华利安：2025年上半年酒店行业更新报告（英文版）

There has been recovery in European consumer deals, including in the hospitality vertical (with deal volumes growing by 12% YoY).  Geographically, the U.K. has seen the greatest improvement in hospitality M&A activity (+25%).  Within casual dining, there remains significant pent-up supply with many assets owned for much longer than the typical three to four years by private equity and a raft of stalled or failed sale mandates. Buyers are spoiled for choice. QSR remains more attractive;