CBRE released its European Hotel Investor Intentions Survey 2026 this week, the latest edition of an annual benchmark that tracks how investors and operators plan to deploy capital across the continent's hotel real estate market.

The publication ranks among the most-cited data points in European hospitality finance. Asset managers, lenders and operators use it to set underwriting assumptions, refine acquisition pipelines and frame refinancing decisions.

What does the survey cover?

The European Hotel Investor Intentions Survey asks respondents to rate preferred markets, asset classes, deal structures and risk appetite for the year ahead. CBRE Hotels, the hospitality arm of CBRE Group, produces the publication each winter.

The series has run for more than a decade and complements CBRE's separate data on European hotel transaction volumes and operating performance. Respondents include institutional investors, private equity funds, family offices, REITs and hotel operators.

Why does the 2026 edition matter?

European hotel transaction volumes have remained below the 2019 peak despite a gradual recovery in 2024 and 2025. ECB rate cuts have lowered financing costs but have not yet triggered a full reopening of the deal market.

The 2026 survey lands at a moment when investors must choose between underwriting further growth in Southern European markets, where RevPAR gains have outpaced Northern Europe, or rotating capital back into gateway cities such as London, Paris and Amsterdam.

What should operators and lenders watch?

The survey's market rankings typically shift year to year. The 2026 results will indicate whether investors favour growth markets with operational upside or stabilised gateway cities with proven liquidity.

The publication also tracks appetite for conversion plays, branded residences, lifestyle concepts and extended-stay product. Lenders use the data to set LTV ceilings, debt service coverage thresholds and covenant packages for new hotel loans. Operators reference it when reviewing expansion plans, franchise targets and asset-light growth strategies.

What happens next?

CBRE will present the 2026 survey findings through regional webinars, client briefings and sector events in January and February 2026. Operators, lenders and investors will incorporate the data into 2026 budgets and capital plans through the rest of the winter deal-making window.