Outlook

Development in the hotel market in the first quarter of 2026 was good and well in line with the positive trend from the fourth quarter of 2025. The fact that RevPAR in many markets is still driven by both increased occupancy and higher average room rates is evidence of a strong underlying hotel market.

The conflicts in the Middle East did not have any clear impact on demand in our markets during the quarter. The effects of the conflicts are difficult to assess, as we do not know what the final scope and consequences will be. In general, the hotel market is dependent on economic activity and effective transportation options. Projections indicate a certain slowdown in intercontinental arrivals from the Middle East, Asia and the USA in the coming quarters. Problems relating to intercontinental travel from Europe result, however, in more European leisure travellers taking more trips within Europe than they would otherwise have done. .

Following the acquisition of Dalata, our portfolio is even more well-diversified and resilient than before – with more hotels, hotel products and types of demand. This is providing more opportunities for growth, especially in the leisure segment. A promising outlook for the second quarter in multiple markets for both the trade fair and event calendars is a foundation for stable business and leisure travel.

The dominant risk factor is still geopolitics, centred around the conflicts in the Middle East, which could impact the willingness of companies to invest and consumers to consume. However, recent examples from both the pandemic and the tariff threats show that, over time, uncertainty is something many get used to, accept as normal and do not allow to impact their willingness to travel, gather and enjoy new experiences. 

As before, the acquisition of Dalata is expected to contribute significantly