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Spanish hotel investment reaches over €4 billion in 2023, according to the latest report from Christie & Co

International hotel property adviser, Christie & Co, has published a new Spanish hotel investment report for 2023. The ‘Hotel Investment Overview Spain’ publication reflects on key transactional market activity, trends and challenges in 2023, and looks ahead to what 2024 could bring to the Spanish hotel real estate sector.

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According to the report, hotel investment in Spain reached a total volume of €4.052bn in 2023, exceeding €3 bn for the third consecutive year and marking the second-best year ever, a figure only surpassed in 2018 due, among other transactions, to the sale of the Hispania portfolio. Alongside this, the nearly 21,630 rooms transacted reached a record average price of €187,000, 10% higher than in 2022.

The analysis reveals that 67% of the assets transacted were located in resort destinations. Madrid, Barcelona and Málaga remained the top destinations in the urban market, while the Canary Islands dominated the resort market.

In terms of the investor profile, investment firms were once again the main players in 2023, having contributed to 82% of the total volume invested. Hotel groups were more conservative compared to the previous year, making up 11% of buyers (vs. 25% in 2022). Family Office and private investors remained in line with the previous year and accounted for 7% of total investment.

4-star remained the leading category, accounting for 65% of total investment. The weight of international capital was particularly significant, accounting for 78% of the total amount invested in Spain in 2023, mainly due to the fact that the main portfolios and individual assets with the largest volume were acquired by international investors.

Looking ahead to next year, Alberto Martín, Associate Investment Director of Christie & Co in Spain and Portugal, states: "The first quarter of 2024 will exceed the investment volumes achieved in 2023, driven by the year-end trend, current transactions in the final stages of closing and strong interest from international investors, although national investors are expected to play a greater role in 2024.”

Nicolas Cousin, Managing Director of Christie & Co in Spain and Portugal adds, “Spain is consolidating its position as one of the most attractive hotel investment markets in Europe. While the main destinations have been the focus of investment, we are seeing growing interest from investors and hotel chains in provincial capitals and secondary destinations.”

For further information on this press release, contact:                                                                                   

Bronte Hughes, Corporate Communications Manager

P: 020 7227 0794 or E:

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