The hotel investment in Portugal totaled 331 million euros in the first half of 2025, 33% more than in the same period last year, despite economic and geopolitical uncertainty, according to industry consultants.
Speaking to Lusa, (C&W), JLL, CBRE and Savills have drawn a globally positive portrait of the Portuguese hotel market, with all indicators pointing to a maintenance of dynamism in the second semester.
“The appetite for investment in hotel shop in Portugal is still stable, meeting the verified investment volumes,” said Gonçalo Garcia, Cushman & Wakefield Head of Hospitality, noting that in 2025, large transactions have been completed, such as Anantara Vilamoura and Cascais Miragem hotels.
According to JLL, which reports a total of 331 million euros in the first semester -transaction hotel actives (+33% compared to the same period), the numbers confirm “the continuing interest of investors in the sector and reflect the robustness of the Portuguese tourist market”, in the words of Augusto Lobo, responsible for the capital area.
Also the CBRE projects that the hotel investment in 2025 exceeds 600 million euros, above the amount recorded in 2024, according to José Maria Coutinho, ‘Head of Research’.
71% of investment in hotels comes from outside the national borders
The advisor’s head also stresses that “71% of the investment continues to be secured by international investors” and points out that “Portugal arises for the first time at the top of the preferences of European investors”, according to the annual survey conducted by CBRE.
According to Savills Market Capital area leader Pedro Simões, the hotel sector accounted for about 20% of the total volume of real estate investment by 2024, which corresponds to approximately 486 million euros, a total of 2.4 billion euros. And estimates for 2025 point to “a growing slice”, with a 16% homologous increase in the first half.
“The projections for the second semester remain promising, anticipating a slightly higher performance than the previous year, supporting the strong traction of the sector,” 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 US visitors, with high purchasing power.
Despite the international conjuncture marked by the tariff war and geopolitical uncertainty, the national hotel market continues to capture investment, supported by a solid demand.
Pipeline of 110 new hotels remains strong despite delays in licenses
Regarding the New Hotel Projects Portfolio (Pipeline), Cushman & Wakefield accounted about 110 projects scheduled for the next three years, and 30 of these units are expected to open doors during the second half of 2025. The vast majority of projects are 4 and 5 -star hotels, 37% and 45%, respectively.
Asked if they were noticing postponements due to the current scenario of economic uncertainty, the C&A official rejected this trend. “We are not aware of hotel projects that have been canceled for reasons imputed to the market, or lack of confidence in tourist dynamics. There are yes delays of projects, many of them due to licensing processes that eventually drag into the initial plans,” he said.
JLL advances with a total of 115 developing projects, of which 71 under construction, and a 12,172 room pipeline of which more than half (56%) under construction.
The CBRE confirmed the opening of 25 units (about 2,800 rooms) this year and foresees the inauguration of at least 11 more by the end of the year. The consultant points out that they have neither: postponements nor cancellations in hotel projects ”, although there are“ delays in licensing and construction phases ”.
Savills points out that “the ‘pipeline’ remains robust for the next two years”, with Lisbon leading as the city with more development rooms (3,300), following the Algarve (3,000) and Porto and the Northern Region (2,000).
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