Will European hotel investments still be cruising along in 2026?

In 2025, the pan-European hotel sector was not unduly affected by Trump’s tariffs: since the exchange rate elasticity of American customers in the luxury segment is low, no major changes were recorded in terms of guest flow or occupancy rates in the high-end segment. It should be noted that, apart from certain highly exposed countries, this segment accounts for only 2 to 5% of all travelers at each destination. However, certain business destinations have felt the effects of reduced commercial cooperation since Liberation Day.