Hotels, market data - Figures third quarter 2026 Spain

Spain’s hotel sector remains robust in 2026, supported by growth in international demand, improving operating performance and strong investment activity. Between January and September, Spain welcomed 95 million travellers, up 2% year-on-year, while tourism expenditure reached almost €100 billion in the period to August, an increase of 8%. International demand is also becoming less seasonal and increasingly driven by higher-spending travellers, supporting the forecast that Spain will exceed 100 million international tourists in 2026 for the first time.

Operating performance gathered momentum over the summer months. In the period to September, ADR reached €133.19 (+5%) and RevPAR stood at €94.31 (+6%), while average occupancy reached 70%, 0.6 percentage points above the previous year. Supply also continues to expand: Spain’s hotel stock totals around 1.67 million bed-places, with approximately 270 hotels and 30,000 rooms expected to open by 2028 and a growing focus on the premium segment.

Hotel investment reaches a new high

Between January and September, hotel investment reached €2.9 billion, up 2% year-on-year and the highest volume on record for the first nine months of the year. The sector accounted for 18% of total real estate investment in Spain, reaffirming the appeal of the Spanish hotel market.

Institutional capital led investment activity, accounting for 40% of total volume, followed by hotel chains (35%) and private investors (25%). Domestic capital accounted for 63% of investment. Higher-category assets continued to gain prominence: four- and five-star hotels represented 81% of total volume, with the luxury segment accounting for 43%.

Urban hotels attracted more investment than leisure hotels, accounting for 52% of total volume in the period to September. Madrid led the market with 27% of investment volume, followed by the Balearic Islands (19%), the Canary Islands (13%) and Málaga (11%). Meanwhile, prime yields remained stable during the third quarter, at 5% in Madrid and Barcelona and 6% in the islands.

Overall, demand trends, improving operating performance and sustained investor appetite continue to