西班牙酒店2025年第四季度快照

Thesectorindicators are compiledquarterlyfroma detailedandexhaustivestudypreparedbyexpertsintheKnightFrankSpainofficeandarebasedonreal dataandmarkettrends Q4 2025 www.knightfrank.com/researchwww.knightfrank.com/research The strength of tourism in Spainreinforces the appeal of the hotel sectorfor investment capital. Spain The main national tourist destinations continue to attractsignificant investor interest in upper-category hotels, in acontext marked by new openings and repositioningstrategies aimed at enhancing product quality. ADR (% dec 25 vs dec 24)2.5% (7.9% dec 24 vs dec 23) SPAIN SITUATION RevPAR (% dec 25 vs dec 24)4.5% (7.8% dec 24 vs dec 23) In 2025, the number of foreigntourists in our country has reached 97million (according to INE sources andpendingthefinalclosingofDecemberdata), showing sustained growthcompared with previous years,+3.5%compared with 2024. No hotel overnight(% dec 25 vs dec24)3% (0.6%dec 24 vs dec 23) By the end of 2025, hotel indicatorssuch as Average Daily Rate (ADR) andRevenueperAvailableRoom(RevPAR) strengthened their positivetrend, with average year-on-yearincreases of5%and 7%,respectively. Tourist expenditure accumulatedover 2025 continues to rise, with ayear-on-year increase of more than7%,reflectingthedynamicsofthetourism market and a greaterwillingness to spend on the part ofvisitors. The hotel segment remains theleading accommodation option,chosenbymorethan82%oftouristsin 2025. This visitor behaviourconfirmsthesector'smaturityanditskeyrolewithinthestructureofthetourismmarket,supportedbyadiversified offer and a strongpresence in the main touristdestinations. HOTELINVESTMENTIN SPAIN Spain During the last quarter ofthe year, the hotel sectorhas been highlighted bythe sale of the HoxtonPoblenou hotel inBarcelona by TrinityInvestments toPartnersGroup. This last quarter of the yearcontinues to show significant hotelinvestmentatthenationallevel.reachingavolumeofoveri.175billion. By the end of 2025, totalinvestment amounts to 3.820 billion,representinga14%increasecompared with 2024 and ranking onlybehindtherecordlevelsachievedin2023. Investment volume 2025 3,820 M (1,175 M Q4 2025) Top 3 investment deals Q4 2025 Barcelona,TheHoxtonPoblenouVendor: Trinity Invest.IPurchaser:Partners GroupN°rooms: 240Fuente: Hosteltur This quarter also standsout for Dubai Holding'spurchase of the 5-starJumeirah hotel inMallorca. Upper-category hotels, specifically5-star and 4-star properties, continuetobeinvestors'preferred choice,accounting for nearly 65% of totalinvestment this year. Mallorca, Jumeirah HotelVendor:DEKAIPurchaser:Dubai HoldingN°rooms: 121Source:Brainsre In Torremolinos (Malaga)the Ocean House Costa delSol hotel has beenacquired by the businessgroup Grupotel Hotels &Resorts. Coastalareashaveestablishedthemselvesasoneofthecountry'sprincipal investment hubs, standingout throughout the year in provincessuch as Santa Cruz de Tenerife (20%),Barcelona (18%), and Malaga (14%),amongothers. Torremolinos, Ocean House Costa delSol Hotel Vendor:Apollo Global Management IPurchaser:Grupotel Hotels&Resorts N°rooms:350Source: Eje Prime Likewise, Madrid continues tostrengthenitspositionasanincreasingly attractive market forinvestmentinhotelassets,accounting for 10% of totalinvestment with around 300million. In line with previous quarters, thebuyerprofilehasbeendominatedbyhotelchainsandoperators,whichaccounted for around 45% of alltransactions. Private investmentmanagers, meanwhile, representedmorethan35%ofthetotalamountinvested during the quarter. Familyofficesandsovereignwealthfundsmade up approximately 20% of thetransactions. We like questions, if you've got one about ourresearch,or would like somepropertyadvice,we would lovetohearfrom you. TOP2025(%) IsabelRodriguez-LegorburuAssociateDirector,Hotels&Hospitality Daniel CaprarinHead of Research, Marketing & PR+34600919087daniel.caprarin@es.knightfrank.com