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2025年DACH地区（德国、奥地利、瑞士）酒店及连锁酒店市场研究报告

2025-11-05 浩华葛大师

DACH地区酒店及连锁酒店报告2025

概述

2024年，DACH地区（德国、奥地利和瑞士）的酒店业在挑战中展现出韧性。德国面临增长缓慢、能源成本高和通货膨胀等挑战，而奥地利和瑞士则相对稳定，分别受到国内需求和作为高价值全球目的地的支持。尽管存在压力，但2024年DACH地区的旅游业达到了一个象征性的里程碑：过夜住宿量同比增长2.0%，首次超过疫情前水平。酒店市场的结构正在迅速演变，品牌酒店现在占客房供应的三分之一以上，主要城市集中了连锁酒店的多数产能。经济和高端中端市场增长强劲，反映了消费者价格敏感性和投资者对高效、可扩展模式的兴趣。服务式公寓也在 gaining ground，提供现代产品，填补了酒店和住宅生活之间的差距。

市场动态

DACH地区市场：独立酒店仍占多数，但品牌酒店链的增长不可否认。经济到高端中端市场增长最快，服务式公寓市场份额上升。
DACH地区管道：2024年，建筑成本略有上涨，新酒店数量从约40,000减少到约30,000。柏林、汉堡和维也纳是主要管道目的地。
DACH地区交易和机构投资者：酒店房地产市场自2023年以来明显复苏。德国2024年的投资额约为14亿欧元，较2023年增长5.0%，但低于十年平均水平。奥地利2024年的交易额约为3.45亿欧元，较2023年翻一番。瑞士2024年的住宿量和房价创下纪录，估值 modest upward trends。

德国市场

关键数据：德国通货膨胀高，实际购买力下降。酒店业收入受成本上升和需求低迷影响。2024年德国过夜住宿量增长1.9%，达到4.961亿。
排名：柏林、慕尼黑、法兰克福/美因等主要城市是酒店链的集中地。
管道：大部分新酒店是改造项目。
机构所有者：Union Investment、Essendi 和 Aroundtown 是主要投资者。

奥地利市场

关键数据：奥地利酒店市场约11,000家酒店，330,000间客房。国际酒店链主要集中在首都维也纳。
排名：Accor、Marriott 和 Hilton 是最大的连锁酒店集团。Jufa 是国内酒店链的领头羊。
管道：维也纳是主要管道目的地。
机构所有者：Huemer Immobilien GmbH、DekaBank 和 Union Investment 是主要投资者。

瑞士市场

关键数据：瑞士经济在2024年底增长强劲，主要受服务业和制药业推动。2024年住宿量增长3.4%，达到4180万。
排名：Accor 是最大的连锁酒店集团，Ibis 和 Ibis Budget 是领先品牌。日内瓦、苏黎世和巴塞尔是主要目的地。
管道：苏黎世是主要管道目的地。
机构所有者：Credit Suisse、Essendi 和 UBS 是主要投资者。

研究结论

DACH地区酒店市场展现出韧性和机遇，尽管存在经济压力。
高成本、人员短缺和谨慎的消费者支出仍然是挑战，但市场需求强劲、目的地多样化以及行业专业化提供了乐观的理由。
酒店业正在不断重塑自身，以保持相关性和竞争力。
规模和品牌一致性成为长期成功的关键因素。

October 2025 Welcome It is my pleasure to welcome you to the 2025 edition of the DACH Hotels & Chains Report. The past year has highlighted both the challenges and the resilience of the DACH hospitality sector.Germany and Austria have had to contend with sluggish growth, high energy costs, and persistentinflation, while broader geopolitical uncertainty — from international trade tensions to the ongoing warin Ukraine — continues to weigh on sentiment. Switzerland, by contrast, has remained comparatively Despite these pressures, tourism across the DACH region has reached a symbolic milestone:overnight stays in 2024 not only grew by 2.0% year-on-year but also surpassed pre-pandemic levelsfor the first time. This achievement confirms the enduring appeal of the region’s cities, landscapes, At the same time, the structure of the hotel market is evolving rapidly. Branded hotels now account formore than a third of total room supply, with the largest cities — Berlin, Munich, Vienna, Hamburg, andFrankfurt/Main — concentrating the majority of chain capacity. Growth continues to be strongest in theeconomy and upper midscale segments, reflecting both consumer price sensitivity and investor Another defining theme of the past year has been consolidation. Landmark transactions such as PAIPartners’ acquisition of Motel One and IHG’s integration of Ruby Hotels and franchise deal withNovum reflect a wave of mergers and partnerships reshaping the market. Wyndham’s expansionthrough Vienna House Easy and Trademark Collection, as well as portfolio deals like those by For investors, operators, and owners, this environment presents both opportunities and risks. Highcosts, staffing shortages, and cautious consumer spending remain challenges, but the fundamentalsof the market — strong demand, diverse destinations, and increasing professionalization — provide At Horwath HTL, we are proud to support this process. Our role is to provide clear, impartial advicethat helps our clients make informed decisions. We hope this report offers you valuable insight and inspiration for the year ahead. James ChappellGlobal Business DirectorHorwath HTL Table of Contents Welcome ................................................................................................................................. 3 1.Introduction..................................................................................................................... 5 2.The DACH Region Market .............................................................................................. 6 2.1.DACH Pipeline............................................................................................................... 72.2.DACH Transactions and Institutional Investors ............................................................. 72.3.DACH Overall Ranking by Size ..................................................................................... 92.4.DACH Ranking by Scale.............................................................................................. 102.5.DACH Ranking per Scale & Size................................................................................. 11 3.Germany ........................................................................................................................ 12 3.1.Germany: Key Stats..................................................................................................... 133.2.Germany: Ranking by Size .......................................................................................... 143.3.Germany: Ranking by Scale (Domestic)...................................................................... 163.4.Germany: Ranking by Scale (International)................................................................. 173.5.Germany: Ranking Per Scale & Size........................................................................... 183.6.Ranking by Destination................................................................................................ 183.7.Destination Pipeline ..................................................................................................... 183.8.Institutional Owners ..................................................................................................... 18 4.Austria ........................................................................................................................... 19 4.1.Austria: Key Stats ........................................................................................................ 204.2.Austria: Ranking by Size.............................................................................................. 204.3.Austria: Ranking by Scale (Domestic) ......................................................................... 224.4.Austria: Ranking by Scale (International) .................................................................... 234.5.Austria: Ranking Per Scale & Size ...............................................

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