房地产 -2026年维也纳酒店市场报告 Hotel Market Report Vienna 2026

JUNE2026

HotelMarketReport2026

HOTELMARKETREPORT

Content

GlobalRealEstateExpertise4HotelMarketExpertise6

1TourismDataAustria8

2TourismDataVienna14

3HotelMarketVienna18

4CurrentTrends28

5Conversions32

6Investment36Contact40

*NewYorkStockExchange:CBG**Basis:revenue2025

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH5

GLOBALREALESTATEEXPERTISE

WhoisCBRE?

TheCBREGroup*islistedontheFortune500andS&P500stockindexandistheworld’sleadingcommercialrealestateservicesfirm**.

ThecompanywhichoperatesoutofDallashasmorethan155,000employeesinover600officesacrosstheglobe(excluding

branchesandpartneroffices)andservespropertyowners,investorsandtenantsallovertheworld.BasedinVienna,CBREhasbeenrepresentedinAustriasince1991.

AtCBREAustria,around140employees

adviseowners,investors,propertydevel-

opersandtenantsinallaspectsconcerningrealestate.Theinterdisciplinaryteamadoptsaholisticapproachwhenworkingonall

projects.CBREisthereforetheonlyserviceproviderinthemarketthatoffersanall-in-onesolutionforrealestate.

CBREServices–

Office,Industrial&Logistics,Residential,RetailandHotel:

–Rentingandlettingadvisoryservices

–Acquisitionsandsalesadvisoryservices

600+100+

Dallas90+

–ESGadvisoryandcertifications

–Workplace&Design

–CommercialandTechnicalPropertyManagement

–ShoppingcenterManagement

–Propertyvaluation

–Marketresearch,studiesandanalyses

155,000

RESIDENTIAL

HOTEL

OFFICEINDUSTRIAL

&LOGISTICS

RETAIL

.

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH7

HOTELMARKETEXPERTISE

Viennachecksin:

Arecordyearfor

theAustrianhotelindustry

Onthefollowingpages,youwillfindallthefigures,

trendsandbackgroundinformationpresentedina

conciseformat–fromtourismdataandtheViennesehotelmarkettocurrentindustrytrends,conversionsandinvestment.

Austria’shotelindustryisbreakingrecords–and

Viennaisrightattheforefront.Withover157millionovernightstays,thecountryachievedanewrecordin2025,drivenbyguestsfromallovertheworld.

Thecapitalalonerecordedmorethan20million

overnightstays,markingthebestresultinitshistory.

Wouldyouliketodelvedeeper?

CBRE’shotelandresearchexpertsarealwaysonhandtoansweranyquestionsyoumayhave.Asaglobalpartnerwithlocalmarketknowledge,wesupportyouinimplementingprojectsinthehotelpropertysector.

Weprovideprofessionalandtargetedsupport

throughoutthebuyingandsellingprocessesforhotelproperties.Wealsofindtherighthoteloperator–

tailoredtotheproperty,therequirementsandthe

market–andassistwithfeasibilitystudies,commercialandtechnicalduediligence,assetmanagementandotherstrategicmatters.Inaddition,weproducewell-foundedvaluationsthatserveasareliablebasisforinvestmentandmanagementdecisions.

Butthereismoretothesefiguresthanjustagoodseason:Viennastandsoutasayear-roundhubfortourism,conferencesandevents–fromitstopspotintheinternationalconferencerankingstothe2026EurovisionSongContest.Stablekeyfigures–withaRevPARofEUR87,anoccupancyrateof71%andadailyrateofEUR123–demonstratetherobustnessofamarketthatisreachingitscapacitylimitsin

December,withanoccupancyrateofaround90%.

Internationalbrandsareenteringthemarket,lifestyleconceptsandbrandedresidencesarebringingafreshdynamic,andconversionsaretransformingofficeandresidentialpropertiesintosought-afterhotels.Atthesametime,growingcostpressuresareposinga

particularchallengetofull-serviceoperators–amarketinfullflux.

Investors,too,havetheirsightsfirmlysetonVienna:withatransactionvolumeofaroundEUR550million,2025wasthethird-bestyearonrecordforhotel

investment–anincreaseof57%onthepreviousyear.Internationalcapitalisreturning,andaslightcompressioninreturnsisonthehorizonfor2026.

Welookforwardtohearingfromyou!

RochelSarikov

AssociateDirector

TeamleadHotelInvestment

T+436765009541

rochel.sarikov@

MaximilianStimpfl

ResearchAnalyst

CapitalMarkets|Research

T+436763396392

maximilian.stimpfl@

ManuelBugl

Director

HeadofCapitalMarkets

T+436765014598

manuel.bugl@

1

TourismDataAustria

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH11

TOURISMDATAAUSTRIA

InternationaltourismasthekeydriverofAustria‘snewovernightstayrecord

Themarketsbehindtherecordyear

forovernightstays

Drivenprimarilybyanincreaseininternational

guests,Austriarecordedanewovernightstayrecordin2025:atotalofover157.3millionovernightstays

wereregistered.Internationalguestsmadeadecisivecontribution,witha2.4%increaseaccountingfor116.8millionovernightstays.Overnightstaysbydomesticguestsroseonlyslightlyby0.5%,totalling40.5million.

Theaveragelengthofstayremainedunchanged

comparedtothepreviousyearat3.3daysperperson.Domesticguestsstayedsignificantlyshorter,averaging2.8days,comparedtointernationalvisitorsat3.5days.

Differencesarealsovisiblebyaccommodationtype:inhotels,theaveragelengthofstaywas2.8days,

whileguestsinprivateaccommodationstayedconsiderablylongerataround5days.

Over70%ofallarrivalsin2025weretotraditional

hotels,whichremainbyfarthemostpopulartypeofaccommodationinAustriantourism.Establishmentsintheuppercategorieswereparticularlydominant:around40%ofallarrivalswereinthe4-and5-starcategory.

Guestsbycountryoforigin(2025)

Overnightstayfiguresaretraditionallydrivenbyalargelystablegroupofsourcemarkets,aboveallneighbouring

countries.Asinpreviousyears,thekeysourcemarkets

37%

7%

26%

Germany

Austria

Netherlands

SwitzerlandandLiechtenstein

CzechRepublicUnitedKingdom

BelgiumItaly

PolandUSA

Hungary

Othercountries

14%

ofGermany,AustriaandtheNetherlandswereparticularlywellrepresented,whichtogetheraccountfor70%of

overnightstays.

ThemostdynamicgrowthwasrecordedbyIsrael,withastrongincreaseof50%comparedtothepreviousyear,followedbyTurkeyat+27%andBrazilat+21%.

m

Top10growthmarkets2025vs.2024

Development

ofovernightstays

Israel

+50.2%

Turkey

+27.3%

Brazil

+21.3%

Ukraine

+19.6%

Japan

+18.9%

Australia

+18.6%

SoutheastAsia

+18.1%

Central&SouthAmerica

+16.5%

Lithuania

+15.9%

Cyprus

+15.4%

Countries

Arrivalsbyaccommo-dationtype2025

5-/4-SarHotels3-StarHotels2-/1-StarHotelsApartments

Other

PrivateAccommodation

DevelopmentofarrivalsandovernightstaysinAustria

160

140

120

100

80

60

40

20

0

Arrivals/OvernightstaysArrivals/OvernightstaysArrivals/OvernightstaysArrivals/Overnightstays2022202320242025

DomesticguestsInternationalguests

Source:CBREResearch,StatistikAustriaSource:CBREResearch,StatistikAustria

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH13

TOURISMDATAAUSTRIA

Thealpsandcities:

enginesoftourismgrowth

SignificantregionaldifferencesexistwithinAustria’stourismlandscape,drivenbytherespectivesupplystructuresofeachregion.Tyrolleadsbyawide

marginwitharound50millionovernightstays,wellaheadofallotherfederalstates.Salzburgfollowsinsecondplacewith30.9millionovernightstays.Thesehighovernightstayfiguresareprimarilytheresultofapronouncedwinterandskiseason–

particularlyduringthewintermonths,thesestatesrecordveryhighinternationaldemand.

Viennaranksthirdwithover20millionovernight

stays.Thisfiguremustbeviewedinthecontextofanaveragelengthofstayofjust2.3days–thelowestofallAustrianfederalstates.

Thisreflectsthenatureofurbantourism,whichis

typicallycharacterisedbyshorterstaysofjustafewdays.Incontrast,Carinthiarecordedthelongest

averagelengthofstayofanyfederalstateat4.0days.

Statecapitalcitiesaresought-afterdestinationsyear-round,generatingaround29.1millionovernightstaysin2025.Thiscorrespondstoapproximately18%ofallovernightstaysinAustriaandrepresentsanincreaseof6%comparedtothepreviousyear.

ArrivalsandovernightstaysAustria

Arrivals(inm)

Overnightstays(inm)

Averagelength

ofstay

Burgenland

1.3

3.4

2.7

Carinthia

3.3

13.1

4.0

LowerAustria

3.0

7.3

2.4

UpperAustria

3.5

8.9

2.6

Salzburg

8.4

30.9

3.7

Styria

4.6

14.1

3.1

Tyrol

12.9

50.0

3.9

Vorarlberg

2.8

9.6

3.5

Vienna

8.6

20.1

2.3

Source:CBREResearch,StatistikAustria,WienTourismus

TourismDataVienna

2

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH17

Source:CBREResearch,WienTourismusSource:CBREResearch,StatistikAustria,WienTourismus

TOURISMDATAVIENNA

Viennacontinuesitstourismgrowthpath

ComparedwithAustriaasawhole,Viennahasasignificantlyhigherproportionofforeigntourists,whichstandsat

around83%.TheleadingsourcemarketsareGermany

withapproximately3.6millionovernightstays,followedbyAustriaitselfwitharound3.4millionovernightstays,andtheUSAwithapproximately1.3millionovernightstays.

Thepicturediffersintheluxuryhotelsegment:here,theUSAholdsthetoppositionintermsofturnover.

Currently,thesourcemarketswiththestrongestgrowthareIsrael(+51%),Turkey(+33%)andUkraine(+25%).

ParticularlynoteworthyisthegrowthofAsiansource

markets,whichachievedanoverallincreaseofnearly20%inVienna.

Viennaalsorecordedanewtourismhighin2025.Atotalof8.6millionarrivalswereregistered,anincreaseof5.2%comparedto2024.

Overnightstaysalsodevelopedpositively.Withmorethan20millionovernightstays,agrowthof6.5%

wasachieved,representingthehighestresulteverrecorded.

Thepositivetrendissettocontinueinto2026.

Inthefirstthreemonthsoftheyear,Viennarecorded3.8millionovernightstays,asignificantincreaseof6.6%comparedtothesamequarterofthepreviousyear.Congressandeventtourismwillagainbeakeydriverofovernightstayfiguresin2026,highlightedbyViennahostingtheEurovisionSongContest.

FORECAST

m

+4%+6%+7%–74%+9%+164%+31%+9%+6%25

20

15

5

0

20162017201820192020202120222023202420252026

5-Star4-Star3-Star2-/1-StarApartments,PrivateAccommodation,Hostels

DevelopmentofovernightstaysinVienna

10

Asiansourcemarkets

showthestrongestgrowth

Top10fastest-growingmarketsin2025vs.2024

Development

ofovernightstays

Israel

+51.3%

Turkey

+32.7%

Ukraine

+25.3%

Japan

+24.4%

SoutheastAsia

+24.2%

Australia

+24.1%

China

+21.9%

Serbia

+21.6%

India

+20.7%

Russia

+20.4%

Countries

Guestsbycountryoforigin(2025)

18%

17%

6%

GermanyAustriaUSA

Italy

UnitedKingdomSpain

France

Poland

Switzerland

Rumania

othercountries

HotelMarketVienna

3

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH21

Source:CBREResearch,WienTourismus

HOTELMARKETVIENNA

Tourismindicators2025(comparedto2024)

ØRevenueperavailableroom

(RevPAR)

EUR87.2

+1%

ØAverageDailyRate(ADR)

EUR123.2

+1%

Overnightstayturnover(net)

EUR1.5bn

+6%

Occupancy

70,8%

+/–0%

Stablehotelkeyfigures

amidgrowingcostpressure

In2025,overnightstayturnoverinViennaamountedtoapproximatelyEUR1.5bn,anincreaseofaround

6%comparedtothepreviousyear.Revenuegrowthwasachievedacrossalmostallhotelcategories,withtheexceptionof1-and2-starhotels,whichrecordedadeclineofaround10%.The4-starcategorypostedthestrongestrevenueincreaseatapproximately10%.

Despitetheincreaseinthenumberofroomsavailable,theoccupancyrateremainedat71%in2025,thesameasthepreviousyear.Thisshowsthatthemarketwasabletoabsorbtheadditionalcapacitywell.

In2025,theaverageRevPARwasEUR87,anincreaseof1%comparedtothepreviousyear.TheAverageDailyRate(ADR)simultaneouslyreachedEUR123.Despitethesepositiverevenuedevelopmentsandstrongoccupancylevels,full-servicehoteloperatorsinparticularcontinuetofacesignificanteconomicpressureduetosharplyrisingstaffandoperating

costs.

FortheseasonallyweakermonthsofJanuarytoMarch2026,aRevPARofEUR56andanADRofEUR104wererecorded,atanoccupancyrateofaround54%.

RecordoccupancyinDecemberputscapacityunderpressure

Inthestrongestmonth,December2025,theaverageoccupancyacrossallhotelcategoriesreachedaveryhighlevelofaround90%.

29%31%

2019202020212022202320242025

ADRRevPAROccupancy(Rooms)

80%

59%

54%

Q12026

78%

2018

74%

2016

76%

2017

100

90

80

70

60

50

40

30

20

10

0

140

120

100

80

60

40

20

0

HotelOperationalPerformanceVienna

69%71%71%

However,thereweredifferencesbetweentheindividualsegments.The1-and2-starsegmentwasnearly

fullyoccupied,withanoccupancyrateexceeding97%.Inthiscontext,however,itshouldbeborneinmindthatthissegment,witharound4,000rooms,hasa

comparativelylimitedsupply.

Strongdemandwasalsoclearlyevidentintheuppercategories:theluxurysegmentreachedanoccupancyof89%,while4-starhotelsrecordedanevenhigher

EUR

occupancyof90%.Overall,thesefiguresillustratethatexistingcapacity–particularlyduringpeakperiods–isincreasinglyreachingitslimits.

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH23

HOTELMARKETVIENNA

EfficientsupplystructureinVienna’shotelmarket

Viennahasaround450hotelsandaccommodationestablishmentswithatotalofapproximately43,000rooms.Althoughthenumberofavailableroomsgrewonlyslightlyoverseveralyears,ithasbeenrising

steadilysince2022.

Demandisgrowingsignificantlyfasterthansupply:since2015,thenumberofavailablehotelroomshasincreasedbyaround27%,whileovernightstaysgrewbyapproximately40%overthesameperiod.

Themarketstructureprovidesasolidfoundation

forfurthergrowth.4-and5-starhotelsaccountforaroundhalfofallestablishmentsandapproximately60%oftotalroomsupply.Asimilarpictureemergesonthedemandside,witharound60%ofhotel

overnightstaysattributabletotheupper-market

segment.Thismeansthesupplystructureisbroadlyefficientandalignedwithmarketneeds,whilethe

challengegoingforwardwillbetokeeppacewithcontinueddemandgrowth.

,000rooms

Overnightstays(inm)

5

0

201120122013201420152016201720182019202020212022202320242025

DevelopmentofovernightstaysandavailableroomsinVienna

1–2Star3Star4Star5StarOvernightstays

45

40

35

30

25

20

15

25

20

15

10

10

0

5

Source:CBREResearch,WienTourismus

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH25

Source:CBREResearch,WienTourismus

HOTELMARKETVIENNA

Primelocationsfuel

newhoteldevelopment

In2025,atotalof1,200hotelroomsand450servicedapartmentswerecompletedinVienna.Notable

openingsincludedtheluxuryhotelMandarinOrientalViennainthecitycentre,theMotelOneDCWaterlineontheNeueDonau,andtheMomentoServiced

ApartmentsonDresdnerStraße.

2026hasalreadyseenfurtherhotelopenings,

includingHotelSchaniWienCity,ESTHotelPalais

ChotekandTheCompanionHotelnearWestbahnhof.

Bytheendof2026,thecompletionofover1,500hotelroomsandservicedapartmentsinVienna(includingtheairportarea)isanticipated.

ThefocusofnewhotelopeningsremainsonVienna’sinner-cityareas,wheredemandismostpronounced.Atthesametime,otherwell-connectedlocationsaregrowinginimportance:theareaaroundMariahilferStraßeandthevicinityoftheViennamainrailway

stationareincreasinglyestablishingthemselvesaspreferredlocationsfornewhoteldevelopments.

PipelinehotelandservicedapartmentsVienna

3,000

2,500

2,000

1,500

1,000

500

0

20202021202220232024202520262027

HotelroomsServicedApartments

Brigittenau

Währing

Alsergrund

Hernals

Ottakring

VIENNALandstraßerHauptstraße

Margareten

Meidling

Heatmap

hotel&servicedapartmentsdevelopments2021-2030

DöblingDonaustadt

Source:CBREResearchViennaattractsinternationalhotelbrands

InternationalhoteloperatorsandbrandscontinuetoshowastronginterestintheViennamarket,asevidencedbyaseriesofnewmarketentries.Acleartrendtowardslifestylehotelconceptsisemerging.

ExamplesincludebrandssuchasTheCompanion,TRIBEandMiiro,whichhaveenrichedVienna’shotelportfoliothisyear.

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH27

HOTELMARKETVIENNA

Pipeline2026/2027

SelectedProjectsHotels/ServicedApartments

2026

©BobW

©AtelierHeiss©CBRE

BobW.ViennaDöbling

19.,HeiligenstädterStraße40

UpperMidscale,Apartments:67

Q32026

©CBRE

HotelSchaniNaschmarkt

6.,LinkeWienzeile130a

UpperMidscale,Numberofrooms:90

Q32026

2027

©Cserni©CBRE

HotelBristol1.,Kärntnerring1

Luxury,Numberofrooms:150

Q42027

HotelPalaisSchwarzenberg3.,Schwarzenbergplatz

Luxury,Numberofrooms:100

Q12027

HotelQuartierTwentyOne

21.,Siemensstraße

Midscale,Numberofrooms:100+Apartments:60

Q42027

magdasHOTELViennaPrater2.,Laufberggasse12

Midscale,Numberofrooms:103

Q22027

4CurrentTrends

CBRERESEARCH|HOTELMARKETREPORT2026©2026CBREGmbH31

Source:CBREResearch,WienTourismus

CURRENTTRENDS

Movingawayfromin-housedining:Successstrategies

forluxuryhotels

Hotelrestaurantsintheluxuryandupper-upscalesegmentsofthefull-servicehotelindustryare

traditionallynotprofitableoutlets.Highlabour

costs–Austriais20%abovetheEUaverageinthisregard–combinedwithadherencetotraditional

operatingmodelsthatfocusexclusivelyonhotelguestsandlargelyignorethelocalmarket,cementtherestaurant’sroleasapurecostcentre.

Theinternationalresponseisthedecouplingof

food&beveragefromhoteloperations,withthe

conceptofoutsourcinghotel-ownedF&Btothird-partyoperators.Thisisincreasinglybecomingtheinternationalstandardasameansofreachingthe

localpopulation.OutsourcingrestaurantoutletstoprominentchefsandinternationalF&Bbrandsalsobringsimmediateinternationalvisibilityandincreasesthelocalcapturerate.

Furthermore,mixed-hospitalitymodelsareonthe

rise,withhotelsincreasinglyservingasaframeworkforspecialisedthird-partyoperatorswhotakeoverindividualareassuchasrooftopbars,restaurants

andeventspaces.Thedaypart-sharingmodelisalsogainingtraction–wherethesamespaceservesasabreakfastroominthemorning,aco-workingspaceduringtheday,andatrendyrestaurantrunbya

prominentchefintheevening.

TheAustrianhotelmarketisclearlymovingtowardsseparatelymanagedF&Boperations,albeitmore

slowlythantheinternationalcompetitivelandscape.Thehybridmodelcombiningatraditional“Grand

Hotel”withamodernlifestyleoffering,featuring

itsownhigh-qualitydiningoptions,hasbecome

moreandmoreimportantandisthemodelthat

appealsmoststronglytoboththelocalmarketandaninternationalaudience.Financially,thisapproachisclearlymoresustainableduetolowercosts

andadditionalrentalincomeorrevenue-sharing

arrangements.Targetedcollaborationswithlocaltopchefsandregionalwinemakerscanreachthelocalmarketand,thankstofamiliarityandrecognisability,attractnotonlythehotel’sownguestsbutaboveallexternalvisitors.

Internationalcontactsandcelebritychefsadditionallybringfreshperspectives,createnewandexciting

diningofferings,andhelpcreateanenvironment

thatattractsskilledhospitalityprofessionalswith

internationalexperiencewhilesupportingtheirlong-termcareerdevelopment.

Otherkeytrends

Viennaasacongressandmeetingdestination

Around7,200congressesandcorporateeventstookplaceinViennalastyear,generatingover

2.5millionovernightstays.Thismeansthat

approximatelyeveryeighthovernightstayin

Viennaisnowattributabletothecongressand

meetingssegment.Viennaalsoremainsaleadingdestinationininternationalcomparison:in2024,thecitystillrankedfirstintheICCAcongress

ranking;in2025,itranksfourth.Thisdevelopmentispartofanoverallverystrongrecoverysince

theCOVID-19pandemic,whichisreflectedin

particularinthehighnumberoflargecongressesthisyear.Atthesametime,thisdynamicbringsnewchallenges.Thehighlyvariabledemand

leadstosignificantlyfluctuatingADRs,creatingachallengingrevenuemanagementenvironmentforhoteloperators.

Costpressureforoperators

Growingcostpressureposesmajorchallengesparticularlyforfull-servicehoteloperators.

Highstaffandoperatingcostsweighheavilyonmarginsandmakestableprofitability

increasinglydifficult.Incontrast,select-servicehotelsandservicedapartmentsaresignificantlylessaffectedbythistrend.Thankstotheir

leanercoststructures,lowerstaffingintensityandmoreefficientoperatingmodels,theyarebetterpositionedtocounteractrisingcostsandconsequentlyremaincomparatively

highlyprofitable.

Thehotelmarketiscurrentlyseeingatrend

towardsBrandedResidences–amodelin

whichresi