> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Summary of Spain's Hotel Investment and Tourism Performance in H1 2026 ## Core Content Spain's tourism sector has shown strong growth in the first half of 2026, with significant investment in the hotel industry. The country has attracted over 36 million tourists through May, marking a 5% increase compared to the same period in 2025. Projections indicate that Spain will surpass 40 million visitors during the summer and reach 100 million by the end of the year. Tourism revenue exceeded €50 billion in the first five months of 2026, growing by 8% year-on-year. This solidifies Spain's position as Europe's leading tourist destination in terms of spending and places it third globally, behind the US and China. The growth is expected to continue, with an annual projection of around 9% by the end of the year. The main tourist sources remain the UK, France, and Germany. The Mediterranean coastline, including the Canary Islands, Andalucía, and Madrid, continues to be the most popular regions for visitors. ## Hotel Performance Indicators - **Average Daily Rate (ADR):** Increased by 5.9% in June 2026 compared to June 2025, with a 5.5% rise in June 2025 compared to June 2024. - **Revenue Per Available Room (RevPAR):** Rose by 4.8% in June 2026, following a 7.4% increase in June 2025. - **Hotel Overnight Stays:** Grew by 1.5% annually in the first half of 2026, driven by foreign tourists and reinforcing the strength of international demand. ## Hotel Investment Highlights - **Total Investment Volume (H1 2026):** Exceeded €2.3 billion, a 33% increase compared to H1 2025. - **Investment by Sector:** The hotel sector captured nearly 25% of total real estate investment in Spain during the first half of the year. - **Investment by Category:** - 5-star hotels accounted for approximately 45% of the investment. - 4-star hotels represented about 35%. - The remaining investment was distributed across other categories, including 3-star, 2-star, 1-star, and others (hostels, undefined categories). ## Top Investment Markets and Deals - **Madrid** was the leading market in Q2 2026, with significant investment activity. - **Mallorca** and **Málaga** also stood out as major investment hubs. - **Top 3 Investment Deals in Q2 2026:** 1. **Calena Portfolio:** Acquired by Calena Partners from Blackstone, with 870 rooms across Mallorca and Gran Canaria. 2. **Hotel Mongibello (Ibiza):** Purchased by Grupo Ramat from Stoneweg y Bain, with 53 rooms. 3. **Hotel Ocean House (Málaga):** Acquired by Grupotel Hotels & Resorts from Apollo Global Management, with 372 rooms. ## Investment Trends and Observations - The hotel sector has been a key driver of real estate investment in Spain, with a strong focus on high-quality, well-positioned assets. - Hotel operators remain the most active buyers, using strategic acquisitions to expand their portfolios and increase exposure to high-demand areas. - Investment data includes corporate transactions and excludes confidential or non-representative deals. ## Key Information - Spain's tourism growth is expected to continue, with 100 million visitors projected by the end of 2026. - Hotel investment has surged, with the sector contributing significantly to real estate investment. - The Mediterranean coastline and major cities like Madrid, Barcelona, and Málaga are central to Spain's tourism and investment landscape. - High-end hotels (5 and 4 stars) dominate the investment flow, reflecting investor confidence in premium assets. - The report highlights specific transactions and trends, providing a detailed view of the current market dynamics. ## Sources and Notes - Data is sourced from Knight Frank Research. - "Others" in hotel categories includes hostels and establishments without a defined category. - Portfolios without a breakdown are not included in the analysis. ```