H1 2024 saw a similar investment volume than H1 2023 in the hospitality sector (€1.4 billion). For the first time in recent years, investment in urban hotels has surpassed vacational hotels (53% vs. 47%). Average room price continues its upward trend and reaches c.180k. The sale of the Six Senses in Ibiza has been remarkable, with a record price of +€1.7 million/room.Considering existing transaction pipeline and macro outlook, there is a positive outlook for H2 2024.

Spain received 42.5 million tourists during H1 2024 (+13.3% vs. H1 2023), with 161 million overnight stays, 66.6% of which were by foreign visitors. During the months of June, July, August and September, 41 million international tourists are expected in Spain (+13% vs. 2023).

The rise in demand has been reflected in hospitality main KPI’s, with ADR and RevPAR reaching record levels at €110.8 (+8.1% vs. H1 2023) and €72.9 (+11.0% vs. H1 2023),respectively.

Five-star luxury hotels received 7.4% of all overnight stays in H1 2024 (vs. 7.1% in H1 2023). The four-star hotels represent the highest share of overnight stays (57.9%).

Prime yields have increased through H1 2024 at 5.25% in Madrid and Barcelona and 6.25% in the Islands (+0.25% vs. H1 2023).

Regarding supply, in urban areas, there are 15,600 new rooms expected for the period 24-26 (+10%). In the vacational segment, the increase is moderate, with 12,700 new rooms (+3%).

Selected transactions: In Q1, Moon GC&P Investments acquired a 38% stake in 3 Meliá Hotels for €300m (991 rooms, €792k/room). In Q2 2024, Gruppo Statuto purchased the Six Senses Ibiza for €200m (116 rooms, €1.7m/room), while Grupotel bought Hotel Mayorazgo in Madrid for €60m (200 rooms, €300k/room). Also, in Q1, a family office acquired Beach Club Hotel Portinatx in Ibiza for €60m (243 rooms, €247k/room). Azora closed on two hotels from BlackRock in Q2 2024 for €55m (557 rooms in Barcelona & Dublin, €99k/room).

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