The Spanish hotel investment market recorded transactions worth EUR 2.66 billion during the first half of 2026, according to the Marketbeat Spain Hospitality report prepared by Cushman & Wakefield. This figure represents a year-on-year increase of 34% and reinforces Spain’s position as one of Europe’s leading hotel investment markets.

According to the study’s authors, investor interest has remained strong following the record investment volumes recorded in 2025, and 2026 is also predicted to be an exceptional year for hotel investment. That interest has been underpinned by strong operating fundamentals, ample liquidity and the continued inflow of international capital.

Transactions involving individual assets were the main driver of investment activity, given the scarcity of portfolio opportunities, and tourist destinations once again attracted the bulk of capital. Demand remains concentrated on prime assets and repositioning opportunities.

Sector repositioning
Another report, in which CBRE analyses the hotel market in the second quarter of this year, places Spain among the most attractive hotel markets for investment. Capacity has increased compared with 2025, with 1.53 million bed spaces across 14,454 establishments. Around 270 hotels are in addition expected to open by 2028, mainly concentrated in Málaga, Madrid, Cádiz, Valencia and the Canary Islands. One third of them will be five-star and grand luxury hotels, a figure that confirms the sector’s repositioning towards higher-quality products.

Investment activity in the first half of the year, which CBRE puts at more than EUR 2 billion, is 18% higher than in the same period for the previous year, according to the consultancy, and represents 17% of total real estate investment in Spain. This is, it concludes, the best first-half result on record. One third of those investments came from foreign capital.

Europe’s most attractive hotel market
For the second half of the year, the consultancy anticipates favourable prospects, underpinned by Spain’s position as Europe’s most attractive hotel market for investment, according to its European Hotel Investor Intentions Survey 2026 report.

80 hotel assets with around 9,000 beds were transacted in Spain between January and June of this year, a figure that exceeded the activity recorded in the same period in 2025. 85% of investment was concentrated in four- and five-star establishments, and 54% was allocated to holiday accommodation. Madrid led the market with 21% of the total volume, followed by the Balearic Islands (20%), the Canary Islands (18%) and Málaga (11%).

^{Photo: Cushman & Wakefield}