34%ofovernightstays,significantlyaheadofthesecondrankedFrenchtouristregion,provenceAlpes-cted'Azur(11%ofovernightstaysove「thesameperiod)·

Duringtheseptember/october/Novemberperiod,domesticoccupancyinilede-FranceprovedmoreresilientthanintherestofFrance,withthenumberofhotelovernightstaysremainingstableat+0.2%comparedtoadecreaseof-1.2%acrossmetropolitanFrance

Atwo-tiermarketintheparisregion

FIGURE3:NumberofovernightstaysandshareofinternationalcustomersintheparisRegion

uInternationaluDomesticshareofinternationalvisitors

FIGURE4:TrafficatRoissycDGandorlyairportsbygeographicarea

AccordingtooperationalperformancedatapublishedbyMKG,hoteloccupancyintheparisRegionincreasedby2percentagepointsin2025comparedto2024·However,thisincreasewasachievedthrougharoughly3%decreaseinaverageroomratesyear-over-year,resultinginamodestdeclineinRevpARattheregionallevel.

performancevariedsignificantlybylocation,however·HotelswithinparisitselfachievedrecordRevpARgrowth(+4.4%year-over-year),drivenbyanincreaseofove「4percentagepointsinoccupancy,despiteaslightpriceadjustment(-1.1%).conversely,propertiesintheinnerandoutersuburbsbarelymaintainedtheiroccupancyrates,despitenotablepricereductions(around-9%),leadingtoanearly9%declineinRevpARcomparedto2024·

FIGURES|HOTELSFRANCE|Q42025

4CBRERESEARCH©2026CBRE,INC.

operatingperformance

AnewrecordforRevpARbutmoremoderategrowth

Nationally,andacrossallhotelcategories,RevpARforthefullyea「2025increasedslightlycomparedtothepreviousyear(+1.4%),reaching84.Thisgrowthwasdrivenbymodestincreasesinbothpricesandoccupancy(+0.2%and+0.8percentagepoints,respectively,comparedto2024).However,occupancyremainsbelow2023levels,warrantingacautiousassessmentoftheseresults·

Indeed,acategory-levelanalysisrevealsthatthebudget,economy,andmid-「angesegmentswereforcedtolowerprices(between-1.3%and-2.4%comparedto2024)inanattempttomaintainoccupancy·onlythemid-「angecategorymanagedtostriketherightbalanceandimproveitsRevpAR·

Meanwhile,thehigh-endsegmentcontinuedtorecordasignificantRevpARincrease,approximately+5.4%,withpricegrowthcontinuing,albeitataslowerpace(+1.2%forthefullyear2025,comparedto+8.1%in2024).

pricetrendsinthecomingmonthswillbecrucialtomonitor,particularlyforbudgetandeconomyhotelsegments,asbothcouldbeimpactedbypotentialpricecompetitionamongbrands·

Attheregionallevel,provenceAlpesd'AzurstandsoutwithaRevpARincreaseof+6.5%year-ove「year,drivenprimarilybyapriceincreaseofnearly5%alongsideanimprovedoccupancyrate.

FIGURE5:operationalperformanceofhotelsinFrance

FIGURE6:operationalperformanceofhotelsinFrancebyrange

FIGURES|HOTELSFRANCE|Q42025

5CBRERESEARCH©2026CBRE,INC.

FIGURE7:QuarterlyinvestmentvolumesinFranceandshareoftheparisRegionvolumes

FrenchInvestmentMarket

The3billioninvestmentmarkhasbeencrossedfortheyear2025

DrivenbyastrongQ4,withover800millioninvested,theFrenchhotelinvestmentmarketsurpassed毛3billionforthefirsttimein2025·Thisrobustperformancewaslargelyattributabletoanincreasednumberofmedium-sizedtransactions·specifically,over60transactionsvaluedbetween10millionand50millionwererecordedin2025,comparedtoanaverageof45peryearoverthepreviousfiveyears,alongsideninetransactionsvaluedbetween50millionand100million,nearlydoubleboththeprioryear'sandthefive-yearaverage·

Followinganexceptionalyearin2024,investmentintheparisRegionsawaslightdeclinein2025,butstillachieveditssecond-bestperformance,withover1.7billioninvested·conversely,whiletheRegionsexperiencedasharpincreaseinvolumesin2025relativetotheunderperformanceof2024(+46%,theyremainbelowthelevelsobservedsince2019,withtheexceptionof2020.TheRegionsareparticularlyconstrainedbythescarcityoflargeportfolios,exacerbatedbysharplyrisingfinancingcosts·

ThetworegionsfollowingtheparisRegionintherankingsoftopinvestmentdestinations,provence-Alpes-d'AzurandAuvergne--Alpes,bothrecordedrespectableperformancesthisyear.ThePACARegionstoodout,withnearly570millioninvestedin2025,morethandoubletheaverageannualvolumesofthepastfiveyears·Activitywassupportedbybothsubstantialtransactionsandarecordnumberofdeals(22transactions)·

primeyieldsforthehotelsectorcontinuetoberelativelyattractive,rangingfrom5.00%forassetsleasedunderacommercialleaseto6.00%forthoseunderamanagementcontract·

3500

3000

2500

2000

1500

500

67%

50%

57%

49%

43%

36%

25%

2122232425

Q2Q3mmQ4shareofvolumesintheparisRegion

80%

70%

60%

50%

40%

30%

20%

10%

Inmillionsofeuros.

source:CBRE,Q42025

FIGURE8:primeyieldbyoccupancytype

FIGURES|HOTELSFRANCE|Q42025

contacts

QuentinLAFERTE

HeadofHotelInvestmentpropertiesFrance

phone:+33(o)622054191

quentin.laferte@cbrehotels.com

EstelleBARBARY

seniorconsultantResearch+33(O)153643071

estelle.barbary@cbre.fr

LinkedIn

/company/cbrefrance

BenjaminDELURIE

HeadofHotelsvaluation

France,Belgium&LuxembourgT⃞l.:+33(0)612594133

benjamin.deljurie@cbrehotel.com

sabineECHALIER

DirectorResearch

+33(O)153643704

sabine.echalier@cbre.fr

Twitter

/CBREFrance

kennethHATTON

HeadofHotels

Europe

Tel:+447830083000

kenneth.hatton@cbrehotel.com

pierre-EdouardBOUIDOT

ExecutiveDirector-Research+33(0)153643686

pe.boudot@cbre.fr

©Copyright2026.Allrightsreserved.ThisreporthasbeenpreparedingoodfaithbasedonCBRE’scurrentanecdotalandevidence-basedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthi