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FIGUREslHOTELSFRANCEIQ32025CBRE
numbersandsignificantinvestmentvolumes
9M2025Investmentvolumes
5.00%
primeyieldQ32025
396,400
overnightstaysgM25
72.6M
Airportinternational
passengertrafficgM2025
AveragedailyrategM2025Hotels
RevpAR9M2025Hotels
672%
occupancyrate9M2025Hotels
Note:Arrowsindicateannualchanges.
summary
-Apositivesummerseasonacrossalltypesoftouristaccommodation,withariseinovernightstaysfrombothdomesticandinternationalvisitors·
Recordvisitornumbersinilede-France,althoughhoteloperationalperformancewasmixed·-RevpAR(RevenueperAvailableRoom)remainedstableoverthefirstninemonths,with
priceadjustmentsdownwardssupportingoccupancyratesduringtheperiod·
-Ahighlyactivethirdquarterforinvestment,withvolumesexceedingonebillioneuros·
-primeyieldscompressioninQ32025,reflectingstronginvestorappetiteinthesectordespitearelativelyuncertaineconomicandfinancialclimate·
short-termindicators
FranceGDPInflation
0.8%
(Forecast2025)
1.0%
(Forecast2025)
Euro/dollar
exchangerate
TourismspendingbytheFrench*
+2.3%
(Forecasts2025vs2024)
$1.17
(asof30sept.25)
:v
NB:Thearrowsindicatethetrendfortheyear2026."packageholidaysandaccomodationservices.source:oxfordEconomics,INSEE,November2025.
10-yearGVTBond
3.51%
(asof30sept.25)
Household
confidenceindex
(sept.2025)
FIGURES|HOTELSFRANCE|Q32025
2CBRERESEARCH?2025CBRE,INC.
Touristnumbers
ApositivesummerseasonforvisitorNumbers
Thesummerseasonmaintaineditspositivetrajectory,withnearly400,000overnightstaysrecordedinFrenchtouristaccommodationduringthefirstninemonthsof2025.Allkeyindicatorsshowedimprovementovertheperiodcomparedto2024,withovernightstaysincreasingforbothdomesticandinternationalvisitors-Up1%and7%respectively-andacrossallaccommodationtypes(+3%forhotels,+5%forcampsites,and+2%forothercollectivetouristaccommodation)·
Accommodationpreferencescontinuedtodifferbetweeninternationalanddomesticvisitors·Internationalguestspredominantlyfavouredhotels,accountingfor52%ofovernightstays,whereasdomesticvisitorsdisplayedamoreevendistributionacrossvariouscategories,with38%ofovernightstaysinhotelsandasimilar38%incampsites.Ananalysisoftherelationshipbetweenvisitororiginandaccommodationtypehighlightstheenduringappealofcampingfordomesticvisitors,withovernightstaysinthissegmentincreasingby4%comparedtothesaeperiodin2024,whileremainingstableforothercategories·Internationalvisitornumbers,meanwhile,sawrobustgrowthacrossallaccommodationtypes,withaclearpreferenceforhotels,demonstratinga+9%riseinhotelovernightstayscomparedtoa+5%increaseincampsites,forinstance·
Hotelbookingratesrecordedinmid-octobersuggestthatyear-endperformancewillbeatleastonparwiththatof2024·ADNTourismeisparticularlybankingonmountaindestinationstosustainvisitornumbers,astheyear-endcalendarisrelativelyadvantageousforskiresorts,followingalessoptimaldistributionofpublicholidaysinNovember·
FIGURE1:NumberofovernightstaysinFrancedomesticandinternationalcustomers
DomesticInternationalShareofinternationalcustomers
FIGURE2:weeklyBookingRatecomparisonforFrance(LateMidoct.2024VSMidoct.2025)
FIGURES|HOTELSFRANCE|Q32025
3CBRERESEARCH?2025CBRE,INC.
FIGURE3:NumberofovernightstaysandshareofinternationalcustomersintheparisRegion
FOCUS:TouristnumbersintheparisregionuInternationalDomesticshareofinternationalcustomers
ile-de-France:ADrivingForceinFrenchTourism
Theilede-Franceregioncontinuestocementitspositionasapremierglobaltouristdestination,withadouble-digitincreaseinovernightstaysinQ32025forthesecondquarterrunning·whiledomesticvisitorsa「econtributingtothepositivetrend,witha5%increase
overnightstays,internationalvisitorsremainthemainenginebehindthesignificantgrowth
occupancyacrossthecapitalregion·Thisgrowthisevidencedbya+12%increaseasoftheendofseptember2025,comparedtothesaeperiodin2024,withinternationalvisitorsnowaccountingfor55%ofthetotalovernightstays·Therobustperformanceofinternationaltourismisparticularlynotable,especiallygiventhatthesefigureshavebeenachievedwithoutreturntopre-2019visitorflowlevelsfromtheAsia-pacificregion,amidstachallengingeconomicenvironment,particularlyinchina·
Itisalsoworthnotingthatotherformsofcollectivetouristaccommodationintheilede-Francehaveseenincreasedoccupancy,drivenbybothresidentandnon-residentvisitors·However,themarketshareoftheseaccommodationsremainsconsiderablylowerthanthatofthehotel
sector,whichaccountsforover80%ofallstays
operationalperformancedatareleasedbyMKGConfirmthepositiveoccupancyfiguresfortheilede-Francehotelsector,withoccupancyratesrisingby+17percentagepointsduringthefirstninemonthsof2025·Thisincrease,however,hasbeenachievedalongsideareductionintheaverageroomrateofroughly-5%,followingapeakin2024whichmayhaveledsomecustomerstochoosealternativeaccommodationoptions·Thispriceadjustmenthas,inturn,affectedtheRevpARforthehotelsector,whichhasdeclinedby-2.4%overthesaeperiod·
FIGURE4:TrafficatRoissycDGandorlyairportsbygeographicarea
FIGURES|HOTELSFRANCE|Q32025
4CBRERESEARCH?2025CBRE,INC.
operatingperformance
variedperformanceAcrossDifferentsegments
Nationally,acrossallhotelcategories,RevpARremainsstablecomparedtolastyea「,at86.4,whileapriceadjustmentof-0.7%hashelpedtomaintainoccupancyrates·However,theperformancepictureisquitediverse,dependentonbothhotelcategoryandlocation·
Forexample,thetwoprimaryFrenchtouristregions,ilede-Franceandprovence-Alpes-cited'Azur(PACA),experiencedcontrastingdynamicsduringthisperiod·Thecapitalregionimplementedsignificantadjustmentstoave「ageprices(-5%)withoutsuccessfullysustainingitsRevpAR,despitea1.7-pointriseinoccupancy·conversely,thePACAregionleveragedrobustdemandtocontinueraisingaverageprices,resultinginaRevpARincreaseofove「+6%comparedto2022·
Lookingatthedifferenthotelcategories,theLuxurysegmentcontinuestoperformstrongly,withallkeyindicatorstrendingupwards,includingdouble-digitRevpARgrowth,fuelledbyanincreaseininternationalvisitornumbers·RevpARfortheBudget,Economy,andMid-Rangesegmentsdeclinedove「thesameperiod,aspriceadjustmentsrangingfrom-2%to-4%didnotleadtoanysignificantimprovementsinoccupancyrates·
FIGURE5:operationalperformanceofhotelsinFrance
source:MKG,November2025.
FIGURE6:operationalperformanceofhotelsinFrancebyrange
FIGURES|HOTELSFRANCE|Q32025
5CBRERESEARCH?2025CBRE,INC.
FIGURE7:QuarterlyinvestmentvolumesinFranceandshareoftheparisRegionvolumes
FrenchInvestmentMarket
over1BillionInvestedinQ32025Alone
FollowingarelativelyslowQ2,Q32025turnedouttobethesecond-bestquartereverrecordedfortheFrenchhotelinvestmentmarket,withvolumessurpassingbillion·Themarketisthusmakingupforlostgroundaccumulatedbeforethesummerandisexpectedtoatleastmatchtheresultsofthepreviousyear,whichhadbeenarecord-breakingperiod·
Thispositivetrendisevenmoresignificantasit'snotsolelydrivenbyahandfuloflargetransactions:onlythreedealsexceeding100millionhavebeenrecordedsofarin2025,comparedtosixinthesameperiodlastyear.
Afterasomewhatquieter2024,regionalmarketshavebeenactiveinthefirstninemonthsoftheyear,withvolumesupbynearly50%andtheaveragetransactionsizeapproachingthefive-yearaverage(e16millionat9months2025comparedtomillionat9months2024and19millionoverthelast5years)·
Theprovence-Alpes-d'Azurregionhasbeenparticularlybuoyantduringthisperiod,withover540millioninvested,representingvolumestwiceashighasin2024andlevelsnotseensince2019·Thisyear,theregionhasbenefitedfromboththecompletionofanexceptionaltransactionofapproximately200million,thesaleofthecapEstel,andstrongactivitywitharecordnumberoftransactions21transactionsinthefirstgmonthsof2025comparedtoanaverageofgbetween2019and2024
Afteralengthyperiodofstabilisation,primeyieldsforthehotelsectorareshowingcompressionthisquarter,reflectingthestrongliquidityinamarketdrivenbyavarietyofinvestortypes·Theynowrangebetween5.00%forassetsleasedunderacommercialleaseand6.00%forthoseunderamanagementcontract·
3000
2500
2000
1500
500
67%
50%49%51%
45%
36%
25%
2122232425
Q2Q3Q4shareofvolumesintheparisregion
80%
70%
60%
50%
40%
30%
20%
10%
Inmillionsofeuros.
source:CBRE,Q22025
FIGURE8:primeyieldbyoccupancytype
FIGURES|HOTELSFRANCE|Q32025
contacts
QuentinLAFERTE
HeadofHotelsInvestmentpropertiesFrance
+33(O)622054191
quentin.laferte@cbrehotels.com
EstelleBARBARY
seniorconsultantResearch+33(O)153643071
estelle.barbary@cbre.fr
/company/cbrefrance
BenjaminDELURIE
HeadofHotelsvaluation
France,Belgium&Luxembourg+33(0)612594133
benjamin.deljurie@cbrehotel.com
sabineECHALIER
DirectorResearch
+33(O)153643704
sabine.echalier@cbre.fr
/CBREFrance
kennethHATTON
HeadofHotels
Europe
+447830083O00
kenneth.hatton@cbrehotel.com
pierre-EdouardBOUIDOT
ExecutiveDirector-Research+33(0)153643686
pe.boudot@cbre.fr
?Copyright2025.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.Alt
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