HVS has released its Europe Hotel Transactions Bulletin for the week ending 20 February 2026, distributing the weekly digest through HospitalityNet to hotel operators, investors and lenders active across the region.

The bulletin is one of the few recurring public compilations of European hotel M&A activity, and its release lands ahead of Mipim London and the spring refurbishment-financing window. HVS, the global hospitality consultancy, has tracked European deal volume through its London office since the early 1990s.

What does the bulletin cover?

The weekly publication aggregates hotel transactions reported across Continental Europe, the UK and Ireland. Each issue typically records:

• Asset sales and portfolio transfers, with buyer, seller and price where disclosed
• Refinancing deals and loan book transfers touching hotel collateral
• New operator signings and management contract awards
• Site-level changes of flag in branded portfolios

Subscribers use the bulletin to benchmark deal multiples, track capital flow between European markets and identify buyer groups repositioning portfolios. Asset managers reference the data when pricing portfolios ahead of quarter-end reporting.

Why a weekly cadence matters

European hotel transaction volumes reported through the bulletin in prior months have shown that single-asset deals under €50 million continue to drive weekly activity, while portfolio trades above €200 million arrive in clusters. The weekly frequency gives operators a near-real-time read on pricing rather than the lag associated with annual agency reports. Lenders, including the senior debt teams at pbb Deutsche Pfandbriefbank and the debt funds at Oaktree and Brookfield, adjust recovery assumptions against this trading evidence.

HVS previously flagged that 2024 European hotel transaction volumes fell to roughly €6.3 billion from the 2019 peak near €14 billion, with recovery concentrated in Southern Europe and gateway cities. The 2026 issues of the bulletin will be read for signals on whether trading depth has returned to secondary markets such as Lyon, Porto, Düsseldorf, Naples and Krakow, or remains concentrated in London, Paris, Madrid, Berlin and Amsterdam.

What changes for operators and investors

Hospitality consultants say weekly transaction data feed into three working decisions for asset holders:

1. Revaluation arguments ahead of debt covenant tests, typically in March and September
2. Pipeline prioritisation for development and conversion projects seeking lender sign-off
3. Benchmarking of asking prices when owners test the market informally

Branded operators including Accor, Marriott International, IHG Hotels & Resorts, Hilton, Louvre Hotels and Meininger use comparable transaction evidence when negotiating management agreement terms and key-money commitments with owners.

Next steps for market watchers

HVS is expected to publish its annual European Hotel Transactions Report later in Q2 2026, consolidating weekly bulletins into a full-year dataset covering deal counts, total volume, average price per key and cap rate distribution by market. Operators and lenders will compare that consolidated file against trading recorded by alternative data providers, including the in-house transaction trackers compiled by JLL Hotels, Cushman & Wakefield and Colliers. The next bulletin is scheduled for week ending 27 February 2026.