The total number of tourists fell to 14.3 million (-2% compared to 2024), and the average occupancy rate across all accommodation units declined from 30.4% to 28.8%. At the same time, operators increased their rates. In the 4- and 5-star segment, ADR reached €94.68 (+8.5%), while RevPAR climbed 12.2% to €61.33.

The result is a market in which revenues grow in the absence of volume growth, pointing to a structural repositioning of the industry towards value-driven growth. "The hotel market is entering a phase where performance is no longer determined by demand growth, but by the ability to sustain rates and attract premium segments. It is a sign of maturity, but also of vulnerability in the face of potential demand declines," said Ilinca Timofte, Head of Research at Crosspoint Real Estate.

Hotels and aparthotels rated 4 and 5 stars, totalling approximately 83,000 rooms nationwide in 2025, generated €974.5 million, equivalent to nearly half of total industry revenues, despite accounting for only around 20% of accommodation capacity. Bucharest remains the largest market in this segment, with revenues of €347.7 million and an occupancy rate of 72.6%, but regional markets are gaining ground.

Hotel investment volume exceeded €60 million in 2025, up around 25% year-on-year, but remains modest in regional terms and dominated by small-ticket transactions. In this context, the combination of strong operational performance and volatile demand is creating a more selective market for investors.