S Grade does not rate hotels itself. It relies on the two inspectorates that matter, applies one fixed rule, and uses three further classifiers to order houses within a grade.
Who the index is for: S Grade is built for travellers who have already decided to spend at the top of the market and want an independent, non-negotiable filter on which of those houses actually earn it. Nothing here is ordered by price. The index holds only houses carrying at least four Forbes stars or two MICHELIN Keys; about anything below that it says nothing, good or bad. Price still counts, one level down: MICHELIN weighs it against what a house delivers, and a house that asks too much for what it gives comes off worse there.
S Grade
Forbes 5-Star AND MICHELIN 3 Keys
The two most demanding inspectorates in hospitality, in agreement on the same house. Fewer properties qualify than most travellers expect, and that is the point.
A Grade
Forbes 5-Star OR MICHELIN 3 Keys
A house recognized at the highest level by one of the two inspectorates, where it does not already hold both and therefore is not S.
B Grade
Forbes 4-Star OR MICHELIN 2 Keys
Serious luxury with a verified inspection record. The entry threshold to the index; nothing below this appears here.
Additional recognitions never change a grade. They influence the order in which houses appear within the grade they already hold.
When Forbes or MICHELIN publish a new list, the index is updated within days. A house that loses its rating loses its grade, there are no grandfathered entries. Current basis: Forbes Travel Guide 2026, MICHELIN Keys 2026.
The same rule as a table: every combination of a Forbes level and a MICHELIN level, each with the grade that follows and every house in it. Combinations
The classifiers
Who grades, and how
01
Forbes Travel Guide
Forbes Travel Guide, United States
Who judges
Anonymous professional inspectors, paid by the guide, who stay at their own expense.
How they judge
Up to 900 objective service and facility standards are tested over a multi-night incognito stay. Roughly 70 per cent of the score is service, 30 per cent facility. Ratings are Recommended, Four-Star and Five-Star, and are reissued annually.
Weight here
Primary. Five Stars is one of the two conditions for S Grade.
02
MICHELIN Keys
MICHELIN Guide, France
Who judges
The MICHELIN Guide's anonymous hotel inspectors, using the same independence rules as the restaurant guide.
How they judge
Five criteria: architecture and interior design quality, service quality and consistency, personality and character, value for the price, and significant contribution to the neighborhood or setting. One, Two or Three Keys are awarded, Three Keys meaning an extraordinary stay.
Weight here
Primary. Three Keys is the second condition for S Grade.
03
The World's 50 Best Hotels
William Reed, United Kingdom
Who judges
An academy of some 800 anonymous voters (hoteliers, journalists and seasoned travellers) split across global regions.
How they judge
Each voter casts seven votes for hotels stayed in over the previous two years, at least three of them outside their home region. Votes are audited and produce an annual ranked list.
Weight here
Secondary. Ranks a property higher within its grade.
04
Condé Nast Traveler Gold List
Condé Nast Traveler, United States
Who judges
The magazine's own editors and contributing correspondents, not readers.
How they judge
An annual editorial selection of the hotels the editors themselves would return to, judged on design, service, sense of place and the quality of a repeat stay rather than on a score.
Weight here
Secondary. Ranks a property higher within its grade.
05
Travel + Leisure
Travel + Leisure, United States
Who judges
Readers of the magazine, in the annual World's Best Awards survey.
How they judge
Readers score hotels on rooms and facilities, location, service, food and value. Scores are averaged and published as ranked regional and global lists each year.
Weight here
Secondary. Ranks a property higher within its grade.