According to the real estate consultants Colliers, the Spanish hotel industry continues to maintain the investment trend seen in recent years, and in which historic volumes have been reached. The consulting firm reports that this growth has made Spain the major European player in terms of investment in this industry in 2025.

In fact, consolidation of hotel investment means that hotels are already star assets this year, ahead of offices and retail, thanks to the strength of tourism, the professionalisation of the industry and the growing interest of national and international funds and chains, among other factors.

Asset rotation by funds like Blackstone, Brookfield and Portobello, after a decade of positioning themselves in the industry, has contributed to this situation. As the Associate Director of Hotels at Colliers, Eduardo Valverde, pointed out, “The entry of institutional capital into the hotel segment has contributed to boosting investment activity, as it is no longer considered as an alternative asset, but has taken its rightful place in real estate investment strategies”.

Third highest all-time record
Hotel investment reached 1.766 billion euros in the first half of 2025, 20% more than in the same period of 2024. This is the third highest on record and, according to a Colliers report, consolidates hotels as the asset of choice for investors. According to another report by EY-Parthenon’s Real Estate team, this figure accounted for no less than 21% of the total volume across Europe and exceeds those achieved by the UK and Italy.

Such investment volumes are no longer exceptional in Eduardo Valverde’s view, “Annual investment levels of around 2.5–3 billion euros should become established as the new normal, without ruling out one-off transactions that could help set new records”.

Segment investment
37% of the investments were concentrated in the Canary Islands, followed by Barcelona and the Balearic Islands. By segment, the holiday segment prevailed with 63% of investments and, by category, 4- and 5-star assets accounted for 74% of total investments. The average price per room stood at 188,600 euros in the first half of the year – 12% higher than before the COVID-19 pandemic.

Although it has lost some of its prominence to Spanish chains, international capital continues to be important when it comes to investments in Spain’s hotel industry. Colliers highlights the interest of French capital, with names like Sofidy, Inter-Gestion, Extendam and AGP Hotels.

Looking ahead to the second half of the year, Colliers is anticipating over 2 billion euros in planned transactions. According to the Managing Director of Hotels at Colliers, Gonzalo Gutiérrez, “with these ingredients, everything indicates that 2025 will once again surpass the 3 billion euro barrier, and surpassing last year’s figures. This volume reflects the dynamism of the hotel industry in Spain and consolidates the country as one of the most active and liquid destinations in both Europe and globally.”

^{Photo: Colliers}