Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Hotel Barometer - First Half 2022

Bruno Hallé • 16/08/2022
With average occupancy of 63% during the first half, hotels in Spain have managed to double the revenue recorded in 2021, achieving a RevPAR (revenue per available room) of €77. The improvement in occupancy has also led to growth in the ADR (average daily rate) to €123, some 39% more than the figure for the same period last year. 
In spite of the poor results during the opening months of the year due to the Omicron variant, Barcelona has shown the best recovery as a destination, with growth in RevPAR of 342% (from €22 in 2021 to €96 in 2022). The resurgence in international tourism and the MICE segment are the basis for these improved figures. For its part, Malaga achieved the highest occupancy (75%) with, as is commonplace, Marbella attaining the highest ADR and RevPAR figures. 

The behaviour of the demand side during the first half of the year points towards a summer season similar to or even exceeding the results achieved in 2019, i.e. prior to the pandemic.

The Hotel Sector Barometer, produced jointly by STR and Cushman & Wakefield, illustrates the fact that during the first six months of the year the hotel industry has bounced back to the levels of activity recorded prior to the pandemic. Following a severe shutdown, all destinations are recovering at a greater or lesser speed on the tail of improved demand and occupancy. 
The average occupancy for hotels in Spain amounted to 63% during the first half of 2022. Although this represents an improvement of 118% on the previous year, there is still some way to go to achieve the record figure of 72% registered in 2019. This improvement in occupancy has also led to hotels achieving revenue growth and better average room rates. RevPAR for Spain as a whole amounted to €77, whilst the ADR stands at €123. 

The capital of the Costa del Sol reached occupancy of 75%, highlighting the fact that the city has managed to deseasonalise demand. The other top three spots were taken by Valencia and Alicante, with figures of 70% and 69% respectively. In terms of the major cities, Madrid achieved 63%, whereas occupancy grew to 66% in Barcelona. This is in contrast to figures of 29% and 26% respectively for the same period in 2021.

For Spain as a whole, occupancy growth amounted to 120% on the figure for the same period the previous year. Nevertheless, this is almost 10 percentage points below the achievements of 2019, meaning that there is still room for a continued resurgence in tourism. 

According to César Escribano, STR’s Country Manager for Spain and Portugal, “the assessment is positive given that there is a clear uptrend and there remains room to improve occupancy. As a result, we should also expect a highly positive third-quarter. The pandemic is now behind us and the factors influencing the evolution of the sector have changed, inflation and the geopolitical situation now being key”.   

In the same vein, Albert Grau, Partner and Co-head of Cushman & Wakefield Hospitality Spain, feels that “demand is driving the resurgence and will continue to do so at least until the end of the summer season. There is still room for improvements in revenue and average room rates before reaching the levels of 2019. This is what we are seeing in the majority of destinations during these summer months and will prove key due to inflationary pressures on operating margins”. 


At 75%, Malaga achieved the highest hotel occupancy in Spain


Room rates are also recovering in line with demand and have surpassed the figures achieved in 2019 (€113 for the country as a whole). Although this growth in ADR enables part of the price increases due to inflation to be passed on, operating margins continue to shrink and this currently represents one of the greatest concerns for hotel operators.

With a figure of €248, Marbella has the highest ADR by far. It is followed by Barcelona (€146), the Balearic Islands (€139), the Canaries (€131) and Madrid (€129). The cities of Bilbao (€91) and Zaragoza (€66) are among those currently showing the lowest rates.

In the opinion of Bruno Hallé, Partner and Co-head of Cushman & Wakefield Hospitality Spain, “Pricing strategies are also being impacted by inflation and energy prices. Whilst it is currently difficult to continue passing on price increases without affecting demand, following the summer season tt will be necessary to plan the subsequent months with operating margins in mind”.  


The ADR stands at €123, representing growth of some 39% in comparison with the first half of 2021


The poor figures resulting from the pandemic in 2020 and 2021 mean that a recovery of a certain degree of normality this year has led to an enormous shift in the Barometer. The hotel industry recorded RevPAR of €77 for Spain as a whole. This figure represents growth of some 203% over the €25 achieved during the first six months of the previous year. The RevPAR corresponding to the first half of 2019 was €81, €4 above the figure this year. 

Marbella (€147), Barcelona (€96) and the Canary Islands (€90) topped the ranking in terms of RevPAR, followed by Malaga (€87) and Madrid (€81). At +342%, the greatest increase on the figures for 2021 was recorded in Barcelona. This illustrates the fact that this year’s recovery in international tourism and the MICE segment have played a key role, having been almost entirely non-existent last year. With +240%, Madrid has seen the second greatest growth, confirming the strong performance of the capital. 

Although Granada (€53), Bilbao (€52) and Zaragoza (€40) brought up the tail end in terms of RevPAR during these first six months, the levels were similar to those of 2019.


Revenue per available room (RevPAR) shot up some 203% during the first half of the year, bringing it close to the figures seen in 2019

The Hotel Sector Barometer brings together data from 1,200 hotels and more than 150,000 rooms on the Iberian Peninsula. The study is the product of an alliance between STR, a worldwide provider of benchmarking, analytics and market knowledge specialising in the hotel sector, and Cushman & Wakefield Spain, the world leader in real estate services.


Jenny Pizarro
Jenny Pizarro

International Partner, Head of Business Development Services, Spain, Portugal & Italy • Barcelona



Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All