ARLINGTON, Va. – 23 January 2026 – Among the major hotel markets around the world, Shanghai, London and Dubai are projected to open the most hotel rooms in 2026, according to pipeline data from CoStar, a global leading provider of online real estate marketplaces, information, and analytics in the property markets.

Europe

• 2025 openings (actual): 56,043 rooms

• 2026 openings (projected): 123,789 rooms

Leaders in projected 2026 room openings include London (5,822) and Istanbul (3,017).

Asia Pacific

• 2025 openings (actual): 189,471 rooms
• 2026 openings (projected): 251,234 rooms

Shanghai (7,457) and Beijing (3,991) are among the markets with the most projected room openings in the region this year.  

Middle East & Africa

• 2025 openings (actual): 18,273 rooms
• 2026 openings (projected): 54,238 rooms

Top markets by projected 2026 room openings include Dubai (5,053) and Qatar (2,406).

Americas

• 2025 openings (actual): 99,056 rooms
• 2026 openings (projected): 132,479 rooms

The U.S. is led in projected room openings by New York City (4,852) and Phoenix (3,650). Elsewhere in the region, Cancun (1,839) is a top market for new inventory in 2026.   

For more information about the company and its products and services, please visit www.costargroup.com.

Colliers estimates more than $2.2 billion of hotel transactions nationally in 2025, representing a 11% year-over-year increase with strong pricing across all segments, from limited-service to full-service assets.

See attached the latest INNvestment Canada Hotel Report for preliminary transaction highlights of 2025 in addition to a 2026 outlook for tourism and hotel performance by Laura Baxter, Economist at Tourism Economics.

Attachments:

Colliers INNvestment Canada Hotel Report Q4 2025.pdf

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ARLINGTON, Va. – 21 January 2026– Canada’s hotel industry reported its highest annual top-line performance on record, according to full-year 2025 data from CoStar, a leading global provider of commercial real estate information, analytics, and online property marketplaces.

2025 (percentage change from 2024):

• Occupancy: 66.1% (+0.7%)
• Average daily rate (ADR): CAD216.10 (+3.5%)
• Revenue per available room (RevPAR): CAD142.89 (+4.2%)

Among the provinces and territories, British Columbia reported the highest absolute levels in each of the key performance metrics: occupancy (70.4%), ADR (CAD257.03) and RevPAR (CAD180.92).

Quebec (-1.3%)and Ontario (-0.6%) were the only provinces to see a decline in occupancy, while all of the provinces and territories posted increases in ADR and RevPAR.

Among the major markets, Vancouver registered the highest absolute performance levels: occupancy (78.4%), ADR (CAD284.44) and RevPAR (CAD223.05). Vancouver, however, was the only market to see a decline in room rates (-0.1% to CAD284.44).

Montreal was the only market to record declines in occupancy (-4.5% to 66.6%) and RevPAR (-2.8% to CAD155.87).

For more information about the company and its products and services, please visit www.costargroup.com.

SAN FRANCISCO — January 21, 2026 — As European hotel markets move into a more complex phase of the cycle, Duetto and HotStats will be on-site at FITUR 2026 (taking place January 21–25 at IFEMA Madrid) to reframe the industry conversation — shifting focus from top-line growth alone to sustainable profitability across the entire hotel P&L.

Recent aggregated performance data from HotStats illustrates the European hotel market is no longer moving in a single direction. November year-to-date results show that Western and Northern European subregions recorded a small increase in TRevPAR and GOPPAR compared to the previous year. While revenue growth has slowed, costs — particularly labor — continue to rise.

Southern Europe remains a relative bright spot with flow-through of approximately 50%, signaling that many markets have now reached the end of recovery. Across Europe overall, revenue and profit growth stand at approximately +2.5% year-to-date, with cost growth slowing.
When performance is viewed through the GOP margin lens, the picture becomes even more telling.

A strong summer in Europe supported revenue growth, while strategic cost controls enabled good GOP conversion. The November year-to-date GOP margin is at 37%, broadly in line with last year. Southern Europe leads with GOP margins of approximately 42%, driven by leisure demand, while Western Europe trails at around 33%.

Spain highlights how this transition is playing out at the market level

While year-to-date revenue remains resilient in Spain, profit growth has flattened, suggesting the market has already reached its peak performance and is now in an operationally driven phase.

At the same time, the composition of revenue is evolving. Ancillary revenues in Spain continued to grow year-to-date, reinforcing the point that spend is increasingly shifting beyond the room — but that this growth does not automatically translate into higher profitability without margin discipline.

Cost pressures remain a defining factor. Payroll per available room increased almost 4% year-to-date in Spain, reflecting ongoing labor challenges and wage inflation that continue to weigh on margins even as revenue stabilizes.

Further down the P&L statement, undistributed department expenses also rose, underscoring that profit erosion is often driven by cost creep beyond core operating departments.

“What we’re seeing across Europe — and very clearly in Spain — is that revenue performance alone is no longer enough to explain success,” said Juan Gallardo, Director for Hospitality Intelligence, EMEA at HotStats. “As markets stabilize, profitability is increasingly shaped by margin discipline, labor management, and cost control further down the P&L. Small movements in these areas can have a big impact on overall performance.”

Duetto and HotStats offer complementary capabilities, allowing hotel operators to evaluate both profit and revenue outcomes. While Duetto’s core products optimize how revenue is generated, HotStats provides visibility into how that revenue converts into profit — supported by benchmarking that gives hotel performance essential market context.

Duetto and HotStats will be on-site throughout FITUR 2026 and invite attendees to connect at Booth 12G01 to discuss how hotels can move from siloed decision-making to a more integrated, profit-focused operating model.

In today’s environment, profitability is no longer a by-product of growth — it is a discipline. And it is this discipline that Duetto and HotStats are helping hotels build, together.

Methodology Note: The data cited is based on an anonymized, aggregated study of the HotStats European database. No individual property PII, trade secret or other confidential data was shared between users.