For the German hotel investment market, a transaction volume of around € 790 million can be reported for the first half of 2026. This is the result of the analysis by BNP Paribas Real Estate.
"The market as a whole is thus at the previous year's level. The strong 2025 result, which was peppered with trophy asset transactions such as the Mandarin Oriental in Munich and the Steigenberger at the Chancellery in Berlin, is marginally missed by almost 4%. In particular, an accelerated second quarter with € 475 million placed contributed to the overall good interim result," explains Alexander Trobitz, Managing Director and Head of Hotel Services at BNP Paribas Real Estate GmbH.
In a direct year-on-year comparison, the significantly increased transaction momentum is significant. For the first time since 2019, more than 50 contracts were signed at the end of the first half of the year. In the two periods of the previous year, there were around 35 contracts each and in 2023 only 28. The market is much busier across the board, but is largely driven by smaller transactions. As a result, the average deal volume currently amounts to only around €15 million and has thus been at this consistently low level since 2022 – with the exception of the first half of 2025.
Strong performance indicators as well as guest and overnight stay figures, which in many places are at or even above pre-Corona levels, are also convincing international investors of the German hotel investment market. Their market share currently amounts to 52%.
