More than €500 million was invested in Portuguese hotels during the first six months of 2026. That was 82% more than a year earlier and the highest first-half figure CBRE has recorded for the sector.
The type of hotel attracting that money is just as revealing. Five-star and ultra-luxury properties accounted for 85% of hotel investment in Portugal during the period. Almost all of the activity came from international buyers, with French and British capital particularly active across the Iberian market.
Hotels are also taking a larger share of Portugal’s wider commercial property market. Around €1.4 billion was invested in commercial real estate in the first half of the year, up 13% from 2025 and the strongest first-half result since 2020. During the second quarter, hotels together with industrial and logistics properties represented approximately 58% of all investment.
Portugal is now fourth in CBRE’s European ranking of the most attractive countries for hotel investment. A year earlier it had reached third place, behind Spain and Italy, as investor interest in Portuguese hospitality continued to move beyond the recovery that followed the pandemic.
The underlying tourism numbers are considerably less dramatic. Portugal recorded around 5.8 million hotel guests in the first quarter of 2026, only 1.5% more than in the same period of 2025, while overnight stays increased by 1%. The number of available tourist beds rose by 2.4%.
Investment in hotels is therefore growing much faster than visitor numbers. At least for now, investors appear willing to pay for the expectation that Portugal can continue attracting higher-value tourism, particularly at the upper end of the market, where most of this year’s capital has been concentrated.
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