Hotel investment grows despite uncertainty, reaching €331 million to June

Hotel investment in Portugal stood at €331 million in the first half of 2025, 33% more than in the same period in 2024 and despite economic and geopolitical insecurity.

This is according to Cushman & Wakefield (C&W), JLL, CBRE and Savills which have outlined a generally positive picture of Portugal’s hotels market with all indicators suggesting an equally robust second quarter.

“The appetite for investment in hotels in Portugal continues to be stable, achieving the amounts of investment verified”, said Gonçalo Garcia, Head of Hospitality at Cushman & Wakefield, highlighting that in 2025 large transactions were concluded including hotels such as Anantara Vilamoura and Cascais Miragem.

CBRE forecasts hotel investment in 2025 exceeding €600 million, above the amount registered in 2024, according to José Maria Coutinho, Head of Research.

He also said that “71% of investment would continue to be secured by international investors” and highlighted that “For the first time Portugal tops the list of preferences for international investors”, according to CBRE’s annual survey.

According to Savills, the hotel sector represents around 20% of total real estate investment in 2024, corresponding to around €486 million from a total of €2.4Bn.

Estimates for 2025 points to a “growing share” (of the commercial property market) with a like-for-like increase of 16% on the first quarter.