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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

Zürich is Switzerland’s largest city, home to approximately 436,000 residents (2024) across an area of 87.8 km². In the northeast of Switzerland, the city serves as a major transportation hub with extensive rail and road networks, as well as Zürich Airport, Switzerland’s busiest international gateway. The airport is just a ten-minute train journey from Zürich Central Station, the country’s primary rail terminal.

Zürich is widely regarded as a global city and one of the world’s foremost financial centres. It hosts the headquarters of Switzerland’s leading banks, including UBS, as well as major insurance firms and international corporations such as Google. The city is also a hub for education and innovation, being home to renowned research institutions like ETH Zürich (Swiss Federal Institute of Technology).

Zürich is widely recognised as a business destination, yet its picturesque Old Town, upscale shopping and lakeside setting make it equally appealing to leisure travellers, especially for short breaks. The city has a strong financial sector, though its MICE market remains relatively modest, largely owing to the lack of a major convention centre. Business events tend to be hosted in hotels, university buildings and smaller venues, giving the meetings scene a more niche, specialised character. Zürich nonetheless attracts several high-profile events, including the FIFA Ballon d'Or Gala, the Zurich Film Festival, Art Basel satellite events, and the Street Parade, one of Europe's largest electronic music festivals. In recent years the city has also grown in popularity as a base for leisure groups looking to explore the wider Swiss region, though the strength of the Swiss franc continues to make it a premium destination for international visitors.

Prior to the pandemic, hotels in Zürich consistently recorded occupancy levels of the mid-70% range, supported by strong average rates, although rate growth had begun to plateau. Demand in Zürich is driven by both domestic and international markets, with international travellers typically accounting for approximately 75% of all overnight stays. Following a sharp decline during the pandemic, international travel rebounded in 2023, bringing occupancy levels close to historical norms, thereby absorbing the new inventory which had increased by approximately 15% since 2019. This positive trend continued into 2024 and 2025, with RevPAR recovering to approximately 5% above 2019 levels in real terms (CHF), supported primarily by Switzerland’s persistently low-inflation environment. In addition, the strengthening of the Swiss franc over the period has resulted in a more pronounced increase in RevPAR when expressed in euro terms.

Zürich’s hotel landscape includes a significant number of family-owned midscale and boutique properties. However, recent years have brought increased international brand presence, with new openings including Hyatt Place Zürich Airport the Circle, the conversion of the historic Savoy Baur en Ville, which reopened under the Mandarin Oriental brand in December 2023 following a major renovation, alongside the recent opening of the Mama Shelter Zurich in July 2025. Future supply remains limited, with only a few projects in the pipeline, most located near the airport.

The hotel transaction market in Zürich remains notably illiquid. Only one transaction was recorded in 2025: the sale of the 40-room Seminarhotel Bocken in October, for an undisclosed amount.

2025 Zürich hotel values increased by 3.7% in euro terms as reported in our 2026 European Hotel Valuation Index, reflecting a stronger-than-previously-expected recovery trajectory, supported by resilient demand fundamentals and continued pricing power. New supply remains limited, particularly in the city centre, with only a modest pipeline currently announced.

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

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Change In Value For Market: (€Euro)

Zurich RevPAR Change (€Euro)

Zurich 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)