Improving liquidity dynamics for hotel sector even as operating performance is more uneven.
After weathering pandemic disruptions and interest rate volatility, the hotel sector has proven its resilience, with 2025 investment volumes up 22% from the 2023 trough.
Globally, international tourist arrivals surpassed pre-pandemic levels in 2025, and global air passenger volumes are expected to grow 4.9% in 2026.
2026 marks the deepening of a new investment cycle with compelling fundamentals across key markets. Strong debt markets, near record dry powder, investors’ need for yield, and a reestablished confidence about the resilience and performance of the sector, all amid an environment where supply additions are slowing, set the stage for further growth in hotel transaction volumes globally in 2026.
Key themes for 2026
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Authors
- Lauro Ferroni, Head of Capital Markets Research, Americas
- Christine Bang, Manager, Hotel Capital Markets Research
- Joe Stather, Head of EMEA Hotels & Hospitality Research
- Marina Bracciani, Vice President, Research
