European hotel transactions exceeded €10.4bn in the second half of 2024 contributing to a total of €22.4bn worth of deals for the whole of 2024, the highest 12-month volume since 2019, according to Cushman & Wakefield. 

The 2024 total figure was a 37% increase on 2023 volumes with the UK, Spain and France leading the way as the most active hotel investment markets. Between them, they accounted for 59% of total European volumes at €13.2bn, up 38% on 2023 volumes in these three markets. 

Jon Hubbard, head of EMEA hospitality at Cushman & Wakefield, said: “The European hotel market continues to hold great attraction to investors seeking to deploy capital. The cornerstone markets of the UK, France and Spain are the principal drivers of deals accounting for more than half of all transactions between them. We anticipate transactional activity will expand further in 2025, supported by rising debt liquidity and healthy hotel performances.” 

At a city level, London was the leading destination for investor activity with €4bn transacted, ahead of Paris at €1.6bn and Dublin at €0.6bn.