Barcelona joins London as top European hotel investment market
Barcelona joins London as the top European hotel investment market
Catalan capital moves up from fifth spot, CBRE says
Barcelona, famous for its Catalan heritage and Antoni Gaudí’s Basilica de la Sagrada Familia, has joined London as the most popular hotel investment market in Europe, according to CBRE. Barcelona's increase in hotel investment is due in part to policies restricting hotel supply and alternative accommodation options. (Getty Images)
https://www.costar.com/article/2000478823/barcelona-joins-london-as-top-european-hotel-investment-market?
The Spanish city of Barcelona has joined London as a top hotel investment market, according to CBRE's 2026 European Hotel Investor Intentions Survey.
A year ago, Barcelona was the fifth most popular European city among hotel investors, CBRE said. Today, Spain is the most popular country for hotel investment in Europe.
Barcelona's tight regulation of tourist apartments and restrictions on new short-term rental licenses is attractive to hotel investors, and new hotel development continues to limit future supply growth, CBRE's report said.
Rounding out the top five behind London and Barcelona is Madrid in third and Milan and Paris sharing the fourth spot.
CBRE projects the top three countries for hotel investment in 2026 are Spain, Italy and the United Kingdom, which is unchanged from a year ago. The United Kingdom remains the largest market by deal number, if not overall value.
One key finding in CBRE's report is that hotel investors' preference for global brands rose to 53% in 2026 from 43% a year ago, while independent hotels fell to 24% from 40% in the same period.
“Soft brands continue to grow (24%), highlighting their flexible appeal. The shift signals a reversal in preference, with brands now seen as enabling value creation rather than limiting flexibility,” the report said.
Hotel investors are increasingly interested in opportunistic strategies, with such deals seeing an increase to 25% of transactions from 15%, which the report said suggests “a more selective return to higher-risk opportunities.”
Kenneth Hatton, head of hotels, Europe, CBRE, said in the report that across all of Europe, the “2026 results highlight a market underpinned by structural demand, including the rise of experiential travel across generations, withstanding cost pressures and geopolitical uncertainty, reinforcing hotels as a compelling real estate allocation.”
Hatton added it was possible investment in Europe would have softened due to conflict in the Middle East and continued macroeconomic uncertainty, but the results showed that was not the case.
In terms of segmentation, luxury hotels continue to lead the way. The report said that 53% of investors preferred luxury hotels, “while interest is also increasing towards more operationally resilient formats such as extended-stay and all-inclusive models.”
“Sustained travel demand and the sector’s pricing power continue to underpin investor appetite,” Ronald Chan, European hotels research lead at CBRE, said in a statement. “We are also seeing a shift in focus towards assets and formats where investors can unlock value while benefiting from more stable income streams, particularly in segments such as luxury and extended-stay hotels.”
According to a CBRE survey, 90% of hotel investors in Europe plan to increase hotel allocations across 2026.
A microscope on small businesses: Spotting opportunities to boost productivity
https://www.mckinsey.com/mgi/our-research/a-microscope-on-small-businesses-spotting-opportunities-to-boost-productivity?
By
MSMEs are vital for growth and jobs, but struggle with productivity. The route to higher productivity lies in creating a win-win economic fabric for all companies.
Chapter 5.
Seven examples of win-win domains
Working closely with thriving large companies is one important route to higher MSME productivity, but not the only one. Network effects among small enterprises can help them attain competencies associated with scale. While MSMEs do not have significant market power because they have limited scale, creation of sector-wide infrastructure and boosting interfirm networks and linkages can provide “collective productivity”—the competitive advantage derived from local external economies and joint action—and substitute for direct benefits of scale.the
As countries try to reduce concentration and geopolitical risks, they are aiming to realign their global manufacturing and services footprints, but for this to happen, MSMEs need to raise their productivity game. Without MSMEs getting more productive, it’s hard to imagine a meaningful realignment of global production. Industrial policies that aim to create new manufacturing capabilities also need to focus on MSMEs in those specific ecosystems.
To illustrate examples of how win-win domains have been created in some countries, benefiting both small and large companies, we looked in detail at examples in the largest sectors for MSME value potential (Exhibit 16). Each of these case studies demonstrates how MSMEs have achieved high productivity through network effects.
Exhibit 16
Image description:
Six scatterplot charts are used to illustrate seven examples of win-win domains, or domains in which both large companies and MSMEs outperform their counterparts. The examples shown, all in advanced economies, are: in manufacturing, the auto sector in Japan and beverages (wine) in Italy; in trade, wholesale trade in Germany; in construction, examples from both Australia and the United Kingdom; in ICT, software publishing in the United States; and in professional services, R&D in Israel.
End of image description.
In manufacturing, we examine the auto sector in Japan and beverages (wine) in Italy; in trade, the wholesale trade sector in Germany; in construction, examples from both Australia and the United Kingdom; in ICT, US software publishing; and in professional services, Israel’s R&D. Within each of these sectors, both MSMEs and large companies in the highlighted country generally exhibit higher productivity levels compared with their counterparts in other advanced economies. However, this does not necessarily imply that their productivity has increased over time. It is possible that they attained high productivity levels in the past and managed to sustain them over the years.
By looking through the microscope at these examples, a clear message emerges: there is no single path to success, but rather a range of promising possible approaches. A common characteristic of these approaches is their focus on addressing the issue of scale through structural changes, enabling MSMEs to become “collectively large” by creating network efficiencies.
There is no single path to success, but rather a range of promising possible approaches.
1. Japanese auto manufacturing MSMEs benefit from deep integration with large companies
On average, MSMEs in auto manufacturing in Japan have double the productivity of MSMEs in other advanced economies. This is predominantly because medium-sized enterprises have close linkages to large companies. Benefits from best practices such as Keiretsu networks and vertical integration trickle down to them.
With the overall credo of “we are all in this together,” large Japanese OEMs have built deep links with MSMEs, enabling their operational proficiency and enhancing technological capabilities and access to talent for smaller companies. These deep linkages also extend to financing, with large OEMs often having crossover share investments with their MSME partners.
Toyota is an example of a company that has unusually high integration with its ecosystem partners. Some contractual partnerships with suppliers have lasted for more than 30 years. Toyota has directly involved itself in raising the operational standards of its partners through knowledge transfer, from demand planning and cost reduction to raising management capabilities. In the 2000s, Toyota created three cost-reduction programs for its suppliers, in combination, aiming to reduce costs by 60 percent. While many of Toyota’s MSME partners remain reliant on Toyota for more than 70 percent of their revenue, some have developed independently. These MSMEs share some common traits; they often harness their ecosystem partnerships to enhance their technological capabilities and venture into highly specialized production.
2. Italian winemaker MSMEs gain global market access through collective branding and marketing
Italy’s MSME beverage manufacturing sector—particularly its winemakers—is highly fragmented but superproductive. These enterprises are 1.5 times more productive than their counterparts in other advanced economies.
Winemaking typically has some very large players. In the United States, for instance, most wine is made by less than 0.5 percent of makers. But Italy’s wine business is dominated by small, often family-led enterprises. Fragmentation and a plethora of small players are not usually associated with high productivity, but there is a “paradox of scale” in productivity in Italy’s wine business. Why?
Italy has created an environment that delivers small players access to branding and marketing. The “Made in Italy” campaign has championed traditional and local production, with a particular focus on the international market. Italy has more than 500 wines that have Protected Designation of Origin or Protected Geographical Indications certifications. Similar designations have delivered success elsewhere, for instance, in the cases of Alphonso mangos and basmati rice in India, and Guadarrama beef in Spain. These are stamps of quality in the eyes of consumers and apply to the 42 percent of Italy’s wine production that is exported, enabling small producers to charge premium prices and obviating the need to produce at scale. Where they are located is a key part of marketing. Layered on top of this is the fact that Italy’s MSME winemakers are highly networked with one another through membership of associations or in cooperatives, giving them collectively a louder voice.
3. Construction MSMEs in the United Kingdom profit from better access to new markets and finance
In the United Kingdom, the construction sector productivity has stagnated over time. But small businesses exhibit higher productivity than those in our other sample countries, as policy interventions in the United Kingdom have boosted their ability to respond to burgeoning demand. UK policy makers simplified procurement processes, reduced bidding costs, and accelerated payment timelines for construction projects, enabling MSMEs to compete with large companies for government contracts on a broadly equal footing. The government has also, more recently, orchestrated demonstrator projects to showcase modern construction methods and to enable small businesses to learn from one another.
Although the impact of these enablers on productivity growth is not fully evident yet, they seem to have triggered a wave of creative collaborations among MSMEs. For instance, Cara EPS built a digital platform to bring together specialist retrofitter microenterprises, enabling them collectively to undertake substantial contracts leveraging their distinct expertise.44 MSMEs need to invest in innovation and technology to compete in the same markets as large companies. For ProBuild360, this involved developing capabilities in modern methods of construction and enlisting similar-sized MSMEs not only as suppliers but also as mentors to assist in the adoption of new techniques and materials. This enabled the company to emerge as a key building partner for social housing authorities.45
4. Construction MSMEs in Australia gain from subcontracting for larger companies and access to skilled workers
In specialized construction, particularly in the mining sector, Australia’s large players have higher productivity than those in our other sample countries, and MSMEs the second highest among their peers. This is attributable to collaborations between large and smaller players that have developed partly due to the country’s remoteness and climatic extremes, and partly due to effective public policies that encourage partnerships and facilitate a robust system of mutual cooperation.
MSMEs specialize in niche construction projects that are more often subcontracted than in other countries. Australia has one of the highest shares of public–private partnership construction projects in the world. The government has reduced red tape, cutting the number of regulatory procedures from 14 to ten and the average time it takes to approve permits from 150 days to 112. Skills building has also been a priority. Construction workers go through rigorous certification and licensing processes and benefit from a national system of vocational education and training, formal apprenticeship programs, and industry-led initiatives, such as Construction Skills Queensland.
5. Germany’s wholesale trade MSMEs benefit from vertical integration with European manufacturers and a strong logistics infrastructure
Germany’s MSME wholesalers are 1.3 times more productive than the average among advanced economies in our sample and are more productive even when excluding commodity traders. They are able to tap into global markets through the European single market, which is further bolstered by Germany’s central location, contributing to their productivity. They also benefit from Germany’s industry-wide logistics backbone, which is reinforced by a range of benefits conferred by free trade port zones, including tax reductions for imports and reexports, and simplified customs regulations.
German wholesalers are also among the most innovative in Europe. These enterprises gain spillover benefits from being part of a larger ecosystem. They often operate as legally independent affiliates or subsidiaries that are vertically integrated with upstream purchasers for retail supermarkets or distributors for large manufacturers across the entire European Union. An example is Coffee Friend, a medium-sized wholesaler of coffee makers that mediates transactions for several manufacturers based in Europe.
6. US software development MSMEs benefit from the network created by industry giants
In the dynamic US software publishing business, MSMEs are 1.7 times more productive on average than those in the same sector in other advanced economies. MSMEs gain from talent and capital ecosystems seeded by successful large companies. Large companies serve as reputational anchors, delivering market access and branding. A virtuous cycle of robust capital ecosystems and the agglomeration of a strong talent pool have enabled the growth of large businesses and continue to support the growth of MSMEs in this sector.
MSMEs in this sector are highly innovative and internationally minded. Small technology firms have patented more per employee than their large counterparts. Tech startups are also often seen as “born global” because they create products and services for a global market. Almost half of all US ICT MSMEs were engaged in international trade as long ago as 2007.
Large companies in the sector are important clients, frequent buyers, and potential partners, and multiple connections mean that MSMEs are able to leverage a larger pool of resources and experience, including talent and capital.
7. Israel stands out for its ability to connect different stakeholders engaged in scientific R&D
The productivity of MSMEs in Israel’s scientific R&D subsector is almost double that of those in other advanced economies in our sample. Israel is a unique economy that ranks high among the world’s economies in the quality of its research organizations. The government has long been committed to promoting innovation and R&D, and has helped forge strong links between companies large and small, academia, and venture capitalists.
The productivity of MSMEs in Israel’s scientific R&D subsector is almost double that of those in other advanced economies in our sample.
The close proximity of businesses, research institutions, and venture capital firms in cities such as Jerusalem and Tel Aviv facilitates collaboration and networking. Universities actively encourage researchers to work on projects with commercial potential. Ties between academia and the private sector are strong, encouraged by the government setting up technology transfer offices to facilitate the process of licensing technologies to industry partners and creating startups based on the research undertaken. These close ties are particularly vital because Israel focuses on highly technical (and highly regulated) innovation, such as biotech, health tech, and pharmaceuticals. The Israeli venture capital industry has also thrived since the 1990s with help from governmental programs such as Yozma, which offered incentives to foreign companies willing to back Israeli startups.
Cruise Line Threatens $70 Fines Over Common Buffet Habit
Shutterstock / M-Production
https://www.fodors.com/news/cruises/cruise-line-threatens-70-fines-over-common-buffet-habit
Costa Cruises is warning passengers they could face fines for taking food from buffets and restaurants to cabins, pool decks, and other public areas onboard.
At least one cruise line will fine passengers for taking away food from the ship’s restaurants and buffets.
In a letter circulated on social media, Costa Cruises advised passengers that passengers would be forbidden to take food from the ship’s food service areas: “For reasons of health and hygiene, we wish to inform you that it is strictly forbidden to take food from the buffet areas and restaurants for consumption in the public areas of the ship, the pool zones, in cabins, or in other interior areas.”
In the letter, Costa adds that those found in violation will be charged €60 ($70) for each violation, and adds that only room service staff are trained in delivering food to cabins in accordance with the line’s sanitation and hygiene procedures.
In a statement to The Independent, Costa noted that the letter did not represent a fleet-wide policy change. “On a limited number of specific sailings, an onboard communication was shared as a preventive and deterrent measure, in line with our existing policies, to encourage guests to behave responsibly.”
The cruise news site Cruise Hive notes that leaving food and dishes in staterooms, lounges, pools, or other public areas outside of dining facilities has been a longtime complaint among veteran cruisers. However, no other cruise line appears to have implemented a similar policy, either on select voyages or across all ships and sailings.
Several news outlets and message boards reported that cruisers were mixed in sentiment about the rule. Some pointed out they preferred the convenience of taking food back to their cabins, particularly when buffet seating was tight or they noticed a number of other passengers coughing or engaging in unruly behavior. Others pointed out that Costa’s buffets weren’t open 24 hours, but room service—which carries an additional charge for passengers in standard staterooms—was available at any time. Other commenters express appreciation for the policy, complaining that dirty dishes and leftover food in all parts of the ship had marred their own experiences onboard.
Cruise lines have rolled out other rules and guidelines recently, which have put limits on some passenger habits. Royal Caribbean recently clarified that they had issued guidelines for decorating cabin doors (such as not putting decorations over peepholes or using decorations with lithium-powered lights), but had not issued a prohibition. Carnival Cruises has also put out statements on door decoration, requesting guests to keep to a similar set of guidelines for safety reasons. Carnival also banned upside-down pineapples on doors to “prevent misunderstandings” (an upside-down pineapple has sometimes been recognized as coded symbology for swingers).
Costa is a Genoa-based cruise line that is a subsidiary of Carnival Cruises Corp, and primarily operates cruises in the Mediterranean, Africa, and the Caribbean. The company’s ships are Italian-flagged and branded as providing a distinctly Italian onboard experience. Costa’s website does not include any information about restrictions on removing food from the ship’s food service areas. The company’s passage contract only mentions food in two places—the first indicating that “ordinary ship’s food” is included in the passage fare, and the second indicating that food bought onshore cannot be consumed onboard—it must be surrendered to staff for safekeeping until the end of the voyage.
Costa currently has nine ships in operation, although Costa Fortuna is slated to leave the fleet in September.
What hotel leaders are getting wrong about AI—and the right questions to ask
https://hotelsmag.com/news/what-hotel-leaders-are-getting-wrong-about-ai-and-the-right-questions-to-ask/
Stefano F. Reyes is a hospitality executive with 30 years of experience across multiple brands and markets.
Hotel brands are making a $750 billion bet on artificial intelligence. By most industry projections, that is what global hospitality will pour into AI-driven technology over the next decade. New systems. New platforms. New promises about efficiency, personalization, and competitive advantage.
There is just one problem. Most of the executives writing those checks do not have a framework for what they are actually buying.
I have spent 30 years in this industry, from bellman to hospitality executive, opening hotels, turning around struggling properties and building teams across multiple brands and markets. I have watched technology cycles come and go. I have seen brands chase the next big thing at the expense of the thing that actually made them great. And what I am watching happen with AI right now is the most consequential version of that mistake I have seen in three decades.
Here is the number that should be keeping every hotel leader up at night. Seventy-eight percent of hotel chains have already deployed AI systems. Only seven percent operate with a comprehensive strategy for it. That means the overwhelming majority of our industry is making irreversible decisions about technology that touches every guest interaction, every service moment, and every human on the team without a coherent plan for what they are optimizing toward.
We are not behind on AI adoption. We are behind on AI thinking.
The Efficiency Trap
The conversation in most boardrooms right now is framed around efficiency. How do we reduce labor costs? How do we speed up check-in? How do we use predictive analytics to squeeze more revenue from each room? These are legitimate questions. AI answers them well.
In revenue management, demand forecasting, predictive maintenance and back-of-house operations, AI does not just help. It wins. Any executive not deploying it in those areas is leaving real money on the table.
But the conversation stops too soon. Nobody is asking the harder question on the other side of that equation: What exactly are we optimizing away?
I will tell you what I have seen in thirty years. The moments guests remember are almost never the ones technology delivers. They are the front desk manager who noticed a guest was struggling and quietly moved her to a quieter room without being asked. The housekeeper who found a child’s stuffed animal and personally returned it to the lobby before the family reached their car. The bellman who slowed down, made eye contact, asked how the trip was, and actually listened to the answer.
These are not inefficiencies. They are the products. In a world where every hotel can offer a fast check-in and a clean room, these human moments are the only true differentiator left. And right now, without a strategic framework to protect them, they are being automated away one cost-cutting decision at a time.
The framework every hotel leader needs is not complicated, but it requires discipline that most organizations are not currently applying. Before any AI deployment decision, executives need to answer three questions:
1. Does this technology free our people or replace them?
There is a meaningful difference between AI that handles the work that drains your team so they have more energy for the work that defines your brand, and AI that simply removes the human from the equation entirely. The first is a force multiplier. The second is a brand erosion strategy dressed up as innovation.
2. What is the emotional weight of this touchpoint?
Not every guest interaction carries the same stakes. Contactless checkout carries almost none. The moment a family checks in for a vacation, they have saved a year to afford everything. AI deployment decisions need to be mapped to emotional weight, not just operational convenience.
3. What happens to the guest experience if this goes wrong?
Technology fails. Systems go down. Algorithms make errors. In back-of-house operations, a technology failure is an inconvenience. At a high-stakes guest touchpoint, it is a reputation event. The risk calculus is fundamentally different, and most organizations are not treating it that way.
The hotel brands that will lead the next decade are not the ones that deploy AI fastest. They are the ones who deploy it most strategically, with a clear and disciplined framework for where technology makes the experience better and where it makes the experience less.
That framework does not exist yet in any standardized form, but executives do not need to wait for extensive research to start asking better questions. The question is not whether to invest in AI—that decision is already made for you by the market. The question is whether you know what you are protecting while you do it.
DUHC&S | Strategic Hospitality Consulting & Advisory
We transform hospitality and tourism businesses through strategic solutions, operational efficiency, and comprehensive renovation. With over 40 years of experience working with brands like Hilton, Hyatt, Sheraton, and Sonesta, we enhance asset value and profitability through:
*Operational excellence and brand standards (GSI +90%)
*Market penetration and commercial strategies
*Key partnerships and disruptive innovation
*Hotel openings and repositioning
Proven results :
✅ 48% GOP |
✅ +120% asset valuation growth
✅ Successful projects across 6 Latin American countries
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