Hotel real estate investment: a rapidly growing market in Belux

Brussels, June 15, 2026 – Recent transactions in the hotel sector demonstrate investors' growing enthusiasm for this asset class in Belgium and Luxembourg. The sale of MotelOne in Antwerp and the B&B Hotel in Gasperich (Luxembourg), both advised by JLL, illustrate this market momentum. Long considered a niche market, hotel real estate has emerged as one of the most dynamic and attractive asset classes in Belgium and Luxembourg. With investment volumes up 44% in Belgium and a share of total transactions that has more than tripled since 2023, the sector demonstrates exceptional vitality. This remarkable performance, analyzed by JLL experts, results from profound transformations and unique growth opportunities that the region has successfully captured.

Hotel market growth is supported by various structural changes currently affecting the sector. Alongside traditional models, positioning in the "Economy" or "Lifestyle" segments represents winning strategies, illustrated by sustained growth in revenue per available room (RevPAR). "The ultra-luxury niche, boosted by the explosive increase in high-net-worth individuals linked particularly to tech or originating from Asia, is experiencing surging demand while supply lags behind. This structural imbalance has literally caused RevPAR to explode since 2019," explains Joe Stather, Head of Hotels and Hospitality Research EMEA at JLL.

An emerging trend in demand is the pursuit of wellness tourism, and even "medical" tourism. Hotels offering wellness and spa facilities (such as MIX Brussels located in Brussels' decentralized region) are posting strong performance. Moreover, while general household consumption tends to decline during economic downturns, consumers do not sacrifice leisure spending and tend to increase the share of "vacation" budget in the total. On the contrary, more and more households seek exclusive experiences and want to feel they are "getting their money's worth".

With its role as European Capital, NATO headquarters and home to other international institutions, Brussels enjoys a decisive advantage over other cities. This strategic position provides stability in an increasingly volatile world, and most importantly, generates demand for hotel infrastructure related to European and international congresses and meetings. This aspect is unique in Europe and helps offset the cyclical nature of corporate demand. Brussels is also a vibrant cultural capital, attracting tourism not only through its architectural heritage but also through major art exhibitions that resonate well beyond its borders. The same applies to cities with high tourist appeal such as Antwerp, Bruges and Ghent: international cultural influence supports demand for hotel stays, and supply adapts accordingly.

JLL observes that after several years of "digitalization" of major commercial and industrial conferences, professional associations are rediscovering the benefits of in-person gatherings. Brussels had a key role in this area until a few years ago, then lost market share. The "MICE" segment (Meetings, Incentives, Conferences and Exhibitions) had thus somewhat lost its luster in the capital. Some international conventions had also moved to the Middle East, including Dubai. Now that the market is recovering, Brussels must provide adequate infrastructure. It is in this context that Brussels Expo has relaunched the Neo II project, but in a more targeted and pragmatic manner, with the renovation of the Centenary Palace on the Heysel plateau. Ultimately, a 5,000-seat convention center will strengthen Brussels' conference infrastructure offering. "This project, should it materialize, is likely to create growth opportunities in Brussels' hotel sector," affirms Pierre-Paul Verelst, Head of Research BeLux at JLL.

While according to figures from the Brussels Hotel Association (BHA) and Antwerp Hotel Association (AHA), occupancy rates remain slightly below pre-pandemic levels (around 70% for both cities), we have observed steady increases through 2024. Since then, occupancy rates have stabilized despite new openings, demonstrating a relatively healthy Belgian hotel market.

JLL Research has examined the future supply currently under development in Brussels and its periphery. Just under 2,000 additional rooms are expected by the end of the decade, including two Cloud One properties (Rue Royale and Boulevard Anspach), Hôtel Métropole, and new openings near the airport. As for Antwerp, after several recent openings including MotelOne in the "Economy" segment, the new openings pipeline has largely dried up, with local authorities recently expressing concern about overcapacity risks.

In recent years, we have observed strong recovery in hotel investments across EMEA. According to JLL figures, total investment in 2025 reached approximately €25 billion, representing a 33% year-on-year increase. Globally, no less than €54 billion was invested in the sector, stable compared to 2024 due to a 30% decline in the Asian market. Belgium also had an excellent year in 2025, with a volume of €305.5 million, up 44% year-on-year. Most remarkable is the increase in the proportion of hotel investment within total transaction volume. In 2025, 6.7% was invested in hotels, whereas between 2021 and 2023, the share barely exceeded 2%. The first months of 2026 indicated that the hotel segment's share reached 7.35% of the total.

Owner-operators are currently among the most active in the global market; we also find both specialized investors and players making their first acquisition in the hotel segment. Investor typology is equally diverse at the Belgian level: from 2020 to Q1 2026, 45% of transaction volume was completed by institutional investors, 43% by owner-operators, 9% by private investors, and 3% by developers.

While there is no magic formula for identifying the best investment strategy, several criteria must be considered. "Operator selection and contract type are crucial for investors," explains Alexandre De Wagheneire, Senior Director Capital Markets Belux at JLL. "The investor profile differs for management contracts versus traditional leases. Similarly, the operator's financial strength is decisive. Ultimately, the 'product' must match the investor's profile".

In this context, JLL holds a leadership position in hotel investment advisory in Europe and globally. In Belgium and Luxembourg, our market share from 2020 onwards was 50%. In early 2026, we notably advised the sale of the B&B Hotel in Gasperich (Luxembourg), and in 2025 we advised the sale of MotelOne in Antwerp and Aloft Schuman in Brussels. Amandine Chizelle, Country CEO BELUX, announces that JLL's range of services in BELUX extends well beyond simple brokerage: it also includes operator research and selection, financing structuring, asset management, etc. Moreover, JLL has recently launched an advisory service in Belgium and Luxembourg for asset repositioning studies (particularly hotels) and a project management team dedicated to hotel renovation and redevelopment.