Hotel investment in Spain rose sharply in the first quarter

Hotel investment in Spain has started 2026 with strong momentum, although figures vary depending on the source consulted. JLL puts the investment volume for the first quarter at 775 million euros, 35% more than in the same period of 2025, while Christie & Co puts the total at over 900 million euros across more than 25 hotel assets traded.

According to data collected by JLL, the hotel sector accounted for nearly 14% of total real estate investment in Spain between January and March, within a market that mobilized 5.482 billion euros, a 105% increase year-over-year.

Christie & Co?s report Snapshot: Hotel Investment First Quarter Spain 2026 points to a market dominated by vacation destinations, which absorbed 66% of investment, compared to 34% for urban destinations. In total, more than 3,500 rooms were transacted, with an average price of 237,000 euros per room in individual transactions involving existing hotels.

The Balearic Islands emerged as the top investment destination, accounting for 57% of the national volume, driven particularly by Ibiza, which represents around 41% of the total. They are followed by Madrid, with 11%; Bilbao, with 9%; and Málaga, with 6%.

Domestic capital maintained a clear dominance in the quarter, accounting for 79% of investment, compared to 21% from international sources, according to Christie & Co. Notable transactions include the Hotel Meliá Bilbao, with 210 rooms; the Hotel Ibiza Corso, with 170 rooms; and the NH Collection Suecia in Madrid, with 123 rooms.

The growth of the hotel sector is occurring against the backdrop of a broader recovery in real estate investment. At JLL, Juan Manuel Pardo attributes this momentum to Spain?s appeal within the European market, due to its economic growth and lower exposure to certain sources of geopolitical instability?factors that are reportedly driving up competition for quality assets.