In 2025, the French hotel transaction market performed well, with an estimated volume of €3 billion. Among the year's biggest sales were the Hôtel des Grands Voyageurs which sold for €108 million (a four-star hotel with 132 rooms in Paris), the Hôtel Aiden by Best Western (a four-star hotel with 120 rooms in Paris) and the Pullman Paris Montparnasse (a four-star hotel with 957 rooms) which sold for €310 million.

A landmark transaction was the five-star Cap Estel which was sold to the CEO of LVMH, Bernard Arnault, for €200 million (€10 million per room).

The hotel sector remains particularly attractive to investors, compared with the office and residential sectors. There is still liquidity, particularly in top locations such as Paris, Nice and Lyon, as well as in key mountain and seaside resorts. Nevertheless, all locations are potentially interesting to investors due to high levels of demand and the limited number of hotel opportunities in France.

All segments of the market are positive except for the economy sector, which is seeing a lack of interest from investors, and operationally the numbers are generally negative, especially across corporate clients and real estate development.

Looking at the institutional sector, those exclusively positioned in brick assets are still experiencing difficulties with yields, especially REITs. The most active buyers are operators, investors, family offices and private equity firms.

Attention must be paid to cities such as Bordeaux, because of the significant increase in new hotels/developments in recent years, and Nantes. At the opposite end of the scale, Nice and Paris overperformed, while Lyon, Lille and Strasbourg remain very attractive.

Politically, France is in an unstable situation due to the lack of a parliamentary majority. This has led to an increase in the OAT (French government bonds) interest rate, and a lack of visibility on the budget and reforms. There has also been a downgrade by rating agencies. However, the good news is that inflation is stabilising at 2%.

In 2025, we had a record year and completed 57 transactions in France. We conducted the break-up sale of 35 hotels across the country in the record time of a year, demonstrating the strength of our hotels team across France. We also handled the sale of the Radisson Blu hotel in Toulouse Airport, the Caron Beaumarchais hotel in the Marais area in Paris, and a five-star luxury hotel near Chamonix.