The post-COVID era was expected to have been a story of strong recovery in the hotel investment market. However, the Russian invasion of Ukraine in February 2022, which fueled huge increases in energy and food prices, overall inflation and therefore interest rates, resulted in a mixed picture for hotel transactions for the year. Although still reaching €13.3 billion, total volume in 2022 fell short of 2021 by 18%, with 37 fewer transactions. Prices per room achieved higher levels on average than in 2021, led by significant price increases in portfolio transactions.
