- An overnight hotel stay in Spain cost €158.40 on average in 2024, 8.9% up on the figure for 2023. At 14%, the highest growth in ADR (Average Daily Rate) was recorded in Madrid, going from €149.80 in 2023 to €170.80 this year.
- Reaching 74.6%, the trend in terms of hotel occupancy has also been positive, representing an increase of 2.4% in comparison with 2023 and almost equalling pre-pandemic levels.
- With an average of 83.9% over the year, Malaga topped the table in terms of occupancy in Spain. The highest average daily rate (ADR) was found in Marbella at €303.40, along with the highest RevPAR of €201.30.
- Hotel investment reached €3 billion involving 147 hotel asset deals in 2024.
The year-end figures for 2024 confirmed the trend of record highs in the Spanish hotel industry already noted over the previous three quarters. The data brought together in the Hotel Sector Barometer, jointly produced by STR and Cushman & Wakefield, confirms the strength of occupancy which, for the first time since the pandemic, managed to reach or exceed 2019 levels. This has boosted both ADR (average daily rate) and RevPAR (revenue per available room) in all destinations, whether major cities or holiday areas.
Occupancy reached 74.6% in 2024, just one tenth of a percentage point below the figure recorded in the best-performing year for this parameter to date, namely 2019, whilst both the ADR and RevPAR significantly exceeded pre-pandemic figures. The ADR for 2024 (€158.40) is some 33% above the €118.40 recorded in 2019, whilst RevPAR has also gone from 2019’s €88.50 to €118.30 in 2024, amounting to growth of 33.6%.
Malaga, Valencia and Barcelona top the occupancy rankings
With 83.9%, Malaga continues to achieve the highest hotel occupancy, followed by Valencia (81.1%) and the Canary Islands (79.4%). Spanish hotel occupancy as a whole grew by 2.4% compared to 2023, reaching an annual average of 74.6%.
The largest increases in occupancy over the previous year were recorded in Alicante (+4.8%), Madrid (+4.4%), Marbella (+4%) and Zaragoza (3.9%). In contrast, slight falls were recorded in Valencia (-0.8%), a possible further consequence of the severe flooding in October, in Barcelona (-0.6%) and Granada (-0.4%). Andalusia as a region recorded the highest growth in occupancy, led by Malaga. The Andalusian region also leads in terms of forecasts for new hotel openings.
According to Elvira Arjona, Account Manager Spain at STR:
"The indicators place the Spanish hotel industry at the forefront in Western Europe in terms of occupancy and, together with Greece, as the country with the highest growth in RevPAR. This positive trend over the past two years looks set to continue through 2025 with demand rising slightly ahead of supply".
Bruno Hallé, Partner and Co-head of Cushman & Wakefield Hospitality Spain, indicates that
"2024 has seen the consolidation of an upward trend in the main hotel KPIs for Spain. The growth of the urban segment, with Madrid and Barcelona leading the recovery in corporate and long-haul tourism, suggests that there may still be scope for moderate growth in markets with high international demand"
Marbella leads the way in the rise of the average daily rate to €303.40
At €303.40, an increase of 8.2% during 2024, Marbella remains the city with the highest average daily rate (ADR). The Balearic Islands (€194.90) and Barcelona (€187.80) follow in second and third place respectively. With the highest growth among all cities (14%) and ranking fourth with an ADR of €170.80, Madrid’s performance also stands out.
Following the capital, Malaga (+11.4%), Alicante (+10.3%) and the Canary Islands (+10.2%) all saw double-digit ADR growth. The most moderate increases were seen in Granada (+6.1%) and Zaragoza (+6.3%). The situation indicates a logical moderation in price increases compared to 2023, in which the ADR rose by 22% in comparison with the previous year. Unless demand factors and the socio-economic context change significantly, this more moderate rise may mark a trend towards stabilisation in 2025.
In the opinion of Albert Grau, Partner and Co-head of Cushman & Wakefield Hospitality Spain,
"The elasticity of ADR to demand has enabled rate adjustments within a context of high inflation and pressure on operating costs, with double-digit growth in key markets such as Madrid (14%) and Malaga (11.4%). Nevertheless, the stabilisation of occupancy in holiday destinations suggests that product repositioning and strategic segmentation will be key to sustaining growth in 2025".
Spanish hotels exceed RevPAR of €118
With an average increase of 11.5% and reaching €118.26, the indicator trending most positively in 2024 was RevPAR. This growth was due to both higher occupancy and higher prices.
Marbella led the price ranking at €201.28, followed up by Barcelona at €146.44 and the Balearic Islands at €133.29. Most destinations enjoyed significant increases in RevPAR. This was the case for Madrid (+19%), achieving the highest increase in Spain, Alicante (+15.6%) and the Canary Islands (13.6%). Only Barcelona, Valencia and Granada experienced less than double-digit growth.
The Hotel Sector Barometer brings together data from 1,320 hotels and around 180,000 rooms in Spain. 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.
Hotel investment reaches €3 billion involving 147 asset deals
The total investment figure of €3 billion in 2024 is significantly below the €4 billion achieved in 2023. The main reason for this lower investment is that the hotel portfolios for sale have been significantly reduced during 2024, a trend that seems likely to change once again in 2025.
This year, 59% of the deals were led by domestic and 41% by international investors, percentages exactly equivalent to those of 2023, where institutional funds played a greater role in the acquisition of major portfolios. Their strong operational performance during 2024 also enabled hotel chains to once again become significant players in the investment market, accounting for 36% of total investment. This trend may continue in 2025.
During 2025, the investment trend will again focus on economy hotels, a change from recent years in which luxury, urban and holiday hotels have dominated the majority of deals. Branded residences and assets with options for change of use may also prove to be of interest to certain investment profiles. The up-cycle in the hotel industry is currently reducing the opportunity for value add investments and reinforcing core deals with guaranteed returns.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a global leader in real estate services for owners and occupiers, with approximately 52,000 employees in more than 400 offices and 60 countries. In 2022, the company posted revenue of $10.1 billion in asset management services, facilities and projects, lease deals, capital markets, valuations and other services. The firm has also been awarded numerous industry and business accolades for its culture and commitment to diversity, equality and inclusion (DEI), as well as its approach to environmental, social and governance issues (ESG). At a global level it has won the Euromoney Global Real Estate Award as the top consultancy over five consecutive years (2018 – 2022). For further information, please visit www.cushmanwakefield.es
Cushman & Wakefield has over 30 years’ experience in Spain and the company's business covers the entire territory from head offices situated in Madrid (Edificio Beatriz, José Ortega y Gasset, 29, 6º) and Barcelona (Passeig de Gràcia, 56, 7º). For further information, please visit or follow us @CushWake on X.
About STR
STR provides premium benchmarking, analytics and market outlook information to clients from multiple sectors. Founded in 1985, STR is present in 15 countries and headquartered in Hendersonville, Tennessee, United States. The international head office is in London, UK, along with another head office for Asia-Pacific in Singapore. In October 2019, STR was acquired by the CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of business information on real estate assets, analysis and online markets. For further information, please visit str.com and costargroup.com.
