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Zürich is the most populous city in Switzerland, with 443,000 inhabitants (2023) living in an area of 87.8 km². The population of the municipality of Zürich was 1.32 million in 2023. The city, located in the northern part of the country, is a hub for railways, roads and air traffic. Zürich Airport and Zürich Central Station are the largest and busiest in the country and are easily accessible from the main areas of the city. Zürich is considered a leading global city and among the world’s largest financial centres. The country’s major banks are headquartered in Zürich which is also home to a number of insurance groups as well as international companies, such as Google, and renowned research institutions such as the ETH (Swiss Federal Institute of Technology).

Visitation to Zürich increased year-on-year for the decade leading up to the COVID-19 pandemic, with growth in 2018 and 2019 of 5% and 4%, respectively, driven by both the international and domestic markets. Germany remains the largest international feeder market, ahead of the United States and the UK. Overall, international travellers account for approximately 75% of total visitation. Following two years of subdued levels of travel in 2020 and 2021, especially for international travel, 2022 showed strong improvements, and in 2023, Zürich Airport was back at 92% of its pre-pandemic traffic levels, serving 28.9 million passengers. Zürich is primarily business oriented, although its picturesque Old Town, high-end shopping and location on the lake make the city appealing to the leisure market, particularly for weekend breaks. The conference market is relatively small, mostly due to the lack of a large convention centre; conferences and meetings are held in hotels or other venues and are therefore generally smaller in size.

Over the last few years, Zürich has welcomed an increasing number of leisure groups that choose the city as their base to explore Switzerland, thus driving occupancy up slightly. However, the strong currency dynamics make the country more expensive for foreigners and continue to put pressure on average rate. In 2022, the market continued to show a healthy recovery in terms of occupancy and average rate, and 2023 marked the complete recovery of Zürich’s occupancy to pre-pandemic levels, at an average rate around 15% higher, in absolute terms.

While hotel supply has been characterised by a high percentage of independent and family-operated hotels, recent years have seen the addition of numerous international brands such as the Hyatt Place Zürich Airport The Circle, the IntercityHotel Zürich Airport, the Ruby Mimi Zürich, Adagio, Marriott Autograph Collection (renovated and rebranded from Sheraton) and the Hyatt Regency Zürich Airport. Furthermore, the historic Savoy Baur en Ville Hotel was renovated and reopened in December 2023, branded and managed by Mandarin Oriental. Zürich’s pipeline currently includes one new development, Accor’s 220-room Tribe Zürich Airport, scheduled for opening in January 2026, as well as the 22-room extension of the 132-room The Home Hotel (currently under renovation).

The transaction market in Zürich is very illiquid. Very few transactions have taken place in the last couple of years, including the FIVE Resort Atlantis and the Hoppeler Hotel Portfolio (Hotel Opera and Hotel Ambassador) in 2020. We are not aware of any hotel transactions having taken place in Zürich since then.

2023 Zurich hotel values increased by 5.0% in euro terms but decreased by 0.3% in local currency, as reported in our 2024 European Hotel Valuation Index.

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For more information, please contact:

	Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 2078787722 (w) +44 0 7725781037 (m)
	Julia Dzerkach Associate [email protected] +44 0 2078787742 (w) +44 0 7912240964 (m)
	Clemence Sennavoine Senior Associate [email protected] ++44 0 7736273439 (m)