Investment in Spain’s hotel sector continues to grow. According to Colliers, during the first six months of 2026, 88 hotel asset transactions were completed, covering more than 12,000 rooms, bringing total investment volume to 2.46 billion euros.
This represents growth of 26.5% compared with the same period last year.
This figure is a historic high for the first half of the year and confirms the attractiveness of the Spanish hotel market for chains, real estate investment companies SOCIMI, funds and private investors – especially in the segment of premium assets and established tourist destinations.
Most investment went into operating hotels
Most transactions involved already operating hotels, which attracted 2.078 billion euros in investment.
Assets intended for conversion received 101 million euros, while land for new hotel developments accounted for 281 million euros.
Another indicator reflecting the current momentum of the sector is the average price per room, which reached 213,300 euros, also a historic high.
This is more than double the level recorded ten years ago and is driven by the growing share of high-quality assets, as well as investor interest in properties with strong tourism and operational fundamentals.
The resort segment remains the main focus
The market remains clearly oriented towards the resort segment, which accounts for 60% of total investment, compared with 40% in the urban segment.
This trend reflects the greater growth potential of tourist destinations and their ability to attract foreign investors.
In addition, investors continue to focus on hotels in the highest categories. Five-star hotels accounted for 51% of investment volume, while four-star hotels represented another 35%, confirming the leading role of the premium and luxury segments.
The Balearic Islands, Costa del Sol and the Canary Islands lead investment volume
Geographically, the Balearic Islands lead hotel investment in Spain with 577 million euros, representing 23% of the total.
They are followed by the Costa del Sol with 435 million euros, or 18%, and the Canary Islands with 363 million euros, or 15%.
The main urban markets – Madrid and Barcelona – together attracted 562 million euros, also representing 23% of the total, with the Spanish capital leading among major cities.
Single-asset transactions are gaining weight
The first half of the year was also marked by a change in the nature of transactions.
Single-asset deals gained greater weight and now account for 82% of total volume, while portfolio deals fell to 18%, reaching a historic low.
This change is due, on the one hand, to the lower availability of large portfolios on the market and, on the other, to the growing role of hotel chains and private investors, who are gaining ground at the expense of large institutional funds.
Major deals confirm interest in premium locations
Among the main deals were the acquisition of land for the future Four Seasons Marbella hotel, the sale of 50% of the Four Seasons Madrid hotel, Palladium’s repurchase of Azora’s 75% stake in their joint venture, and Calena’s acquisition of a three-hotel portfolio from HI Partners.
Transactions involving unique assets such as Tivoli La Caleta and Ocean House Torremolinos also stood out.
Activity around such properties confirms sustained demand for premium real estate in Spain, especially in tourist destinations and markets with strong international demand.
Colliers expects positive momentum to continue
According to Colliers representatives, “the first half of the year closed with the best investment figure in history, once again confirming the depth and liquidity of the market”.
The consulting firm believes that prospects for the second half of the year remain positive and does not rule out hotel investment in 2026 once again exceeding the 4 billion euro mark.
Against the backdrop of record interest in hotel assets, location, asset category, management quality and potential for value growth remain especially important – factors that also define demand for commercial real estate and premium investment assets in Spain.
