This study analyses the hotel market in France, classified or not, from small independent establishments to palace hotels, and compares it with furnished tourist rentals booked on rental platforms. It measures the sector's activity: 14 886 hotels open on average in 2025, 618 200 rooms and 220,2 million overnight stays according to Insee, with revenue of 25,1 billion euros in 2023. It explains why growth comes mainly from prices: overnight stays barely exceed their 2019 level, while guests are moving towards four- and five-star hotels and foreign visitors account for 37,9 % of overnight stays in 2025. The study describes leisure and business clienteles, their countries of origin, the gap between Paris and the regions, and seasonality. It follows the transformation of the hotel stock, which has fewer hotels but more upscale rooms, the closure of small rural hotels for lack of a buyer and the renewal of economy hotels. It details company accounts, the weight of staff costs and rent, recru
