For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:   2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001

As the capital of France, Paris boasts a unique and well-balanced blend of business and leisure demand, which allows the City of Lights to maintain both a broad seasonality and strong average rate. Alongside London, Paris has remained one of the two most desirable destinations for hotel investment in Europe for over a decade.

Prior to the pandemic, Paris navigated a series of disruptions, from the aftermath of the 2015 terrorist attacks to the 'yellow vests' movement and pension reform strikes that weighed on visitor numbers, particularly from the USA and Asia. Despite these headwinds, the city proved more resilient than most major European gateways when the pandemic struck, with RevPAR rebounding swiftly from the of the end of 2021.

The recovery gathered pace through 2022, with RevPAR surpassing 2019 levels by over 25%, propelled by strong average rate growth and the return of high-spending international leisure travellers, notably Americans buoyed by a favourable exchange rate. By 2023, occupancy had nearly returned to pre-pandemic levels, and combined with double-digit rate growth, delivered a RevPAR that stood close to a third above 2019, on an inflation-adjusted basis.

The 2024 market was defined by the Summer Olympic and Paralympic Games. The Olympics generated strong demand, though the Paralympics had a more muted effect on hotel performance, and the periods surrounding the Games proved difficult for many properties, as site preparations dampened both room bookings and food and beverage footfall. A rebound followed in November, with December receiving a further boost from the highly anticipated reopening of Notre Dame Cathedral. For the full year, occupancy edged back slightly against 2023 while average rates continued to rise, yielding a modest overall RevPAR gain. Underpinning the market's long-term resilience are Paris's high barriers to entry and limited net supply growth over the past decade, which have helped protect and strengthen the performance of its existing hotel stock, notwithstanding significant ongoing refurbishments and repositionings across the existing hotel base, which have also supported underlying ADR growth.

In 2025, Paris delivered a notably stronger performance, suggesting the market has fully normalised following the disruption of the Olympic year. Occupancy rose by close to four percentage points, setting a ten-year record and returning to historical 2011-14 levels, prior to the 2015 terrorist attacks and the events that followed. ADR, however, softened slightly, reflecting some post-Olympics demand rebalancing. Despite the modest rate dip, the occupancy gains more than compensated, pushing RevPAR up 2% to 3% over 2024 and close to 60% above 2019 levels in nominal terms.

Over the next five years, Paris is set to welcome approximately 3,300 new hotel rooms across 27 projects, equivalent to around 3% of the city's current supply if fully realised. Of these, roughly 43% are already under construction, with 46% scheduled to open within the next two years. In terms of segmentation, more than half of the incoming rooms will sit within the midscale tier, while around 26% will operate in the upscale and upper upscale segments, with the remainder split evenly between economy and luxury. Among the most notable upcoming openings are the 124-room The Maybourne Saint-Germain, the 57-room Maison Rivoli, a Radisson Collection Hotel and the 158-room Motto by Hilton Paris La Villette, all planned to open in 2027.

Paris remains a favourite of investors, and no uncertainty appears to have been priced into acquisitions, reflecting the market's resilience and strong fundamentals. Some noteworthy transactions in 2025 include the purchase of the 40-room The One Alma for €40 million (€1 million per key); the 90-room Hotel Banke for €97 million (€1 million per key); the 37-room Chateau des Fleurs for €50 million (€1.3 million per key) and the 75-room Hotel Grand Coeur Latin for €70 million (€970,000 per key).

According to our 2026 European Hotel Valuation Index, Paris hotel values remained flat in 2025.

ADR, Demand, Occupancy, RevPAR, and Supply Projections:

ADR Change
Market Demand Change
Hotel Occupancy Increase/Decrease
RevPAR Change
Market Supply Growth

Change In Value For Market: (€Euro)

Paris RevPAR Change (€Euro)

Paris RevPAR (€Euro)

For more information, please contact:

	Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 7725781037 (m)
	Maxime Gauthier Senior Associate [email protected] +44 0 7593572865 (m)