Hotels, market data - Figures first quarter 2026 Spain

The Spanish hotel sector begins 2026 by consolidating its structural strength, supported by robust demand, a selectively expanding supply, and an investment environment that continues to demonstrate high liquidity. First-quarter data reflect not only the continuation of the positive cycle but also the market’s growing maturity.

 

During the first three months of the year, Spain welcomed over 20 million visitors, reaching the highest volume ever recorded in a first quarter. This milestone reinforces the trend toward the deseasonalization of tourism demand, with 4% year-over-year growth that intensified particularly in March (+8%).

 

This momentum has been driven by both domestic and international tourism, with the latter recording a 6% increase in arrivals and a 7% increase in spending in the early part of the year. Looking ahead to the coming months, the sector could additionally benefit from shifts in international tourist flows driven by geopolitical factors, further strengthening Spain’s position as a safe and established destination.

 

In operational terms, the sector maintains high levels of activity, although with more modest growth compared to previous years. ADR stands at €116.73, with a year-over-year increase of 3%, while RevPAR reaches €71.49, also with 3% growth. Average occupancy is around 62%, with a slight improvement of 0.3 bps.

Supply and Development: Selective Expansion with a Focus on the High-End Market

 

Spain’s hotel sector now offers 1.26 million rooms across more than 12,700 establishments, representing a steady increase compared to the previous year. 

 

Looking at the medium term, the pipeline remains active, though with a clear focus on quality: around 260 new hotels are expected to open by 2028, more than a third of which will be in the high-end category (5-star and ultra-luxury). This development will be concentrated primarily in established destinations such as Málaga, Madrid, the Canary Islands, the Balearic Islands, and Cádiz.

 

This trend confirms the sector’s commitment to repositioning toward products with higher added value, aligned with new customer demands and asset repositioning strategies.

 

Spain continues to position itself as one of the leading hotel investment destinations in Europe 

 

The hotel investment market has started the year with particularly dynamic performance, with nearly €700 million in transactions between January and March, representing a 20% year-over-year increase and the best first-quarter result since 2022.

 

Spain continues to position itself as one of the leading destinations for hotel investment in Europe, second only to the United Kingdom, supported by the strength of its tourism fundamentals.

 

Investment has clearly been focused on higher-quality assets, with 90% of the volume concentrated in 4- and 5-star hotels, compared to 78% in the previous year. Institutional capital led investment activity, accounting for 45% of the total volume, followed by hotel chains (34%); meanwhile, in terms of the origin of the capital, 75% of buyers were domestic.

 

By property type, urban properties slightly outpaced vacation properties (53%), while geographically, the Balearic Islands (32%), Madrid (15%), the Canary Islands (12%), and Bilbao (12%) stood out.

 

Meanwhile, the trend toward asset transformation is consolidating, with conversions to tourist apartments in markets such as Seville and Málaga, driven by strong demand and the search for higher returns.