Hotels, market data - Figures fourth quarter 2025 Spain

The hotel market in Spain closed 2025 on a positive note, supported by strong tourist demand and high investor interest, although at a more moderate pace than in the years immediately following the pandemic. Activity in the sector remained solid throughout the year, with particular intensity in the second half, enabling new historic highs to be reached and reinforcing the country's position as one of Europe's leading tourist destinations.

 

Spain exceeded 118 million visitors for the first time in 2025, improving on the record already achieved the previous year and ranking as the second European country with the highest air traffic. Growth was mainly driven by international demand, which continued to gain weight in both volume and expenditure. Through November, foreign tourism increased by 3% year-on-year and associated spending grew by 7%, confirming the destination's ability to attract higher value-added tourism. Looking ahead to 2026, forecasts point to a continuation of this trend, with Spain remaining among the most important tourist markets on the continent.

 

Investment reinforces the prominence of the hotel sector

 

With a volume of €4.2 billion, the Spanish hotel market achieved its second-best historical record in 2025 and consolidated its position as the second European destination by investment volume, accounting for 18% of the total transacted on the continent. Hotels accounted for nearly a quarter of real estate investment in Spain, reinforcing their role as one of the preferred assets for capital.

 

Hotel chains led the activity, followed by institutional capital and private investors, with a clear predominance of domestic buyers, who channelled more than €2.5 billion into the sector. However, the presence of international capital remained significant, with a notable contribution from European investors, especially French and British.

 

Preference for quality products and established destinations

 

Investors showed a clear preference for four- and five-star hotels, which accounted for most of the transaction volume (79% of the total), although the budget segment continued to gain prominence. The holiday market regained ground compared to the urban market, supported by strong tourist demand, and the Canary Islands once again positioned themselves as the main destination for investment (22% of the total transacted), followed by Barcelona (16%), the Balearic Islands (15%) and Madrid (9%).

 

Looking ahead to 2026, the Spanish hotel sector is entering the new financial year from a position of clear strength. Despite a more moderate growth environment, market fundamentals remain positive, with robust demand, controlled supply and sustained investor interest.