2023-10-27-莱坊-Spain_Hotels_Snapshot_Q3_2023_2页_632kb

Hotels Snapshot Summary - Q3 2023

Core Content

The hotel industry in Spain continues to show strong and steady growth, driven by increased tourism, higher spending, and a high-quality offering in major tourist areas. The sector's performance is supported by real data and market trends analyzed by experts at Knight Frank Spain.

Key Metrics

• RevPAR (Revenue per Available Room):

  • National average: Approaching €90 as of September 2023, representing a 13% increase compared to September 2022.
  • Annual growth: 13% (Sep 2023 vs Sep 2022), with a 41% increase from Sep 2021 to Sep 2022.
  • Regional growth:
    • Melilla: Over 20% growth.
    • Basque Country, Castilla y Leon, and Madrid: All exceeded 15% annual growth.

• ADR (Average Daily Rate):

  • National average: Exceeds €116 as of September 2023.
  • 5-star hotels: Surpass 260 euros.
  • Annual growth: 8% (Sep 2023 vs Sep 2022), with a 15% increase from Sep 2022 to Sep 2021.

• Overnight Stays:

  • Total: Reached 40 million in June 2023.
  • Foreign residents: Increased by 10% annually, totaling 26.3 million.
  • Annual growth: 6% (Sep 2023 vs Sep 2022), with a 40% increase from Sep 2022 to Sep 2021.

Investment Trends

• Total Investment (Q1-Q3 2023):

  • Reached nearly €1.93 billion, a 27% increase compared to the same period in 2022.
  • 4 and 5-star hotels accounted for almost 80% of total transactions, up from 65% in 2022.

• Q3 2023 Investment Volume:

  • €188 million, down 40% from Q3 2022, but the selling price per room rose to around €445,000, a 74% increase compared to Q3 2022.

• Top Investment Locations:

  • Barcelona: 28% of total investment.
  • Madrid: 22% of total investment.
  • Balearic Islands: Nearly 16% of total investment.

• Top Investment Deals in Q3 2023:

  1. The Gallery Barcelona (4-star):
     • Value: €50 million
     • Vendor: Gallery Hotels
     • Purchaser: Meridia Capital
     • Rooms: 110
  2. Axel Madrid (4-star):
     • Value: €36 million
     • Vendor: HI Partners
     • Purchaser: Limestone
     • Rooms: 88
  3. Molina Lario (4-star) in Malaga:
     • Value: €35 million
     • Vendor: Gallery Hotels
     • Purchaser: Meridia Capital
     • Rooms: 103
     • Combined with The Gallery Barcelona, total investment exceeded €85 million.

Investment by Province and Nationality

• Investment by Province (Q1-Q3 2023):

  • Regional distribution is highlighted, though specific provinces are not listed in the summary.
  • Source: Knight Frank Research.

• Investment by Nationality (Q1-Q3 2023):

  • Middle East: Led the investment, representing 42% of the total, primarily due to the ADIA fund's purchase of 17 hotels.
  • Domestic Buyers: Accounted for 40% of the total investment across 19 transactions.
  • Source: Knight Frank Research.

Key Observations

• The hotel market in Spain is resilient and continues to grow, with strong performance in both RevPAR and ADR.
• The tourism sector remains a key driver, with a notable increase in overnight stays by foreign residents.
• Investment activity is concentrated in high-end properties, with 4 and 5-star hotels dominating the market.
• Despite a decline in Q3 investment volume compared to Q3 2022, the price per room has seen a significant increase.
• Barcelona and Madrid are the leading cities for hotel investment, with the Balearic Islands also showing strong interest.
• Middle Eastern investors are the primary force behind the investment surge, with domestic buyers also playing a significant role.

Contact Information

• Isabel Rodriguez-Legorburu

  • Title: Associate Director, Hotels
  • Phone: +34 600 919 094
  • Email: Isabel Rodriguez-Legorburu@es.knightfrank.com

• Daniel Caprarin

  • Title: Research Director
  • Phone: +34 600 919 087
  • Email: daniel.caprarin@es.knightfrank.com