2024 was a big, unusual year for France’s hotel sector because of the Olympics. How are hotels faring now and what should independents do to stay ahead?
The sample of branded full-service hotels* in Milan recorded a slight increase in profit during the 12 months ending in July 2025, compared to the same period last year. GOP per Available Room (GOP PAR) rose by 0.9%, driven by a 0.2% increase in revenue and supported by a 0.2% decrease in expenses.
Known for pairing candour with data-driven clarity, the HotStats CEO recently unpacked the latest profitability trends shaping the UK and European markets — and the results were anything but comforting.
The Irish hotel investment market remained strong in the first half of 2025, with transactions totalling around €375 million. Major Dublin deals dominated activity, including the €86 million sale of the Ruby Molly Hotel by ESR Group to German investor Deka Immobilien, leased to Ruby Hotels Group. The Fleet Hotel was also acquired by the Lanthorn Group for TMR Hotel Collection. Beyond the city centre, the Grand Hotel in Malahide, the Marine Hotel in Sutton, and the Radisson Blu at Dublin Airport all changed hands. Activity outside Dublin was limited, with the standout being the €21 million sale of Clayton Whites Hotel in Wexford to the Neville Hotel Group.
The sample of branded full-service hotels in Dublin recorded a slight decline in profit during the 12 months ending in August 2025, compared to the same period last year. GOP per Available Room (GOP PAR) decreased by 1.4%, due to a -1.0% drop in revenues while the cost declined by -0.8%.
Driven by the Italian Grand Prix and Fashion Week, Milan posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar, a global leading provider of online real estate marketplaces, information, and analytics in the property markets.
Several concerts, including Oasis, Lewis Capaldi, and Lady Gaga, lifted London’s hotel performance in September, according to preliminary data from CoStar, a global leading provider of online real estate marketplaces, information, and analytics in the property markets.
The sample of branded full-service hotels in Manchester recorded a GOP per available room (PAR) of £36.0 in the 12 months ending in August 2025. This represents a 13.4% drop compared to the same period last year, due to a 4.0% decline in revenue, which was only marginally offset by the lower expenses (-0.5%).
The sample of branded full-service hotels in Prague recorded a healthy increase in profit during the 12 months ending in August 2025 compared to the same period last year. The GOP per available room (GOP PAR) rose by 6.0%, driven by a 6.3% increase in revenue, despite a 6.6% increase in expenses.
Once economically reliant on petroleum refining, with additional support from financial services and tourism, Curaçao has seen tourism emerge as the cornerstone of its economy since the refinery’s closure in 2018. This shift has become even more apparent in the post-pandemic era. The island boasts dozens of white-sand beaches, vibrant reefs, and world-class snorkeling, as well as the historic capital of Willemstad, a UNESCO World Heritage Site known for its Dutch Colonial architecture. Willemstad’s growing art, shopping, and dining scene and the island’s natural assets, rising visitation, and sustained investment are positioning the country for continued growth as a premier Caribbean destination.
The German hotel investment market showed a remarkable increase in transaction volume in H1 2025 compared to H1 2024, nearly reaching the total annual volume of 2024. However, the market is still considerably behind the pre-COVID levels.
The hotel investment market in Spain showed remarkable momentum and consolidation during the first half of 2025. With a total investment volume of €2.1 billion, the sector not only recovered to pre-pandemic levels but also recorded the third-highest first semester in history. Driven by robust demand and high-performing assets, the leisure sector regained its leadership, boosted by the record-breaking €430 million acquisition of the Mare Nostrum Resort in Tenerife. Domestic investors led the transactions, accounting for 66% of the volume. With a strong pipeline for H2 2025, the sector is on track. to surpass 3 billion mark, reinforcing Spain’s appeal to both domestic and international capital.
The Italian hotel investment market delivered a strong H1 2025, with transactions reaching nearly €1.7 billion, up 102% YoY. Rome and Venice led the activity, generating over €780 million (47% of the national volume), confirming their strategic appeal. Deals were mostly single-asset, focused on the Upper Upscale and Luxury segments. Notable transactions included the €170 million acquisition of the Mandarin Oriental in Rome (Villini Sallustiani). International investors drove 51% of total volume, with capital from Europe and the Americas. Despite cautious optimism, the market remains resilient, with a solid deal pipeline and sustained foreign interest expected to drive continued momentum in H2 2025.
Gorgeous Smiling Hotels GmbH and Aspire GmbH are joining forces, consolidating their hotel operations and setting the stage for ambitious future growth. Their first deal as Gorgeous Smiling Hotels will be with the addition of Great2Stay Hotels, which is a hotel management company based in Augsburg. This move will create one of the largest operators in the DACH region portfolios of the year. The joint umbrella brand for all activities will be Gorgeous Smiling Hotels.
France has a natural tendency towards romanticism, which is often a strength but can sometimes become a weakness. It is the world's leading tourist destination, with a hotel and tourism ecosystem that has never been as structured, inventive or powerful as it is today... and yet. And yet we like to make things more difficult, procedures more complex and decisions more opaque.
When Switzerland welcomed the UEFA Women’s Euro 2025, it was more than just another major football tournament; it was a nationwide festival that brought together sport, culture and tourism in a way few countries could replicate. Over 650,000 fans filled stadiums across eight host cities, with an additional 500 million viewers watching on television and online. All but two of the 31 matches were sold out with fans coming from over 100 countries, reflecting the global pull of the women’s game.
The UK hotel investment market witnessed a marked decline in transaction volumes during H1 2025, largely attributable to a subdued level of portfolio transactions compared to 2024. Although most UK markets saw a contraction in transaction activity, standouts such as Edinburgh and Glasgow demonstrated resilience, with Edinburgh recording a 136% increase in volume—primarily driven by high-value, single-asset transactions, including the sale of the W Edinburgh to Schroders. London, while representing 64% of the overall transaction volume, experienced a sharper year-on-year decline compared to regional markets. The overall reduction in volumes for H1 may reflect extended deal timelines, with many transactions being deferred to the second half of the year. Looking ahead, transaction activity is expected to recover as pricing expectations between buyers and sellers converge and financing conditions continue to stabilise.
This year's Oktoberfest is set to be a significant driver of hotel demand, particularly in its home city of Munich, but also in other cities hosting similar festivals.
The sample of branded full-service hotels in Vienna recorded a notable increase in profit during the 12 months ending in June 2025. The GOP per available room (GOP PAR) increased by 13.8% (YoY), driven by a 6.1% revenue rise that outpaced the 2.5% increase in expenses. While revenue growth slowed to 5.4% in H1 2025, it still surpassed expenses (+4.0%), leading to an 8.8% GOP PAR increase.
The sample of branded full-service hotels in Budapest recorded a large increase in profit during the 12-month period ending in May 2025. The GOP per available room (GOP PAR) rose by 25.9% (YoY), driven by a 15.9% revenue increase and despite rising expenses (+10.0%).