Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1} Share on Xing

Hotel investment starts year weakly


In Q1 2023, international real estate consultancy firm Cushman & Wakefield (C&W) recorded a total hotel transaction volume of EUR 200 million in Germany. This was 56 percent below the previous year's figure and around 70 percent below the 10-year average. Only single-asset transactions took place. The average transaction size was EUR 15 million.

German investors accounted for around 40 percent of transaction volume. This was followed by investors from the UK (36 percent), Israel (21 percent) and Cyprus (3 percent). The most active investor group were hotel operators, who contributed 47 percent of transaction volume. They were followed by institutional investors (20 percent) and private equity firms (13 percent). Other investor groups such as family offices and real estate companies were responsible for about 20 percent of the total.

Equity and value-add properties determine market activity

Activity was concentrated almost exclusively on smaller and operator-free properties with value-add potential. As a rule, buyers were equity-strong hotel companies or opportunistic investors. Buyers continue to focus on value-add and core-plus properties in good locations, while there are only very selective purchases in the core segment due to the interest rate turnaround and the resulting price adjustments, according to C&W. 

"We expect an increase in market activity in the second half of the year. There are numerous hotels, including portfolios, for sale, which will probably lead to a higher transaction closing rate and investment activity from Q3 onwards. The fact that the gap between purchase price expectations and willingness to pay is slowly closing should also be beneficial. In addition, the market recovery in the hotel sector is continuing. The performance in many markets is already above the pre-pandemic level," commented Josef Filser, Head of Hospitality Germany & Austria at Cushman & Wakefield.

The largest transactions in Q1 2023 included:

  • The sale of the 136-room Mercure Heilbronn hotel to the British Whitbread/Premier Inn group. The seller was hotel investor and operator Investhotel. In the course of the takeover, the property will be renovated and partially reconfigured from May onwards.
  • The sale of the 149-room Holiday Inn Express in Offenburg to the open-ended mutual fund Quadoro Sustainable Real Estate Europe Private. The seller was a joint venture of Oxalis REIM, Zeitgeist Estates and the Property3 Group. The property is leased to the franchisee Tristar on a long-term basis. 
  • The purchase of a 257-room hotel development project in Treptow-Köpenick in Berlin by the Premier Inn Group. The seller and developer is Project Immobilien. The opening is planned for 2025.
  • The sale of the 177-room “stays by friends” Hotel Bochum by the Anter Group to ASHG, an investment platform of Alchemy and Step Partners. The operator-free hotel is being repositioned in the market.

Hotel Investment Q1 2023




verena bauer
Verena Bauer

Head of Marketing & Communications Germany, Cluster Lead • 60313 Frankfurt am Main


Healthcare Real Estate Investors' Survey 2023
Healthcare real estate prices are expected to fall

Institutional investors expect purchase prices to fall in the short term and rents to rise in the short-to-medium term in the German healthcare property market.


Logistics & Industrial Generic Card Q1 2023
Logistics and industrial real estate portfolio transactions conspicuous by their absence Q1 2023

The market transaction volume for logistics and industrial properties was EUR 795 million in Q1 2023. This means that the first three months of 2023 were the weakest start to the year since 2013. 


Deal Unicorn Munich
Unicorn leases 1,300 square metres of space for third workspace in Munich

The pan-European flex-office provider Unicorn has leased 1,300 sq m of space at Isartorplatz for its third workspace in Munich. The provider has locations in Berlin, Hamburg, Cologne, Lisbon, Munich and Potsdam.



C&W Lobby
Insights • Office

Office Fit Out Cost Guide

An office fit out refers to the process of designing and constructing an office space to meet the specific needs of the occupier. This can include everything from furniture and equipment to mechanical and electrical systems.
Frank Masuhr • 04/04/2023
Reichstag Building, Berlin, Germany
MarketBeat • Insights

MarketBeats Germany

Quarterly market figures and trends in Germany and its TOP-5 real estate markets. Short, concise and to the point.
Helge Zahrnt • 24/01/2022


Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
These cookies ensure that our website performs as expected, for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All