Hotel investment grows despite uncertainty (totaling 331 million)

In statements to Lusa, Cushman & Wakefield (C&W), JLL, CBRE and Savills painted a generally positive picture of the Portuguese hotel market, with all indicators pointing to continued dynamism in the second half of the year.

"The appetite for investment in hotels in Portugal remains stable, given the investment volumes recorded," said Gonçalo Garcia, head of hospitality at Cushman & Wakefield, highlighting that, in 2025, large-scale transactions have already been completed, such as the Anantara Vilamoura and Cascais Miragem hotels.

According to JLL, which reports a total of 331 million euros in hotel assets transacted in the first half of the year (+33% compared to the same period last year), the figures confirm "the continued interest of investors in the sector and reflect the robustness of the Portuguese tourism market", in the words of Augusto Lobo, head of the capital markets area.

CBRE also projects that hotel investment in 2025 will exceed 600 million euros, above the amount recorded in 2024, according to José Maria Coutinho, 'Head of Research'.

The head of the consultancy also emphasizes that "71% of investment continues to be secured by international investors" and highlights that "Portugal appears, for the first time, at the top of the preferences of European investors", according to the annual survey carried out by CBRE.

According to Pedro Simões, head of capital markets at Savills, the hotel sector represented approximately 20% of total real estate investment in 2024, corresponding to approximately €486 million, out of a total of €2.4 billion. And estimates for 2025 point to "a growing share," with a 16% year-on-year increase in the first half of the year.

"Projections for the second half of the year remain promising, with performance expected to be slightly better than that of the previous year, supporting the sector's strong traction," said Pedro Simões.

This interest reflects the attractiveness of the Portuguese market, in a context of sustained tourism growth, driven largely by the increase in the number of North American visitors, with high purchasing power.

Despite the international situation marked by the tariff war and geopolitical uncertainty, the national hotel market continues to attract investment, supported by solid demand.

Regarding the pipeline of new hotel projects under development, Cushman & Wakefield counts around 110 projects scheduled to open over the next three years, with 30 of these units expected to open during the second half of 2025. The vast majority of projects are 4- and 5-star hotels (37% and 45%, respectively).

When asked if they were noticing delays due to the current economic uncertainty, the C&W director dismissed this trend. "We are not aware of any hotel projects that have been canceled for reasons attributed to the market, or a lack of confidence in tourism dynamics. Project delays are occurring, many of them due to licensing processes that end up dragging on beyond initial plans," he noted.

JLL is moving forward with a total of 115 projects under development, of which 71 are under construction, and a pipeline of 12,172 rooms, of which more than half (56%) are under construction.

CBRE has confirmed the opening of 25 units (approximately 2,800 rooms) this year and expects at least 11 more to open by the end of the year. The consultancy firm notes that it has "no recorded postponements or cancellations of hotel projects," although there are "delays in the licensing and construction phases."

Savills highlights that "the pipeline remains robust for the next two years", with Lisbon leading as the city with the most rooms under development (3,300), followed by the Algarve (3,000) and Porto and the North Region (2,000).

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