At the MIPIM trade show in Cannes, investors, developers, architects and hotel operators analyze the changing face of real estate and tourism worldwide. The exchanges and data presented provide a better understanding of the major dynamics ofinternational hospitality.
Every year, MIPIM is a key meeting place forinternational real estate players. Urban projects, hotel investments and territorial development strategies intersect, revealing the major economic dynamics that structure cities and destinations.
The presence of international investors, developers, architects and hotel operators offers a particularly accurate reading of the transformations underway in the hospitality industry. Conferences organized during the event also provide access to detailed analyses of the global market.
Initial data shared at the conferences confirm that the European hotel industry is approaching 2026 with a positive momentum. In January, the level of RevPAR – revenue per available room – returned to a level comparable to that seen in 2018, while exceeding the performance recorded in 2025, according to data presented by STR. This trend confirms the hotel market’s ability to absorb economic cycles while continuing to grow.
For investors, architects and hotel asset owners, these trends offer valuable insights into how the global hotel industry may evolve over the next few years.
Luxury confirms its driving role in hotel performance
Analyses presented at MIPIM show that growth in the hotel market continues to be largely driven by the upscale segment. STR data indicate that, by early 2026, RevPAR growth in Europe will return to a level comparable to that of 2018, with performance slightly ahead of that seen in 2025.
According to the data presented at the conferences, RevPAR in January 2026 is back to pre-pandemic levels, confirming the ability of the European hotel market to return to its pre-crisis performance.
However, this growth masks a more mixed market trend. A bifurcation appears between the segments, particularly visible in some major European capitals. The luxury segment managed to maintain growth in average fares, while the economy segments recorded more moderate growth.
In several European destinations, RevPAR growth was driven primarily by increases in the average fare (ADR), with around 5% growth seen in markets such as Italy and Austria at the start of the year.
Luxury goods’ ability to support overall market performance is based on several factors. The international customers who frequent these establishments are less sensitive to economic fluctuations. Major urban destinations thus continue to enjoy solid demand in the premium segment.
In Paris, London and Milan, historic hotels in the upscale segment are maintaining high performance levels. Iconic establishments such as Le Bristol Paris, Claridge’s in London and the Hotel Principe di Savoia in Milan illustrate this resilience. Their ability to combine heritage, quality of service and cultural experience helps them maintain their strong appeal to international travelers.
For investors, this dynamic confirms the importance of luxury as a driver of hotel asset value.
Europe remains a pillar of international tourism
Despite the successive crises of recent years, Europe retains a central position in the global tourism economy. The data presented show that seasonal cycles in European tourism remain relatively stable.
Historic destinations continue to attract a large international clientele. Italy, for example, is benefiting from the particular momentum generated by the organization of the Milan-Cortina Winter Olympics in 2026, which are boosting visitor numbers and hotel rates.
The analyses presented, for example, point to ADR growth of around 5% in certain Alpine and Italian markets at the start of the year, driven in particular by winter tourism.
Several European markets are also performing strongly at the start of 2026. Greece and Switzerland are among the destinations recording the biggest increases in average fares.
Alongside these two countries, Iceland is also one of the markets with the strongest tariff growth.
Southern European destinations also continue to attract an international clientele in search of favorable climates, cultural heritage and local experiences.
At the same time, some markets are seeking a new equilibrium after exceptional events. France, for example, is gradually readjusting its tourism demand after the impact of the Paris 2024 Olympic Games.
At the same time, the data presented show that US travel to Europe grew by around 5% in 2025, a trend that continues into 2026.
These trends confirm the structural strength of European tourism, which continues to rely on the diversity of its destinations and the richness of its cultural heritage.
Central and Eastern European markets are now among the most dynamic, with occupancy growth close to 3% in certain destinations.
The emergence of new tourist destinations
One of the most striking phenomena observed at MIPIM was the emergence of new tourist destinations. Several countries long considered secondary in the tourism industry are now attracting the attention of international investors.
Georgia illustrates this transformation. Projections show that the country’s hotel supply could increase by more than 50% over the next few years. This growth is underpinned by a tourism development strategy designed to boost the country’s appeal to international travellers.
Morocco is also experiencing strong growth. The country is preparing for major hotel development by 2030. Marrakech continues to attract significant investment in the upscale hotel sector, while several seaside projects are being developed on the Atlantic and Mediterranean coasts. This strategy is aimed at boosting the country’s tourism capacity while diversifying the destinations available to international travelers.
Egypt is also pursuing ambitious development of its Red Sea tourism projects, with the creation of new resorts and tourist infrastructures designed to attract international clientele. Projections point to potential tourism growth of around 7%, driven by these new seaside projects.
In Asia, Vietnam and Indonesia continue to attract significant hotel investment. These destinations benefit from sustained growth in international tourism and an active strategy to develop their tourism offering. In Vietnam, despite the opening of a number of new hotels, occupancy rates remained solid, with an overall level close to 63%.
This geographical diversification of tourism reflects a profound change in travelers’ expectations. The search for less saturated destinations and more authentic cultural experiences is gradually redistributing international tourism flows.
Experience becomes the heart of the hotel proposition
Presentations by the various hotel leaders at MIPIM also show an important evolution in the way travelers spend their travel budgets. Overall spending on tourism remains high, but its breakdown is changing.
Travelers now place increasing emphasis on the experiences they offer during their stay. Spending is gradually shifting towards gastronomy, cultural activities, wellness and local experiences.
This evolution is profoundly transforming the role of hotels in the travel experience. Hotels are no longer just places to stay. It becomes a space capable of revealing a destination and offering an immersive cultural experience.
Some recent hotel projects illustrate this transformation. Establishments such as the Rosewood São Paulo, housed in an architectural complex combining historical heritage and contemporary design, bear witness to this move towards experience-based hospitality.
For architects and designers, this transformation reinforces the importance of place identity in the design of hotel projects.
Brands reshape the hotel landscape
Another structural change is the rise of hotel brands in the European landscape. Over the past decade, many independent hotels have joined international groups.
According to the data presented, the proportion of brand-affiliated hotels has risen by between five and ten points in Europe.
This trend can be explained by several factors. Hotel brands boast international distribution power, high-performance loyalty programs and operational standards recognized by travelers.
For investors, brand affiliation is often a way of raising the profile of an establishment and securing its economic performance.
However, this transformation raises an important question for the hotel industry: how to preserve the identity of a place while benefiting from the power of an international network? Striking a balance between local identity and international standardization is one of the major challenges facing the sector today.
Geopolitical dynamics influence tourist flows
The tourism industry remains closely tied to geopolitical and economic dynamics. International tensions can rapidly change travel flows.
Analyses presented at MIPIM, for example, point to the potential impact of tensions in the Middle East on regional tourism. Some scenarios envisage a significant drop in tourism in the region, with revenue losses estimated at several tens of billions of dollars. Egypt and Turkey could be impacted by this conflict, and perhaps Greece tomorrow… Unfortunately, amalgams fanned by personal fears will mean that many tourists will refuse to go near the area. If attacks strike Europe again, Americans and Asians will flee, and hotel occupancy rates will plummet overnight.
The Middle East’s air hubs also play a strategic role in the organization of international air transport. Connecting hubs in Dubai, Doha and Abu Dhabi account for a significant share of traffic between Europe, Asia and Africa. If it becomes too difficult to get to Asia, tourists will prefer other destinations, probably America.
Any disruption to these infrastructures can therefore have a direct impact on international tourist flows.
Fluctuating energy prices are also an important factor for the tourism industry. Fluctuations in the price of oil have a direct impact on the cost of air transport, and consequently on the overall cost of travel. The increases already announced will also impact tourists.
Key points to remember :
The trends observed at MIPIM confirm that the global hotel industry is undergoing a profound transformation. The resilience of the luxury segment, destination diversification and changing traveler expectations are gradually reshaping the industry.
The hotel business is no longer confined to accommodation. It becomes a vector of cultural experience, territorial identity and value creation for destinations.
For investors, architects and operators, understanding these international dynamics is an essential element in anticipating projects and designing tomorrow’s hospitality venues. Those who understand its profound logic are the ones who will write its next chapters.
This is precisely what DELPORTE HOSPITALITY MAG’s work is all about: analyzing these transformations, deciphering their implications, and helping real estate and hospitality players design places where the hospitality experience becomes a genuine strategic lever.
About the author
Laurent Delporte is a hospitality expert, speaker and founder of Delporte Hospitality. Through DELPORTE HOSPITALITY MAG, a partner of MIPIM, he regularly shares his analyses of developments in the hotel industry, hospitality venues and the hospitality professions. His work focuses in particular on the impact of technological transformations – including artificial intelligence – on the customer experience and the skills of service professionals.
