2023-07-26-莱坊-Spain_Hotels_Snapshot_Q2_2023_2页_663kb

Q2 2023 Hotel Sector Summary

Core Content

The hotel sector in Spain experienced a strong performance in Q2 2023, marked by significant investment activity and positive market trends. This quarter is described as a historic one for the sector, with several key indicators showing substantial growth compared to the previous year.

Main Indicators and Trends

• RevPAR (Average Revenue Per Available Room): Reached 80.5 euros in June 2023, representing an 8.5% annual increase.
• ADR (Average Daily Rate): Exceeded 110 euros across all categories in June 2023, with 5-star hotels surpassing 255 euros.
• Overnight Stays: Exceeded 36 million in June 2023, with a 5% increase in stays by foreign residents.
• RevPAR Growth (June 2023 vs June 2022): Approximately 8.5% increase, with the Basque Country, Asturias, and Madrid leading the growth.
• Investment Volume: Hotel investment in Q2 2023 reached €1,200 million, a 150% increase compared to Q2 2022.
• First Half Investment: Accumulated to €1,800 million, a 20% increase compared to the first half of 2022.
• Sale Price per Room: Increased by 20% in Q2 2023, reaching €315,000 per room.

Key Investment Deals

• €600M Transaction: A sovereign wealth fund from Abu Dhabi, ADIA, purchased 17 hotels from Equity Inmuebles, including the ME Madrid Reina Victoria, five Melia hotels, eight Tryp hotels, and three Sol hotels.
• €220M Transaction: Hotel Mandarin in Barcelona was acquired by The Olayan Group, with 120 rooms.
• €60M Transaction: Hotel Palacio del Retiro in Madrid was bought by Ion Ion, with 50 rooms.

Investment by Province and Nationality

• Top 3 Investment Provinces:
  • Barcelona (35% of total investment)
  • Madrid (25% of total investment)
  • Las Palmas and Ibiza (15% and 10% respectively)
• Investment by Nationality:
  • Domestic Buyers accounted for 40% of the total investment.
  • Buyers from the United Arab Emirates were the second largest group, responsible for 17 assets.

Additional Insights

• The investment activity in the hotel sector has been very active in Q2 2023, with a notable increase in both volume and price.
• The growth in RevPAR and ADR is expected to continue in the coming months, driven by the positive market trends and increased demand.
• The capital markets and research teams at Knight Frank Spain have provided detailed insights and data to support these findings.

Summary of Key Figures

Contact Information

• Isabel Rodriguez-Legorburu
  Senior Consultant, Hotels & Hospitality Capital Markets
  +34 600 919 094
  Isabel Rodriguez-Legorburu@es.knightfrank.com

• Rosa Uriol
  Head of Research
  +34 600 919 114
  rosa.uriol@es.knightfrank.com