戴德梁行：2025年下半年欧洲酒店地产市场更新报告（英文版）（18页）.pdf

1、H2 2025EUROPEANHOTELS UPDATEKeyTakeawaysSustained Demand GrowthWith global travel continuing to expand,hotel demand in Europe grew across all regions in 2025(+5%vs 2024 on average).This growth was mainly driven by Eastern and Southern Europe,while other European markets growth began to normalise.Rob

2、ust PerformanceIn 2025,RevPAR in Europe grew 2.1%year-on-year,driven by a 1.2%increase in ADR and supported by a 0.8%rise in occupancy.As a result,the average RevPAR reached 107 in 2025,32%above pre-pandemic levels(2019).Rising GOP Margins Full-serviced branded hotels improved their profitability in

3、 8 out of 15 key urban markets across Europe.The GOP margins for 2025 ranged between 25%and 47%,with hotels in London and Prague leading the way.4910Highest Investment Levels Since 2019European hotel transaction volumes surpassed 27 billion in 2025 a 23%increase year on year bringing the market to w

4、ithin 11%of pre-pandemic levels and 28%above the 10-year average.High-end Hotels Remain on the RadarNearly 40%of 2025s investment targeted Luxury and Upper-Upscale hotels,priced at 563,000 and 243,000 per room,albeit the Upscale segment ultimately generated the highest transaction volume.Yields at I

5、nflexionInstitutional capital is returning,and financing conditions are improving,paving the way for gradual yield sharpening for prime assets in H2 2026,while value discovery will continue for assets in secondary locations or in need of repositioning.141515GDP GROWTH0%1%2%20232024202520262027202820

6、29Euro ZoneUnited KingdomDuring the first half of 2025,economic uncertainty was sustained by heightened macroeconomic and geopolitical uncertainty,driven by escalating global conflicts,concerns over US trade policy,and new trade barriers.While inflation eased across Europe in late 2025 largely due t