Europe’s hotel sector is demonstrating exceptional resilience and consolidating its position among the key real estate asset classes. According to the latest survey by CBRE, the world’s leading commercial real estate services firm, more than 90% of the investors surveyed plan to maintain or further increase the volume of capital directed into hotel properties this year. Appetite remains strong despite macroeconomic uncertainty and heightened geopolitical tension. Prague has also left a notable mark in the pan-European comparison, improving year on year to join the top ten most attractive investment destinations.
Investor confidence in the hotel market rests primarily on favourable total return prospects, cited as the main reason for increasing investment volumes by a third of respondents (33%). A balanced relationship between supply and demand also plays an important role, together with growing interest in experiential travel across all generations.
“This year’s survey results clearly confirm that investors no longer view hotels merely as a cyclical opportunity, but as a strategic and structural component of their portfolios. Hotels are able to respond effectively to inflation and to changing market conditions. Prague’s ranking is excellent news for the domestic market — the city shares 7th place among Europe’s most sought-after cities together with capitals such as Copenhagen, Rome, Geneva and Athens. Prague benefits from its long-standing reputation as a safe and stable destination and attracts both established international capital and strong regional players,” says Jakub Stanislav, Head of Hotel Investment for the CEE region and Head of Capital Markets at CBRE in the Czech Republic.
Investors back luxury assets and turn to stable global brands
Looking at individual hotel categories, the luxury segment — premium five-star hotels offering the highest level of personalised service — remains the clear favourite, rated most attractive by 53% of investors, followed by the upper upscale segment (44%). Luxury hotels appeal thanks to their ability to sustain strong pricing power and a stable, high-net-worth clientele.
One of the most striking year-on-year shifts recorded by the survey concerns attitudes towards hotel brands:
“Whereas investors previously sought flexibility above all in independent hotels, today they see a strong international brand as the key to higher asset value appreciation and stable returns. We are seeing this in the Czech Republic as well, where a number of properties are moving under established international or strong local concepts,” explains Jakub Stanislav.
Willingness to pay a premium for prime assets and a shift in risk perception
Hotels rank among the most resilient real estate segments in terms of pricing, too. Almost half of investors (48%) do not expect any discount to the asking price when acquiring assets, and around 28% are even prepared to bid above the original valuation. Value-add strategies focused on the repositioning and refurbishment of existing properties remain the most sought-after (53%), while interest in bolder strategies targeting high returns at a higher level of risk has strengthened markedly (up from 15% to 25%).
The ranking of the main concerns among hotel real estate market players has also changed. Whereas in previous years the most frequent worries related to the availability and cost of bank financing, in 2026 conditions on the debt markets have stabilised. Rising operating and capital expenditure associated with refurbishments and pressure for energy efficiency have come to the fore.
Sustainability and modernisation: ESG as a value driver
When it comes to sustainability, investors are taking a rational and proactive approach. Rather than removing older buildings from their investment scope, they are focusing on refurbishing them and improving their energy efficiency (36% of investors favour retrofitting, while a further 30% invest with the aim of improving ESG parameters). Only 7% of respondents would not invest in a property with a weaker sustainability profile at all. Green certifications (such as Green Key, BREEAM or LEED) are thus becoming a common standard in the hotel segment, directly influencing both a property’s value and its appeal to guests.
Strong transaction activity in the Czech Republic
Investors’ healthy appetite is also confirmed by developments on the Czech market this year. The single most significant transaction was the sale of the Prague Marriott Hotel and Millennium Plaza complex, brokered by CBRE. The mixed-use complex in the heart of Prague, comprising 416 hotel rooms, office and retail space, conference facilities and four restaurants, represents the largest single-hotel-asset transaction in Central and Eastern Europe in 2026 and one of the largest in Europe overall. Alongside this deal, other notable transactions included the sale of the prestigious five-star Augustine hotel in Malá Strana, acquired at the beginning of the year by Kempinski Hotels with plans for a rebranding. Another major acquisition was the sale of the Vienna House Andel’s Prague — also advised on by CBRE — which moved into the portfolio of the Cimex investment group and now operates under the OREA Hotel Andel’s Praha brand.
“The Czech hotel market is going through an exceptionally dynamic period. The combination of rising visitor numbers, strong operating results and limited new development in central Prague is creating excellent conditions for further capital appreciation. Even by European standards, Prague is proving that it belongs among the most lucrative and most stable hotel markets,” concludes Jakub Stanislav.
More about the survey
The CBRE European Hotel Investor Intentions Survey 2026 was conducted between February and March 2026 among more than 70 leading European institutional and private investors, investment managers and property operators with total assets under management in the tens of billions of euros.
For more information please contact:
Crest Communications
Denisa Kolaříková
Account Manager
GSM: +420 731 613 606
denisa.kolarikova@crestcom.cz
Kamila Čadková
Account Director
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kamila.cadkova@crestcom.cz
www.crestcom.cz& ;
CBRE
Ivana Procházková, Communication Specialist, +420 771 288 023, ivana.prochazkova@cbre.com
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https://www.crestcom.cz/cz/tiskova-zprava?id=6496
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