Hotels, market data - Figures first quarter 2024 Spain

2023 was a record year for the hotel sector in Spain. The good pace for the sector continues with a closing of the first quarter of 2024 with 21 million visitors, which is 10% more than the same period of the previous year. For the rest of the year, CBRE expects an additional increase in travellers to Spain, as a result of the conflicts in the Middle East and their impact on tourist flows.

Spain currently has a hotel supply of 1,239 thousand available beds distributed in 12,494 hotels, whose occupancy rate was around 61%. Around 260 hotels are expected to open, which will mean some 26,000 rooms in Spain by 2025, 22% of which are high-end (5-star and 5-star GL).

The hotel sector marked a milestone by leading investment last year in Europe with 28% of the total transacted, and is positioned in 2024 as the preferred destination for investors according to the European Investor Intentions Survey. In the first quarter of the year, the hotel sector reached 577 million euros transacted in Spain, representing 27% of the national total. These investment figures represent an increase of 12% compared to the same period in 2023. In the first quarter of 2024, a total of 28 hotel assets and more than 3,000 rooms were transacted in Spain, compared to 19 hotel assets and 2,900 rooms in the same period of the previous year. Investors continue to bet on high-end hotels thanks to their more resilient and inelastic nature