Hotels, market data - Figures second quarter 2026 Spain

Spain’s hotel sector continued to consolidate its strength in 2026, supported by robust tourism demand, solid operating performance and sustained investor interest.

During the first half of the year, Spain welcomed more than 55 million travellers, reaching the highest figure ever recorded for this period and confirming the continued reduction in seasonality across tourism activity. Growth was driven by both domestic and international demand, with international arrivals up 3% and cumulative tourism expenditure increasing by 8% to May.

The evolution of tourism reinforces Spain’s position as one of the world’s most competitive destinations. If the current trend continues, the country could exceed 100 million international tourists in 2026, supported by more diversified demand and the strength of its main urban and leisure destinations.

From an operational perspective, hotel activity maintained a positive performance during the first half of the year. ADR reached €122.22, while RevPAR stood at €80.96, with both indicators recording year-on-year growth of 4%. Average occupancy reached 66%, slightly above the same period last year. These indicators reflect the sector’s ability to continue generating growth, underpinned by solid demand and a strategy increasingly focused on quality and profitability.

Supply and development: focus on the premium segment

Spain’s hotel stock now totals 1.53 million bed-places across 14,454 establishments, increasing its capacity compared with the previous year.

At the same time, the pipeline continues to show momentum, with a clear focus on higher-value segments. Around 270 hotels are expected to open by 2028, with one third of planned projects corresponding to five-star and grand luxury hotels. Development is mainly concentrated in Málaga, Madrid, Cádiz, Valencia and the Canary Islands.

This trend highlights the ongoing repositioning of the sector towards higher-quality products in recent years.

Spain consolidates its position as one of the most attractive hotel investment markets

The hotel investment market remained highly active during the first half of 2026, with more than €2 billion transacted, 18% above the same period last year. This volume accounted for 17% of total real estate investment in Spain and represented the strongest first-half performance on record.

The outlook for the second half of the year remains favourable. Spain ranks as the most attractive hotel investment market in Europe, according to the European Hotel Investor Intentions Survey 2026.

Investment trends: luxury and leisure product remain in focus

Institutional capital led investment activity during the semester, accounting for 47% of total volume, followed by hotel chains (29%) and private investors (24%). Domestic capital also maintained a leading role, representing 70% of total investment in the sector.

Between January and June, 80 hotel assets were transacted, totalling around 9,000 rooms and exceeding the activity recorded in the same period of 2025. Investor preference was clearly concentrated in 4- and 5-star hotels, which represented 85% of investment volume, driven especially by the luxury segment.

By typology, leisure product accounted for 54% of investment, ahead of urban hotels. Madrid led capital inflows with 21% of total volume, followed by the Balearic Islands (20%), the Canary Islands (18%) and Málaga (11%).

Meanwhile, the trend of converting assets to tourism and hotel uses continued, with notable transactions involving serviced apartments and luxury hotels.