Hotels, market data - Figures third quarter 2025 Spain

Spain continues to be one of the most attractive tourist destinations in Europe. Although the growth in the number of visitors (93 million through September) is somewhat more moderate than in previous years (+1%), it reflects a phase of stabilization marked by robust international demand. In line with this trend, international tourism increased by 3% in volume and 7% in accumulated spending through August.

Spain surpasses traditional markets such as the United Kingdom and France as the main destination for hotel investment in Europe.

The hotel sector also strengthens its leadership as a focus of investment in Spain, consolidating itself as the second preferred real estate asset for investors, with a volume of 2.63 billion euros through the third quarter of the year and representing 20% of the total transacted in real estate. This figure represents a year-on-year growth of 16% and is the second-best historical record for this period.

Hotel chains have led the transactional activity, concentrating around 40% of the total, followed by institutional investors (37%) and private investors (17%). By origin of capital, two out of every three buyers have been national, channelling more than 1.7 billion euros into the hotel sector in 2025.

Investors show a clear preference for 4 and 5-star hotels, which concentrate 76% of the total volume. At the same time, budget hotels are gaining ground, representing 15% of the investment, compared to less than 10% captured by 3-star assets.

In contrast to the data from 2024, the vacation segment has recovered its leading role compared to the urban segment, concentrating 57% of the total transacted volume. The Canary Islands continue as the preferred destination for investors, accounting for 29% of the total investment, followed by Barcelona (14%) and Madrid (11%). In the latter, the trend of converting assets towards hotel use in the urban center continues to stand out, driven by high tourist demand.