Investments in hotel real estate in Russia in January-September 2026 plummeted by 61.1% compared to the same period last year, to 21 billion rubles. Within nine months, only 14 deals were closed on the market. Such a sharp decline indicates that hotel asset buyers have reduced their activity. One of the reasons is the weakening of the tourist flow. With fewer guests, it is harder to fill hotels, and revenue expectations from assets become less attractive. In addition, hotels are under pressure from the daily apartment rental market, which draws away some of the demand and increases competition for travelers. The result is a negative combination for owners and potential investors: hotel occupancy is declining, and competition for customers is increasing. Under such conditions, it is harder to estimate the return on investment for an acquisition or a new project. The drop in investments to 21 billion rubles indicates investor caution against the backdrop of worsening revenue expectations for the hotel business. ΞEconomy