The transaction volume for hotel and accommodation properties in Germany amounted to just under EUR 572 million in the first half of 2026. This represents a decrease of 45 per cent compared to the same period last year. The second quarter recorded a significantly higher transaction volume of EUR 360 million than the first quarter and was only marginally below the average quarterly value of the last three years, which stood at EUR 376 million.
In addition to dedicated hotel transactions, hotels also changed ownership as part of mixed-use districts in the first half of the year. Examples include properties in Deiker Höfe in Düsseldorf, Lokhöfe in Rosenheim, and Postquadrat in Mannheim. These transactions are classified by Savills as mixed-use properties and are therefore not included in the reported hotel transaction volume. Classic hotel properties dominated market activity with a turnover of just over EUR 469 million, accounting for 82 per cent of the total volume.
The serviced apartment sector achieved a transaction volume of almost EUR 100 million. This means that by mid-year, this segment had already surpassed the respective full-year results for 2023 to 2025.
Ms. Tina Haller, Director Capital Markets and Head of Hotels Germany at Savills in Germany, analyses that the German hotel investment market performed cautiously in the first half of 2026 due to the challenging market environment. Concerns about further operator insolvencies persist. At the same time, restructurings, the entry of new market participants, and international expansion strategies contribute to high dynamism at the operator level. An indication of this development is that new operators have already been found for more than 120 hotels of the Revo Group. This is interpreted as a key market signal and underscores the attractiveness of high-performing hotel locations even in challenging situations.
These positive developments on the operator side are impacting the confidence of real estate investors. International owner-occupiers, in particular, are increasingly examining acquisition opportunities in Germany. Buyers continue to prefer core locations. Investors from the long-stay segment are increasingly focusing on classic hotels and conversion projects.
The heterogeneous buyer landscape and the parallel expansion of new, often technology-driven operator concepts offer investors and owners the opportunity to reposition existing hotel properties. This leads to a more flexible structuring of sales processes in the current market environment. In addition to traditional investors, new buyer groups are also specifically targeted. Furthermore, potential property adjustments, including changes of use, are evaluated at an early stage to meet market requirements and unlock new value potential.
