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

Vienna’s strategic location at the crossroads of Central and Eastern Europe makes it an ideal base for companies seeking to establish a presence in these markets. With a population of approximately 2 million in 2025, Vienna is both Austria’s largest city and one of its nine federal states. The city boasts a strong service sector, home to numerous European and international banks that facilitate operations across the region. Vienna’s robust business infrastructure supports around 200 of Europe’s leading corporations and hosts several major international organisations, including the United Nations Office at Vienna (UNOV), the International Atomic Energy Agency (IAEA), the Organization of the Petroleum Exporting Countries (OPEC), and the International Centre for Migration Policy Development (ICMPD). Moreover, Vienna stands out as a leading congress destination in Europe, supported by its accessibility, institutional presence and cultural heritage.

Following a period of political uncertainty in late 2024 and two years of negative GDP growth, Austria has entered a more stable phase. In March 2025, after five months of negotiations, a new three-party coalition government was formed, excluding the far-right party. This coalition has outlined measures aimed at reforming the energy market to reduce costs and support industrial activity.

In the years leading up to the pandemic, Vienna’s hotel market experienced steady growth, especially in terms of demand, reaching occupancy levels in the high 70% range by 2019. The domestic market accounts for just over 20% of visitors, followed by Germany as a key source market. Following the initial pandemic disruption, the market began to recover in mid-2021. By 2022, occupancy had recovered to roughly 75% of 2019 levels, with rates trending just below inflation. The upward trend continued through 2023 to 2025, driven by solid gains in both occupancy and average rates, with particularly strong momentum in 2023. However, a significant increase in hotel supply, of just under 20% between 2019 and 2025, equating to a compound annual growth rate (CAGR) of around 3%, outpaced demand growth, which averaged 2% CAGR over the same period. As a result, occupancy remained four to five percentage points below pre-pandemic levels in 2025. Because of this gap in occupancy, the 2025 RevPAR remained 8% below 2019 levels in real terms.

Looking ahead, approximately 2,400 new rooms, representing around 5% of the existing supply if fully realised, are expected to be added to the Vienna market over the next three years, the majority of which are limited-service properties. Just over 50% of these projects are branded, including the 67-room Bob W Wien (opened in June 2026) and the 150-room lyf Mariahilferstrasse Vienna (Q3 2027).

Vienna remains a relatively liquid hotel investment market, with nine transactions recorded in 2023 and eight in 2024. Notable deals in 2024 included the acquisition of the 152-room Anantara Palais Hansen Vienna by Wiener Städtische in March and the 251-room Courtyard Vienna Messe by Art Invest in October, both for undisclosed amounts, as well as the 202-room Ritz-Carlton Vienna, purchased by Eagle Hills in December for €109 million (approximately €540,000 per room). In 2025, both the 141-room Voco Vienna Prater and the 328-room Vienna Marriott Hotel transacted in June. The 216-room 25Hours Hotel Vienna at MuseumsQuartier also transacted at the end of 2025.

According to our 2026 European Hotel Valuation Index, hotel values in Vienna declined by 1.6% in euro terms 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)

Vienna RevPAR Change (€Euro)

Vienna 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)