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Marketbeat Spain Hospitality

Summary of the Spanish hospitality market across key cities and tourist destinations. Get up-to-date insight into sector trends, including transaction activity, pricing evolution, investment analysis, and demand dynamics.

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Key Takeaways
  • Investment activity reaches its highest level since 2019: Hotel investment in Spain reached €4.2 billion in 2025, confirming the country as the second most active hotel investment market in Europe and highlighting the continued strong investor interest in the sector.
  • A more selective and strategic market: After several years of exceptional activity, the market has entered a more balanced phase, characterized by greater investment discipline and a stronger focus on high-quality assets, particularly in prime urban locations and established resort destinations.
  • Strong operating performance: The sector closed 2025 with an average ADR of €127.7 (+5.1%), occupancy of 70.3% (+1.2%), and RevPAR of €89.7 (+6.3%), with growth primarily driven by higher room rates rather than significant increases in demand volume.
  • Stronger momentum in resort destinations: Resort locations recorded RevPAR growth of 6.6%, outperforming urban markets, which registered a 4.2% increase.
  • Limited supply growth supporting performance: Tourism demand continues to expand from already record-high levels, while supply growth remains moderate (+0.7% year-on-year), supporting the strong operating performance of Spain’s hotel market.

ECONOMIC CONTEXT

The Spanish economy maintained solid growth throughout 2025, with real GDP increasing by 2.8% year-on-year and inflation standing at 2.7%. This favorable macroeconomic environment has supported the strong performance of the hospitality sector, which continues to benefit from robust tourism and travel demand.  

OCCUPANCY MARKET 

Spain’s hotel market maintained solid operational performance in 2025. Average occupancy reached 70.3%, while RevPAR increased by 6.3% year-on-year, mainly driven by higher room rates. Performance was particularly strong in resort destinations, although some cities such as Valencia and Málaga recorded slight declines in RevPAR.  

INVESTMENT 

Hotel investment in Spain reached €4.2 billion in 2025, the highest level since 2019. Investors continued to prioritize high-quality assets in prime locations, both in urban markets and established resort destinations. In addition, value-add and repositioning strategies gained momentum in a more normalized pricing environment, with greater focus on the operational potential of assets.  
H2 SPAIN HOSPITALITY MARKETBEAT
Access H2 2025 commercial real estate results for the Hospitality sector.
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MARKETBEAT HOSPITALITY. PREVIOUS VERSIONS

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