For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:
2025
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2024
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2023
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2022
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2021
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2020
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2019
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2018
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2017
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2016
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2015
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2014
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2013
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2012
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2011
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2010
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2009
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2003
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2002
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2001
Brussels holds a prominent position in Europe, thanks to its strategic political, economic and cultural significance. With a population of approximately 1.2 million as of 2024, the Belgian capital also serves as the administrative heart of the European Union, hosting key institutions such as the European Commission and the European Parliament. Often referred to as the ‘capital of Europe’, Brussels is also home to NATO headquarters, reinforcing its role as a vital hub for international diplomacy and policymaking.
Beyond its political and economic importance, Brussels boasts a rich cultural heritage and vibrant arts scene. Landmarks like the Atomium and the Grand Place continue to attract tourists from around the world. In recent years, the city has cultivated a strong creative community, with artists, architects and designers contributing to its dynamic cultural fabric. One key project underscoring this cultivation is the transformation of the former Citroën Yser garage into Kanal – Centre Pompidou, an ambitious new cultural centre developed in partnership with Paris’s Centre Pompidou. It will offer exhibitions, educational programming and cultural events, adding further appeal to Brussels as a cultural destination.
The city’s tourism sector was significantly affected by the terrorist attacks in March 2016. However, recovery began in 2017, initially driven by corporate demand. By 2018, the return of leisure tourism helped boost visitation by 10%. Brussels’ hotel market continued to perform well until the onset of the COVID-19 pandemic in 2020. The post-pandemic years brought challenges, particularly with sluggish recovery in the corporate and MICE (Meeting, Incentive, Conference and Exhibition) segments – historically strong demand drivers for the city. Nonetheless, 2022 and 2023 saw robust average rate growth, exceeding 2019 levels in real terms. Occupancy also rebounded, though still slightly below pre-pandemic levels, contributing to a strong RevPAR recovery. In 2024, visitation growth slowed, resulting in largely flat RevPAR performance compared to the prior year, and now slightly lagging behind 2019 RevPAR levels in real terms.
As of March 2025, Brussels offers a hotel inventory of 207 hotels and 19,500 rooms. The city’s pipeline includes 16 projects expected to add about 2,100 rooms over the next three years. Nearly half of these developments are clustered around Brussels Airport and Brussels Midi Station, with others comprising reopenings and conversions. Notable upcoming openings in the airport area include the 137-room Moxy Brussels Airport (January 2026) and the 250-room Hilton Garden Inn Brussels Airport (Spring 2026). Recent notable openings include The Cardo Brussels, a 532-room Autograph Collection by Marriott property that soft-opened in January 2024 following the extensive renovation of the former Sheraton Brussels. Additionally, the landmark 126-room Grand Hotel Astoria, acquired by Corinthia Hotels in 2016, reopened its doors in December 2024.
On the investment side, 2022 was a record year, with six hotel sales totalling €253 million. The most notable transactions included the 252-room Hotel Metropole, which changed hands in November for around €78 million (€310,000 per key); the 246-room NH Brussels Louise acquired for €35 million (€142,000 per key) in November; and the 212-room proposed Souverain 25 Hotel (as part of a mixed-use development) for a reported €61.7 million (€291,000 per key). In 2023, the capital of Belgium only observed the transaction of a portfolio of two boutique hotels. But in 2024, five transactions took place, including the 64-room Le Berger Hotel and the 35-room Jardin Secret Hotel sold as part of a two-hotel portfolio (June), the 88-room Hotel Atlas (October), the 141-room Gresham Belson (November) for €12 million (or €85,000 per room), and the 296-room hostel a&o Brussel Centrum (December).
With corporate demand yet to fully return to pre-pandemic levels and the market adjusting to a wave of new supply, hotel values in Brussels posted a modest increase of 0.9% in 2024, according to our HVI analysis.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
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