As Europe gets hotter, travel patterns may shift, hoteliers say
As Europe gets hotter, travel patterns may shift, hoteliers say
Guests slowly move north to cooler parts of the continent
Europe’s hotels have shrugged off record-breaking heatwaves for now, but climate change is starting to shift the balance of summer tourism, as more travelers choose destinations such as Poland, Estonia, or Latvia. Pictured is the Latvian Baltic Sea destination of Jūrmala. (Getty Images)
https://www.costar.com/article/1923730925/as-europe-gets-hotter-travel-patterns-may-shift-hoteliers-say?
The record-breaking summer heatwaves sweeping Europe have left few visible marks on hotel performance, but hoteliers across the continent say hospitality’s real reckoning with rising temperatures is likely to come soon as operators in northern Europe are already seeing climate-driven tourism boosts.
A relentless heatwave has gripped Europe this summer, pushing temperatures above 44°C (111°F) in Spain, beyond 43°C (109°F) in France and Portugal, and close to 40°C (104°F) across large parts of the continent.
For Europe’s hospitality industry, the impact of the 2026 heatwave remains difficult to measure. CoStar data as of early July, just after Europe's worst heatwave on record, showed little to no negative impact on hotels.
But over time, persistently extreme weather could alter European travel patterns, pushing visitors away from traditionally popular summer destinations and into newer, cooler ones.
“We do hear a lot from our travel adviser partners that many clients are preferring central and northern European destinations over southern European destinations in summer,” said Jan Mindermann, senior vice president of operations at Vienna-based Almanac Hotels.
Almanac Hotels, which operates three luxury hotels in Barcelona, Prague and Vienna, has yet to see any negative impact from the heatwave, whether in terms of cancellations or otherwise, Mindermann said.
Madrid has been one of Europe’s hardest-hit cities, with daytime temperatures repeatedly exceeding 40°C. The Spanish capital is nevertheless experiencing a record-breaking year, with tourist arrivals rising 17.4% year over year during the first five months of 2026.
“We are not directly seeing an impact on our business due to the heatwave,” said Marta Centeno Sampere, marketing director of the 200-room Four Seasons Hotel Madrid. But she added that demand patterns already are changing.
Heat beneath the surface
Over the longer term, rising temperatures could gradually alter tourism flows. August has already become a quieter month for hospitality demand in Madrid, Centeno Sampere said.
“Visitors coming to Spain in August spend fewer days in the city and more time by the seaside or in cooler destinations,” she said.
When it comes to climate change’s impact on the European hospitality industry, the full picture is more complex than current performance figures suggest.
“We see that extreme heatwaves have had a limited negative impact, for the moment, on occupancy,” said Stefan de Goeij, partner and head of sustainability and environmental, social and governance at Cushman & Wakefield. De Goeij's focus is on The Netherlands, central and eastern Europe and the Nordics.
According to research in Cushman & Wakefield’s “Future Hazards” project — an assessment of the impact of climate-related risks ranging from floods to wildfires across 100 global cities — Athens was the only major European city ranked as having high current exposure to extreme heat.
Several other popular European destinations including Madrid, Rome and Marseille were classified as having low current exposure, although their risk levels are expected to increase over time as global temperatures continue to rise.
However, the 2026 heatwave in Europe has shown some consequences for hoteliers, de Goeij said.
“What was visible is a move from the concrete jungle cities toward coastal hotels, escaping the burning heat in the city and taking it to the coast,” he said.
And hotels experiencing increased visitor flows will see higher energy bills.
“What will have an impact on costs is the high energy expenditures, as hotels are running air conditioning, refrigeration and cooling systems continuously,” de Goeij added.
As of mid-July, it was still too early to assess the total financial impact, de Goeij said, but he has seen data from the European Travel Commission that indicates 81% of Europeans now factor climate change into travel plans.
These effects also are affecting hotels hundreds of miles away. Lower-altitude ski resorts could see declining demand due to warmer winters, he said, although this could be partially offset by growing interest in year-round Alpine hiking.
Cool-weather getaways
Positive effects from a hotter Europe already have become measurable in northern European destinations. Cushman & Wakefield reported increased interest in resorts in northern Europe, alongside stronger investment activity in the region.
“According to our data, hotel transaction volume in the Nordics increased by 87% in 2025, reaching €2 billion ($2.29 billion), with more than 10,000 rooms transacted,” de Goeij said.
In the first quarter of 2026, hotel transaction volume jumped by 1,600%, although this was partly driven by a low-base effect.
Hoteliers in northern Europe acknowledge that rising temperatures have proved beneficial for their businesses.
The Baltic region is increasingly becoming an attractive alternative for travelers looking to avoid the extreme heat experienced in southern Europe during summer, said Andris Kalnins, president of the Association of Hotels & Restaurants in Latvia.
“While Mediterranean destinations remain very popular, some tourists are now seeking milder temperatures, outdoor activities and a more comfortable climate, which creates opportunities for destinations such as Latvia,” Kalnins said.
Emerging markets across Europe in these temperate destinations have a big opportunity to win hotel and travel demand, said Külli Kraner, CEO of the Estonian Hotel & Restaurant Association.
“Climate is increasingly working in our favor,” Kraner said. “We have largely been spared the heatwaves and unpredictable weather events affecting southern and central Europe. For travelers looking to escape the heat, that stability is a genuine selling point.”
Hoteliers admit climate change is not yet showing up in hotel performance figures, but it is increasingly becoming a factor in where travelers go — and where investors look.
After missed opportunity, Mast Capital buys Islands of Islamorada Resort in favored Keys market
Villa owners will have opportunity to offer nightly rentals
After missing out two years ago, Mast Capital and its partner, Koch Real Estate Investments, bought the Islands of Islamorada Resort in the Florida Keys. (Mast Capital)
https://www.costar.com/article/1711965904/after-missed-opportunity-mast-capital-buys-islands-of-islamorada-resort-in-favored-keys-market?
By Bryan Wroten
Keys, 90 minutes outside of Miami. It features 22 private oceanside villas and eight hotel suites, and it offers direct water access.
The property features 22 private oceanfront villas and eight hotel suites along with two swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar, and other amenities. (Mast Capital)
The property also has two oceanfront swimming pools, a private beach, two pickleball courts, two playgrounds, a beachfront bar, and a fitness center. Guests staying there also have access to a private marina with boat slips, paddleboards, kayaks and sailboats.
Mast and Koch plan to relaunch sales and marketing for the resort’s 22 waterfront villas with Ocean Sotheby’s International Realty acting as the sales broker. The villas are fully furnished residences offering four bedrooms and four full bathrooms in a three-story layout. The amenities include covered waterfront loggias, two-car garages with electric vehicle hookups, premium finishes and appliances, integrated smart home technology and concrete block construction built to current hurricane code standards. Prices start at $3.8 million.
The plan is to sell the villas and offer the owners a rental program, Kornberg said.
“It's a pretty unique offering because most townhome or single-family homes in the market can be rented for a 30-day minimum. Some are weekly, but to be able to do nightly rental with a standalone villa of this size is a really unique proposition,” he said.
It should be a great offering for someone who wants more space and high-quality new build improvements, he said. It also means owners can generate good cash flow through the nightly rentals.
There will be some targeted improvements to the rooms and public areas along with enhancing the food and beverage program, he said. Along with the focus on the villa sales, the company is bringing in Eos Hospitality to optimize the resort’s operations.
Mast’s portfolio has about $5 billion in total capitalization, primarily in residential hospitality across the state of Florida, he said. Among its hospitality properties are the Little Palm Island Resort & Spa, also in the Keys, and the recently renovated Saddlebrook Resort in Tampa Bay.
The company has residential projects in the works, including the luxury oceanfront condominium The Perigon Miami Beach, which it is developing with Starwood Capital Group, as well as the 80-story luxury residential tower Cipriani Residences Miami in the Brickell neighborhood and the Banyan Tree Residences West Palm Beach, Banyan Group’s first residential project in the U.S.
Asia-Pacific investors plow into European hotel assets: report
https://hotelsmag.com/news/asia-pacific-investors-plow-into-european-hotel-assets-report/
European hotel investment totaled €11.7 billion in the first half of 2026, according to Cushman & Wakefield’s latest MarketBeat Europe Hospitality report. The figure was 19.5% above the 10-year average but represented a 9.5% year-over-year decline.
Transactions above €100 million rose 30% YOY, spanning single assets and larger portfolios. The activity included the Pullman Paris Tour Eiffel, the Westminster Curio Collection in London and the Park Hyatt Vienna.
“What we saw in the first half of 2026 is a highly selective market rather than one that is slowing down,” said Frederic Le Fichoux, head of hotel transactions, EMEA at Cushman & Wakefield. “Fewer assets are trading, but the ones that are moving are premium, well-located hotels commanding strong pricing.”
Transaction volume from Asia-Pacific investors grew 86% YOY, offsetting declines from the Americas (-87%) and the Middle East/Africa (-31%).
“The rise in activity from APAC is largely a reassessment of global exposure and a desire for diversification, mostly driven by geopolitical reasons,” Le Fichoux said. “Europe is seen as well priced and a stable environment compared to other parts of the world. Another factor is that APAC investment into European hotels dropped off significantly during Covid and the years that followed, so what we’re seeing now is a natural recovery as much as fresh conviction.
“Hotel investors are focusing on upper upscale and luxury hotels that have seen strong performance growth,” said Le Fichoux, adding that these assets often trade above €100 million. “Competition is rising thanks to greater access to capital and a wave of non-traditional investors, both institutional and private, entering the sector and seeking to make a statement with prime, trophy assets.”
The average price per room rose 9% YOY to €228,416. Private investors represented 54% of acquisitions and 46% of disposals. Half of all invested volume went into Upper Upscale and Upscale hotels.
The United Kingdom led all markets by transaction volume at £3.22 billion, up 74% YOY, followed by Spain at €2.66 billion, up 34%. “London is the magnet, and it has captured a large share of the UK’s volume,” added Le Fichoux. “We’ve already seen ten single-asset and portfolio transactions above €100 million so far this year, with a few more currently on the market. The Curio Westminster achieved a record price above €300 million through a strategic acquisition from RIU Hotels, which proves London remains a very strategic location for many investors.”
London was Europe’s single most active city overall, with €2.3 billion transacted across 24 properties, ahead of Paris, Vienna and Madrid.
Hotel supply across Europe expanded 2.9% YOY, fastest in Southern and Eastern Europe. Europe-wide RevPAR reached €101, up 3% year-on-year, with Eastern Europe posting the strongest growth at 6% and Milan (+24%) and Budapest (+15%) recording the largest city-level gains.
Looking to the second half of 2026, “There are a number of large transactions on the market, including several sizeable portfolios and platform deals, that will positively influence volumes once they close,” said Le Fichoux. “Europe remains a strategic investment market for many investors navigating different challenges elsewhere in the world, and hotels continue to be a growing asset class as institutional investors reallocate capital to rebalance their portfolios. Southern Europe remains a particular favorite, offering a strong mix of well-performing urban and resort markets.”
The Asian Night Market Has Come to America — and These Are the Best One
https://www.fodors.com/world/north-america/usa/experiences/news/photos/10-best-us-night-markets
Cities around the U.S. are embracing the night market.
For decades, Asian nations like Malaysia, Thailand, and Vietnam have earned abundant acclaim for their colorful night markets, drawing huge crowds to enjoy live music and feast on savory street food—and in recent years, this concept has increasingly taken hold in North America as well. Across the United States, cities are adopting this model as a means to support independent businesses and shine a spotlight on Asian-American cuisine and culture, with night markets taking place as one-day festivals and recurring showcases alike. As you plan your next vacation, don’t miss out on the following markets, each one brimming with its own unique array of global cuisines and cultural heritage.
PHOTO: ALBERT LEE
1 OF 10
YèShì Chinatown Night Market
WHERE: Philadelphia, Pennsylvania
The YèShì Chinatown Night Market celebrates the legacy of one of Philadelphia’s most renowned neighborhoods, drawing dozens of vendors and thousands of revelers for one night each year. Participants can peruse handmade crafts and snag soup dumplings, bubble tea, and an impressive array of other Asian-inspired snacks—and amidst the live music and captivating lion dances, patrons also have an opportunity to try their hand at table tennis or mahjong.
PHOTO: BRIAN BILLS
2 OF 10
Queens Night Market
WHERE: New York City
The Queens Night Market showcases the famed cultural diversity of New York’s largest borough, with more than 100 vendors representing over 90 countries. The festival takes place from April to October each year, and is best known for showcasing a wide variety of underrepresented cuisines (Kazakh, Sierra Leonean, and Guyanese, just to name a few). Beyond bites, guests can also look forward to a particularly lively atmosphere, with independent art vendors and musical performers in attendance as well.
3 OF 10
626 Night Market
WHERE: Arcadia, California
Launched in 2012 in Southern California’s San Gabriel Valley, the 626 Night Market is now recognized as the largest night market in the nation, uniting hundreds of vendors to showcase the diversity of Asian American cuisine. Deep-fried squid skewers, birria ramen, and Korean barbecue burritos are just a few of the decadent dining options that infuse East Asian cuisine with a California flair—and to sweeten the deal, performances take place throughout each evening, with genres spanning from classical Chinese folk to K-pop.
4 OF 10
Boston Night Market
WHERE: Boston, Massachusetts
The Boston Night Market is gearing up for a September 19th return this year, working in tandem with Cambridge’s Central Square Business Improvement District to shine a spotlight on some of the Bay State’s best restaurants. The event draws inspiration from the traditional night markets of East and Southeast Asia, with other street food favorites like elotes and tamales up for grabs as well—and beyond dining options, the event also comes equipped with an on-site beer garden that’s stocked with all sorts of Bay State brews.
PHOTO: BOON VONG
5 OF 10
Atlanta International Night Market
WHERE: Atlanta, Georgia
Georgia’s capital city has long been renowned for its diverse dining scene, with the Atlanta International Night Market showcasing some of its finest flavors. This free festival pops up at various locations across the city each year, with more than 90 vendors taking part in the event. Amidst the many dance acts and live singers, guests can snag savory snacks from all across the globe, with Haitian, Singaporean, and Cambodian cuisine being just a few of the flavors represented over the years.
PHOTO: PHOTO COURTESY OF PEARL
6 OF 10
Wednesday Night Markets at Pearl
WHERE: San Antonio, Texas
San Antonio’s Pearl District takes on an entirely new life during Wednesday Night Markets at Pearl, inviting tourists and residents alike to stroll the waterfront and sample a wide variety of cuisines. Taking place weekly from 5:00 PM to 9:00 PM, this lively event features outdoor live music, handmade goods, and plenty of light bites along the river’s edge. While traditional night markets typically focus on Asian-American fare, the Pearl District offers a wider breadth of dining options, with Texas barbecue, tacos, and empanadas available as well.
PHOTO: COURTESY OF HILO TOWN MARKET
7 OF 10
Hilo Town Market
WHERE: Hilo, Hawaiʻi
For a deep dive on the unique culinary culture of Hawaiʻi Island, few events can compare to the Hilo Town Market. Each Friday night, guests congregate in and around Kalākaua Park from 5:00 PM to 9:00 PM to enjoy live music and hula performances from local artists—but of course, the food is the main attraction. Traditional Hawaiian dishes abound, with the lau lau (steamed pork) and poke (diced raw fish) being two particularly popular options for guests.
PHOTO: JEFFREY JOHNSON PICTURE
8 OF 10
Argyle Night Market
WHERE: Chicago, Illinois
Chicago springs to life in summer with a wide variety of outdoor events, but when it comes to exploring the city’s Asian-American heritage, it’s tough to beat the Argyle Night Market. Taking place on Thursday evenings throughout the late summer, this multi-block market hums with live music and traditional taiko drumming, while dining options span from onigiri to rendang to pork lemongrass skewers.
9 OF 10
CID Night Market
WHERE: Seattle, Washington
The CID Night Market has been a Washington staple since 2006, drawing thousands of attendees to Seattle’s Chinatown-International District each fall. More than 100 vendors take part in the festivities, with fusion food like mochi donuts, sushi burritos, and spam musubi all making an appearance—though that’s not all that the market has to offer. Cultural performances take place throughout each evening, with lion dances and martial arts demonstrations both available for viewing.
10 OF 10
Chinatown Night Market
WHERE: San Francisco, California
San Francisco’s lauded Chinatown can trace its roots back to the 1850s—and today, the Chinatown Night Market offers ample insight into the neighborhood’s modern culinary prowess. Barbecue skewers, dim sum, and stinky tofu are just a few of the classic options found at the festival, with dozens of vendors in place selling food, souvenirs, and homemade art. During a visit, guests can also keep their eyes peeled for traditional lion dancing and other time-honored customs hailing from East and Southeast Asia.
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