Real estate investments in hotels in Russia in January-September 2026 decreased by 61.1% year-on-year, to 21 billion rubles. According to IBC Real Estate's calculation, the number of transactions decreased from 19 to 14. The number of new companies and private entrepreneurs in the hotel business decreased by 17.8%. Investors are being held back by high construction and hiring costs, the end of the discount loan program and a drop in demand. In the first nine months, hotel bookings in Russia decreased by 5.3%. At the same time, tourists increasingly began to choose budget accommodation: apartments accounted for 30% of bookings in the summer, 7 percentage points more than a year earlier. Against this background, the hoteliers cannot raise prices significantly, and the launch of new projects remains limited.

Real estate investments in hotels in Russia in January-September 2026 decreased by 61.1% year-on-year, to 21 billion rubles. According to IBC Real Estate's calculation, the number of transactions decreased from 19 to 14. The number of new companies and private entrepreneurs in the hotel business decreased by 17.8%. Investors are being held back by high construction and hiring costs, the end of the discount loan program and a drop in demand. In the first nine months, hotel bookings in Russia decreased by 5.3%. At the same time, tourists increasingly began to choose budget accommodation: apartments accounted for 30% of bookings in the summer, 7 percentage points more than a year earlier. Against this background, the hoteliers cannot raise prices significantly, and the launch of new projects remains limited.