Colliers: Europe is picking up, Germany remains selective – operator structures as central value drivers in the hotel investment market

At the same time, consolidation in the operator environment continues. Platforms with scalable brands as well as operators with strong cost and technology expertise continue to expand their market position.

At the same time, structured partnerships as well as platform and joint venture models are coming into focus and are increasingly shaping the market structure.

International Capital is once again focusing more on the German hotel market, but under changed conditions. Germany continues to be perceived as a stable market, but at the same time regulatory requirements, labour-cost-intensive structures and a more moderate rate level lead to a differentiated risk assessment.

"If you want to successfully implement transactions today, you have to think about operator strategy, contract structure and capital requirements in an integrated way – this is exactly where the decisive competitive advantages arise," Ewald continues.

From Colliers' point of view, however, there are signs of a clear revival in investor activity. A growing number of international investors are intensively analysing German hotel assets, with different strategies and risk profiles. At the same time, more and more southern European owner-operator structures are examining market entry or are already implementing it.

For 2026 as a whole, there are signs of a gradual revival in transaction activity. While Europe is already benefiting from high liquidity and increasing investor activity, ongoing geopolitical uncertainties and volatile developments in other global markets are leading to increased reallocation of international capital. Europe is thus moving more into the focus of international investors as a comparatively stable investment location.

The first quarter already showed that transactions are increasingly being implemented in a structured and differentiated manner – especially for assets with operational challenges or in restructuring situations. This suggests that the current pricing phase is likely to translate into concrete trades in the coming quarters.

In this market environment, access to national and international market participants as well as close networking with investor, operator and financing circles is a decisive success factor.

The focus is on the economic and operational classification of the assets, in particular the assessment of risks, the analysis of operator and contract structures and the assessment of the viability of the underlying concepts. Especially in the case of more complex transactions, consistent and resilient preparation is crucial for the further course of the process.