Trends Hotels 2024: the revolution of the hotel sector in Spain

The Spanish hotel sector has experienced an unprecedented period of transformation and growth in recent years, with a positive trend that is expected to continue in 2024 and beyond. According to CBRE's report, the number of travelers staying in hotels has increased by 4% through September compared to the previous year, exceeding 2019 levels by 7%. This increase, along with the rise in daily rates, has led to revenue per available room (RevPAR) being 38% above 2019 levels. As a result, room margin in Spain will also reach record highs in 2024.

Despite the optimistic outlook, the future is not without challenges. More moderate growth is anticipated in the sector due to slowing global GDP and stabilizing inflation in major advanced economies. RevPAR is forecast to grow slightly below 3% in 2025, while the evolution of geopolitical conflicts could alter the flow of foreign visitors to Spain.

Sustainability has become a priority for the hotel sector. With high tourist flows in certain areas, it is crucial to minimize their negative effects by promoting destination diversification and a reduction in seasonality.

In terms of investment, the hotel segment has been the main focus in Spain from 2017 to 2024, accumulating 24,000 million euros. The Balearic, Canary Islands, Madrid, Barcelona and Malaga regions have concentrated 80% of this investment. In addition, the profile of investors has changed, with a greater presence of international capital and the private investor in addition to sovereign wealth funds. There is a polarization in investment, with notable growth in both the luxury and economic segments.