2024-12-19-莱坊-Spain_Hotels_Snapshot_Q3_2024_2页_730kb

Hotels Snapshot Summary - Q3 2024

Core Content

The Hotels Snapshot report for Q3 2024 highlights the continued strength and growth of the hotel sector in Spain, driven by increased tourism activity and rising room rates. The data is based on real market trends and compiled by experts from the Knight Frank Spain office.

Key Market Trends

• Tourism Growth: The number of overnight stays in Spanish hotels reached a record level during the summer season (June to September), with nearly 170 million stays, a +3% increase compared to the same period in 2023.
• Room Rates: Since last August, room rates have been rising continuously for 40 months, indicating sustained demand.
• Average Daily Rate (ADR):
  • National ADR increased by 7.4% year-on-year, surpassing €125.
  • In the 5-star category, ADR is nearly €282, a +7% increase compared to September 2023.
• Revenue Per Available Room (RevPar):
  • National RevPar rose by 8.8% in September 2024 compared to September 2023, reaching €97.
  • Provinces with the highest RevPar in Q3 2024 include Balearic Islands, Guipuzkoa, Malaga, Barcelona, and Cadiz, all exceeding €120, with annual growth of 5-10%.
• International Tourist Stays: Overnights by international tourists in the first nine months of 2024 reached 200 million, an 8% increase compared to the same period in 2023.

Investment Activity

• Investment Volume: Hotel investment in Spain continued to grow, with €555M transacted in Q3 2024, compared to €190M in Q3 2023.
• Total Investment (Jan–Sep 2024): Approached €2,040 billion, with €560M transacted in the third quarter alone.
• Expected Trends: Investors are expected to maintain interest in hotel assets in the upcoming quarters.
• 2023 Investment Context: Although 2024 is expected to not reach the investment figure of 2023 (which was a historic year with over €1.2 billion in transactions), the investment momentum remains strong.

Top Investment Locations

• Barcelona and Madrid accounted for over 40% of total investment in the first nine months of 2024.
  • Barcelona: 30% of the total investment.
  • Madrid: 15% of the total investment.
• Coastal Destinations: Other notable locations include Santa Cruz de Tenerife, Valencia, and Malaga, with investments exceeding €60M, €30M, and €20M, respectively.

Top Investment Deals in Q3 2024

Investment by Hotel Category

• The investment volume by hotel category is detailed in the report.
• Other includes hostels and establishments without a defined category.
• Portfolios without a breakdown that include multiple categories are not included in the analysis.

Contact Information

• Capital Markets: Isabel Rodríguez-Legorburu, Associate Director, Hotels & Hospitality.
• Research: Daniel Caprarin, Head of Research, Marketing & PR.
  • Email: daniel.caprarin@es.knightfrank.com
  • Phone: +34 600 919 087

Conclusion

The Spanish hotel sector continues to demonstrate resilience and growth, supported by strong fundamentals and increased foreign tourist arrivals. Despite not reaching the investment levels of 2023, the market remains active, with Barcelona and Madrid leading the investment landscape. The rising ADR and RevPar indicate a healthy and dynamic market, making it an attractive opportunity for investors.