Hotels confirm their resilience: over 90% of investors plan to maintain or increase capital allocations. Prague breaks into Europe's TOP 10 cities.

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:

• Preference for globally established brands rose from 43% last year to 53%.
• Conversely, interest in independent hotels fell from 40% to 24%.
• Soft brand affiliations with international brands (24%) are gaining in popularity, combining the distribution power and loyalty programmes of the large hotel chains with the preservation of an individual hotel's distinctive character and independence.
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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.

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.