2026-02-06-莱坊-Spain_Hotels_Snapshot_Q4_2025_2页_676kb

Q4 2025 Spain Hotel Sector Summary

Core Content

The Q4 2025 report from Knight Frank Spain highlights the continued strength of the tourism sector and its positive impact on the hotel industry, reinforcing the appeal of hotel investments. The data reflects a dynamic market with sustained growth and a strong investor interest in upper-category hotels.

Main National Trends

• Tourist Numbers: In 2025, Spain welcomed 97 million foreign tourists, representing a 3.5% increase compared to 2024. This growth is expected to be confirmed with the final December data.
• Hotel Occupancy and Revenue:
  • Average Daily Rate (ADR) increased by 5% year-on-year by the end of 2025.
  • Revenue per Available Room (RevPAR) rose by 7%.
  • Tourist expenditure also grew by over 7%, indicating a higher willingness to spend.
• Hotel Preference: The hotel segment remains the leading accommodation choice, with 82% of tourists opting for it in 2025, highlighting its maturity and central role in the tourism market.

ADR and RevPAR Variations

• ADR in December 2025 showed a 2.5% increase compared to December 2024, with a 7.9% increase from the previous quarter.
• RevPAR increased by 4.5% in December 2025, up from 7.8% in the previous quarter.
• The overall average annual RevPAR variation in Spanish hotels reached 7% in 2025.

Investment Highlights

• Total Investment Volume: By the end of 2025, the total investment in the hotel sector reached €4,200 million, with €1,550 million invested in Q4 2025 alone. This represents a 25% increase compared to 2024.
• Investment Preferences:
  • Upper-category hotels (5-star and 4-star) accounted for 65% of total investment in 2025.
  • Coastal areas were key investment hubs, with notable activity in Santa Cruz de Tenerife (20%), Barcelona (18%), and Málaga (14%).
  • Madrid also emerged as an attractive market, contributing 10% of total investment, or around €300 million.
• Buyer Profile:
  • Hotel chains and operators made up 45% of all transactions.
  • Private investment managers represented 35% of the investment volume.
  • Family offices and sovereign wealth funds accounted for 20% of the transactions.

Top Investment Deals in Q4 2025

Investment by Province

• The report includes a visual representation of investment by province, with the top provinces contributing significantly to the overall investment volume.
• The data excludes confidential or non-representative transactions, ensuring a representative overview of the market.

Investment by Hotel Category

• The report also provides a breakdown of investment by hotel category, with upper-category hotels (5-star and 4-star) being the primary focus.
• The "Others" category includes hostels and establishments without a defined category, while portfolios with multiple categories are not included in the breakdown.

Key Contributors

• Isabel Rodriguez-Legorburu, Associate Director, Hotels & Hospitality, provided insights into the report.
• Daniel Caprarin, Head of Research, Marketing & PR, is the primary contact for further inquiries, with contact details available.