2020 has been a very adverse year for Spanish hospitality industry as mobility restrictions due to Covid-19 have led to a sharp reduction in tourists. Foreign tourists decreased to 18.9 million (-c.77% vs. 2019) while hotel overnight stays reached 91.6 million (-c.73% vs. 2019).

Average occupancy in 2020 reached c.34%, (-c.44 vs. 2019) with the best occupancy rates in Canary and Balearic Islands (c.48% and c.35%, respectively). Average RevPar (revenue per available room) decreased by c.49% vs. 2019, while average ADR (average daily rate) suffered a smaller decline of c.11% vs. 2019.

Total real estate investments in the Spanish hospitality sector, reached c.€955 million, (-c.56% vs. 2019). Beach and vacation hotels concentrated c.64% of total investment volume, with international investors accounting for c.65% of total investments. Many investors are still in a ‘wait and see’ position until the full impact of Covid-19 is measurable. With the current investment pipeline of c.€1,450 million, it is expected that the Spanish hotel sector will reach a total investment volume of c.€2,000 million in 2021E.

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