The hotel sector is experiencing a moment of intense activity in the Spanish real estate market. Data from the third quarter of 2025 confirm this: more transactions, more capital, and a clear protagonist: the national investor, who has taken the lead in this new cycle.
The analysis by leading consultancies agrees. According to Colliers, hotel investment in Spain reached €2.826 billion in the first nine months of the year, representing a 41% increase over 2024 and 22% of the total real estate investment in the country.
CBRE provides similar figures. It estimates that up to September, €2.631 billion was invested, positioning the hotel sector as the second most demanded asset, with 20% of total real estate transactions.
But what matters most is not just the volume, but the appeal of this segment, to the point that capital is flowing into hotel assets more intensively than into other traditionally leading investment categories.
Where and What is Being Invested
The hotel investment map has also changed. Data from Savills shows a balanced distribution between holiday hotels (54%) and urban hotels (46%), although the leadership of the holiday segment remains evident. By region, capital is concentrated in:
- Canary Islands (32%)
- Barcelona (17%)
- Madrid (10%)
- Balearic Islands (10%)
The remaining 30% is distributed among other destinations, indicating that investor interest extends beyond the main tourist hubs and explores secondary markets with good performance.
At the same time, segmentation by category reveals a clear preference for four- and five-star hotels, which account for 76% of investment, while budget hotels advance to 15%, surpassing three-star assets.
A New Protagonist: The National Investor
One of the main changes in the market comes from the origin of the capital. According to CBRE, two out of three buyers are national, channeling more than €1.7 billion into the hotel sector in 2025. Hotel chains lead transactions with around 40% of the volume, followed by institutional investors (37%) and private investors (17%).
This shift was also evident during the Hospitality Real Estate Forum, where experts highlighted that Spanish investors account for 75% of hotel transactions. And not only are they buying more, but they are also diversifying strategies.
Notable trends include the consolidation of the PropCo/OpCo model, which separates property ownership (PropCo) from operational management (OpCo), allowing chains to gain efficiency, strengthen their position, and attract partners. Additionally, Value Add strategies aim to reposition assets, elevate product category, and improve returns.
Although national investors lead, international interest remains strong. As Nicolas Cousin (Christie & Co) noted at the forum, Spain will continue to be among the top three destinations for foreign capital, supported by the strong financial position of hotel chains, which currently enjoy “very solid cash flow.”
What Hotel Investors Are Looking For
The market offers an attractive range of opportunities for both conservative profiles and those seeking higher returns, according to Colliers. The clearest trends closing 2025 and entering 2026 are:
- Asset repositioning: projects aimed at upgrading category, improving efficiency, or modernizing the product.
- Portfolios and corporate deals: especially interesting for mid-size chains expanding.
- Secondary destinations with growing demand: less saturated markets with strong profit potential.
- New developments in urban and holiday areas: fueled by strong international tourism and resilient domestic demand.
The snapshot of 2025 is clear: the Spanish hotel market remains a key driver in real estate and is strongly positioned for 2026. With national investors taking the lead and a solid flow of international capital, Spain continues to attract, transform, and retain investment.
