Market Recovery and Expansion

Tourism activity in Spain fully rebounded by 2022, with the tourism sector accounting for 61% of the country’s economic growth. Tourism GDP reached €159.5 billion in 2022, surpassing 2019 levels by 1.4%. Projections for 2023 suggest further growth, with tourism GDP expected to reach €178.8 billion, representing a 13.6% increase over 2019 figures.
The strong recovery of international tourism has driven this growth, with over 47.6 million international tourists visiting Spain in the first half of 2023, a 20.9% increase from the previous year.

• Tourism activity in Spain fully rebounded by 2022, with the tourism sector accounting for 61% of the country’s economic growth. Tourism GDP reached €159.5 billion in 2022, surpassing 2019 levels by 1.4%. Projections for 2023 suggest further growth, with tourism GDP expected to reach €178.8 billion, representing a 13.6% increase over 2019 figures. 

• The strong recovery of international tourism has driven this growth, with over 47.6 million international tourists visiting Spain in the first half of 2023, a 20.9% increase from the previous year. 

Hotel Chain Growth 

• The total number of chain hotels in Spain increased by 2% from 2022 to 2023, reaching 2,831 hotels. The number of chain rooms grew slightly by 0.33% to 427,951. Chain penetration now stands at 37% by hotels and 60% by rooms, reflecting the continued expansion of branded hotels. 

• New brands have been introduced to the market, with international brands like Hyatt expanding their presence with new entries such as Thompson in Madrid and Grand Hyatt in La Manga. The Danish brand Zleep Hotels also made its debut in Spain, indicating the country’s appeal to international operators. 

Franchise Model and New Operating Models

• The franchise model has gained significant traction, now representing almost 10% of all chain establishments, marking a 2% increase from the previous year. This shift reflects a broader move towards new operating models, such as multi-brand or third-party operators, which are increasingly favoured for their efficiency and market adaptability. 

• Traditional management models have seen a slight decline, with a 3% reduction, as more operators opt for franchising as a strategy for brand expansion. 

Market Leaders

• The ranking of top hotel chains in Spain remains stable, with Meliá Hotels International leading with 119 hotels and 31,357 rooms, followed by Barceló Hotel Group with 81 hotels and 18,590 rooms. Eurostars Hotel Company and Marriott International also maintain their strong positions in the market. 

• Notable new entries include Paradores de Turismo and Fattal Hotel Group, with the latter’s growth driven by the acquisition of six properties in Mallorca. 

Record-Breaking Investments

• 2022 saw record-breaking hotel investments in Spain, totaling €3.28 billion, with leisure destinations like the Balearic Islands, Canary Islands, and Málaga leading the way. International investors accounted for 72% of these transactions, underscoring the continued global interest in Spain’s hotel market. 

• In 2023, major transactions include the Abu Dhabi Investment Authority’s (ADIA) acquisition of two portfolios totaling 24 assets for €800 million, and The Olayan Group’s purchase of the Mandarin Oriental Hotel in Barcelona for over €200 million. 

Spain’s hotel industry has not only recovered but continues to grow, driven by strong international tourism and significant investment activity. The expansion of hotel chains, coupled with the adoption of new operating models, positions Spain as a leading market in the global hospitality sector. Despite challenges such as rising costs, the future outlook remains positive. 

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