Hotel investment in Europe reached €11.7 billion during the first half of 2026, a volume 19.5% above the ten-year average. Within this context, Spain ranked as the second largest European market by transaction volume, behind only the United Kingdom, reinforcing its appeal to international capital.

During the first half of the year, 91 hotels and around 12,900 rooms were transacted in Spain, for a total volume of c. €2,656 million, up 34% year-on-year. The average price per room reached €209,550, while luxury assets accounted for c. 44% of the total volume invested. These figures confirm Spain as one of the most dynamic hotel markets in Europe, even against a backdrop of lower transaction activity across the continent.

This investment activity is backed by strong operating performance, with RevPAR growing c. 5.6% year-on-year to c. €121, supported by a c. 5% rise in ADR and resilient occupancy levels. Marbella remained Spain’s top-performing destination by RevPAR, followed by Barcelona and Madrid.

By region, the Balearic Islands led activity with c. €720 million, followed by the Canary Islands, with c. €561 million, and Madrid, with c. €511 million. Domestic capital continued to drive investment activity, growing c. 68% year-on-year. Among foreign investors, capital from the Middle East and Africa, and Asia-Pacific, showed the strongest growth, while US capital pulled back. This spread confirms that capital continues to favour both established leisure destinations and major cities, without concentrating on a single asset type or region of origin.

Looking ahead to the second half of the year, the outlook for the Spanish hotel market remains very positive. While the European market as a whole is becoming more selective, Spain combines volume growth with solid operating fundamentals, further consolidating its position as one of the most attractive hotel destinations in Europe.

At CG Capital Europe, we work hand in hand with international funds, institutional investors, and corporates to identify, structure, and execute real estate investment opportunities across all asset classes in Spain including offices, retail, living, hospitality and logistics. With privileged access to global capital, deep market insight, and a proven track record in complex transactions, we deliver strategic advisory services that enhance value creation and investment performance. Spain’s solid market fundamentals, together with investors’ growing appetite for prime and sustainable assets, continue to drive strong momentum in the sector, positioning CG Capital Europe as a trusted partner for those seeking to capture the most attractive opportunities in one of Europe’s most dynamic real estate markets.

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