Hotel overnight stays in Spain exceeded 20.3 million in November, representing a 1.6% year-on-year increase, according to the latest data released by the National Statistics Institute (INE). This performance highlights the continued resilience of the hotel sector, even during a traditionally low-season month.

Growth was primarily driven by international demand, with overnight stays by non-resident travellers rising by 3.0%, offsetting a 0.7% decline in domestic tourism. For the first eleven months of 2025, total overnight stays increased by 0.9%, supported by foreign travellers (+1.5%), while domestic demand showed a slight contraction (-0.2%).

From a regional perspective, Andalusia, the Community of Madrid and the Valencian Community were the main destinations for domestic travellers. In contrast, the Canary Islands accounted for 42.6% of international overnight stays, followed by Andalusia (15.2%) and Catalonia (14.4%). At destination level, Tenerife led with more than 2.1 million overnight stays, while Madrid, Barcelona and San Bartolomé de Tirajana ranked as the top tourist hotspots.

Occupancy data further support this positive trend. In November, the average occupancy rate reached 53.7%, up 0.6 percentage points year-on-year, while weekend occupancy increased to 61.1%. The Canary Islands once again recorded the highest occupancy levels, at 74.3%, with areas such as Southern Gran Canaria and municipalities like Arona exceeding 80% occupancy.

At the same time, the sector continues to benefit from rising prices and improving profitability. The Hotel Price Index (HPI) increased by 3.9%, with particularly strong growth in the Community of Madrid (+8.0%). The Average Daily Rate (ADR) stood at €117.1 (+3%), while RevPAR reached €77.5, representing a 5.1% year-on-year increase, reflecting a favourable combination of higher rates and solid occupancy.

At CG Capital Europe, we view these figures as a clear indication of the structural strength of the Spanish hotel sector, underpinned by robust international demand and the market’s ability to convert occupancy growth into sustained revenue and profitability gains. In a context of macroeconomic normalisation, hospitality continues to stand out as one of the most attractive asset classes for institutional investors, particularly in established destinations and assets with strong potential for value creation through active management and repositioning strategies.

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