Monaco’s hospitality sector continued to outperform the broader economy in 2025, generating more than €1.14 billion in revenue despite an overall decline in business activity across the Principality, according to new figures published by IMSEE.

The latest Focus report from Monaco’s statistics office reveals that accommodation and food service activities recorded revenue growth of 6.3% in 2025, reaching €1.14 billion at a time when overall turnover in the Principality fell by 7.6%. The figures underline the resilience of Monaco’s tourism and hospitality industries, which remain among the country’s most important economic drivers.

Hotels lead growth as tourism rebounds

The accommodation sector was the strongest contributor, generating €812.3 million in revenue, an increase of 7.3% compared with 2024 and accounting for more than 71% of the sector’s total turnover. Restaurants and food service activities also performed strongly, contributing €327.8 million and recording growth of 3.9% year-on-year.

The positive results were supported by improving tourism indicators. Monaco’s hotels welcomed 353,875 visitors in 2025, an increase of 1.1% compared with the previous year, while occupied room nights rose by 2.1%. Hotel occupancy climbed to 64.5%, up 2.7 percentage points from 2024, with visitors from outside the European Union accounting for nearly half of all guests.

Restaurants continue to expand across the Principality

The report highlights the continued expansion of Monaco’s dining scene. By the end of 2025, the Principality was home to 314 accommodation and food service establishments, including 299 businesses operating within the food and beverage sector. Restaurants and mobile food service activities represented the largest category, accounting for 255 establishments.

La Condamine emerged as Monaco’s leading food and beverage hub, with 98 restaurant-related addresses, ahead of Monte-Carlo with 81 and Fontvieille with 41. The data also points to a steady wave of new openings, with 30 businesses created during the year compared with 20 closures.

Hospitality remains Monaco’s second-largest employer

Beyond its contribution to tourism, the sector continues to play a major role in employment. Hospitality and food services employed 8,988 people in 2025, making it Monaco’s second-largest employment sector for the third consecutive year. Employment increased by 3.1% compared with 2024 despite wider economic challenges.

The workforce is notably young, with almost 40% of employees under the age of 35. Hotels account for the majority of jobs, employing nearly 6,200 people, while restaurants and food service businesses provide employment for more than 2,500 workers.

A sector increasingly central to Monaco’s economy

The figures reinforce the growing importance of hospitality to Monaco’s economic model. While several sectors experienced more challenging conditions in 2025, hotels and restaurants continued to benefit from strong international demand, increasing visitor numbers and sustained investment in the Principality’s tourism offering.

The report also highlights the sector’s long-term evolution. While Monaco’s hotel stock includes several historic establishments dating back to before 1960, much of the restaurant sector has emerged more recently, reflecting the continued diversification of the Principality’s culinary landscape.

As visitor numbers continue to rise and occupancy rates strengthen, the latest data suggests Monaco’s hospitality industry remains one of the Principality’s most dynamic and resilient sectors.

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Photo of the Café de Paris terrace overlooking Casino Square. Source: MCSBM