> **来源：[研报客](https://pc.yanbaoke.cn)** # Q1 2026 Spain Tourism and Hotel Investment Summary ## Core Content The first quarter of 2026 marked a significant period for Spain's tourism and hotel investment sectors. The country maintained its position as the global leader in international tourism revenue, driven by increased tourist numbers and a shift in demand due to the ongoing Middle East conflict. This trend is similar to previous crises, such as the 2011 Arab Spring, where tourists opted for safer destinations. ## Key Performance Indicators - **Tourist Numbers**: Increased by approximately **2%** compared to 2025 in January and February. - **Hotel Performance**: - **Average Daily Rate (ADR)**: Rose by **3.1%** year-on-year. - **Revenue per Available Room (RevPAR)**: Increased by **2.8%** year-on-year. - **Hotel Overnight Stays**: Grew by **4%** year-on-year, especially from international tourists. - **RevPAR Trends**: The average annual RevPAR variation in Spanish hotels showed a positive trajectory. ## Investment Highlights - **Total Investment Volume**: Exceeded **€960 million** in Q1 2026, a **85% increase** compared to Q1 2025. - **Investment by Hotel Category**: - **5-star and 4-star properties** accounted for over **75%** of total investment, indicating a preference for upscale assets. - **Geographic Concentration**: - The majority of investment was directed towards Spain's **coastal areas**, particularly the **islands** and **Costa del Sol**. - **Ibiza** was the top destination, representing **30%** of total transactions. When considering the **Balearic Islands** as a whole, this share increased to **45%**. - **Las Palmas** accounted for **20%** of total transactions, and **Madrid** attracted **15%** of investment. ## Top Investment Deals 1. **Madrid, NH Casa Suecia**: - **Vendor**: Feuring Hotelconsulting - **Purchaser**: Beasant Capital - **Number of Rooms**: 123 - **Source**: Eje Prime 2. **Bilbao, Hotel Melía**: - **Vendor**: Hotei Properties - **Purchaser**: Nordeste Properties - **Number of Rooms**: 210 - **Source**: Brainsre 3. **Fuerteventura, Eurostars Las Salinas**: - **Vendor**: Atom Hoteles - **Purchaser**: Naxitis - **Number of Rooms**: 223 - **Source**: Observatorio Inmobiliario ## Buyer Profile - **Private Investment Managers**: Dominated the market, accounting for **55%** of total transactions. - **Hotel Operators**: Represented over **30%** of transactions. - **Family Offices**: Contributed approximately **15%** of the investment volume. ## Additional Notes - The data is sourced from **Knight Frank Spain** and includes real market trends and data. - The **"Others"** category in the investment by hotel category chart includes **hostels** and **establishments without a defined category**. - The report does not include **confidential** or **non-representative** transactions. ## Conclusion Spain's tourism and hotel investment sectors are showing resilience and growth, with a clear trend towards **international demand** and **upscale properties**. The **coastal areas** and **islands** remain the most attractive investment zones, while the **buyer profile** is increasingly dominated by **private investment managers**. The **Middle East conflict** has had a noticeable impact on tourist flows, reinforcing Spain's appeal as a **safe and desirable destination**.