GUESTS
3.4 M
+2.5%YoY
Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | September 2026
Portugal, September 2026: overnight stays +2.0% and total revenue +6.1% year on year.
Monthly · Published on · Provisional data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
EXECUTIVE SUMMARY
September brought more overnight stays but lower occupancy
INE reports the fastest overnight-stay growth in the last 4 months. Overnight stays increased +2.0%. The release identifies no calendar effect for this period.
Total revenue reached EUR 890.2 M. Room revenue amounted to EUR 696.6 M. RevPAR stood at EUR 102.0. ADR reached EUR 147.3. Net bed occupancy was 56.5%, with a change of -0.3 pp.
Owners and operators should test whether achieved rates can hold at property level. National demand growth does not ensure higher occupancy for an individual hotel. Budgets need separate assumptions for demand, rates and guest mix.
Executive takeaway
Revenue advanced alongside lower capacity utilisation, with higher ADR supporting room yields.
KEY INDICATORS
Revenue gains alongside softer occupancy
OVERNIGHT STAYS
8.7 M
+2.0%YoY
TOTAL REVENUE
EUR 890.2 M
+6.1%YoY
ROOM REVENUE
EUR 696.6 M
+6.0%YoY
REVPAR
EUR 102.0
+2.8%YoY
NET BED OCCUPANCY
56.5%
-0.3 ppYoY
Reading: total revenue grew +6.1%, outpacing overnight stays. Lower occupancy increases the importance of maintaining achieved room rates.
DEMAND
Domestic demand accelerated as overseas markets diverged
RESIDENT OVERNIGHT STAYS
2.5 M
+3.1%YoY
NON-RESIDENT STAYS
6.2 M
+1.6%YoY
Resident overnight stays rose +3.1%. Non-resident stays increased +1.6%. Domestic growth accelerated from August while international demand slowed.
Poland led growth at +11.0%. The United States recorded +5.7%. The United Kingdom posted +3.0%. Germany registered -2.9%. France showed -5.5%, the sharpest contraction among the leading markets. Each property should assess these shifts against its own source-market exposure.
Change in overnight stays by source market
% · September 2026, year-on-year change
Poland
+11.0%
United States
+5.7%
United Kingdom
+3.0%
Germany
-2.9%
France
-5.5%
REGIONS
The North led an uneven regional picture
Change in overnight stays by region
% · September 2026, year-on-year change
North
+6.6%
Centre
+2.8%
Greater Lisbon
+2.8%
Setúbal Peninsula
+1.8%
Madeira
+0.7%
Algarve
+0.6%
Alentejo
-0.8%
Azores
-1.6%
West and Tagus Valley
-2.0%
The North posted +6.6% in overnight stays. The Centre and Greater Lisbon each recorded +2.8%. The Algarve grew +0.6%, indicating a more limited expansion.
West and Tagus Valley recorded -2.0%. The Azores posted -1.6%. Alentejo registered -0.8%. Demand assumptions should reflect these regional differences.
OPERATING PERFORMANCE
Higher rates supported yields as occupancy eased
Portugal, tourist accommodation establishments.
ADR
EUR 147.3
+3.3%YoY
REVPAR
EUR 102.0
+2.8%YoY
NET BED OCCUPANCY
56.5%
-0.3 ppYoY
NET ROOM OCCUPANCY
69.3%
-0.4 ppYoY
TOTAL REVENUE
EUR 890.2 M
+6.1%YoY
ROOM REVENUE
EUR 696.6 M
+6.0%YoY
ADR rose +3.3%. RevPAR increased +2.8%. Net room occupancy stood at 69.3%, with a change of -0.4 pp. Higher average rates supported yields without fuller use of available rooms.
Room revenue increased +6.0%. More overnight stays supported volume but did not lift occupancy. These figures do not isolate capacity effects or separate rate increases from changes in accommodation and guest mix.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Test rate durability before projecting revenue
Fact
RevPAR grew +2.8%, alongside ADR growth of +3.3% and a room occupancy change of -0.4 pp.
Interpretation
The pattern points to yields supported by average rates. It does not establish uniform pricing power across hotels or demonstrate an improvement in operating margins.
Implication
Owners and lenders should test revenue by segment and channel against achieved rates, occupancy and distribution costs. Valuations should account for exposure to contracting source markets.
OUTLOOK
For October 2026, monitor these three signals:
- Whether faster domestic growth persists as non-resident demand slows.
- Whether ADR can continue to support RevPAR if occupancy weakens further.
- French and German demand at properties most exposed to these markets.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, September 2026, released 30 October 2026.
- Release date
- Data status
Provisional data
- Notes
Levels and year-on-year changes from the INE flash release of 30 October 2026; no later release revises them.