Discover the latest investment sentiment, market dynamics, and trends shaping real estate and hospitality investments
Cushman & Wakefield’s fifth Hotel Investor Compass survey gathers insights from major investors active across Europe, who have collectively deployed nearly €18 billion in European hotels between 2020 and 2025.
Spain consolidates its position as one of the main hubs for hotel investment capital in Europe
In 2026, Spain confirms its status as a priority market for hotel investment in Europe, with the Iberian Peninsula ranking as the second most attractive region for international capital, just behind Italy. This positioning is driven by a combination of strong fundamentals—structural tourism demand, market scale, liquidity, and investment depth—along with a widespread perception of relative stability compared to other European markets. For investors, Spain offers a balanced profile between security and value appreciation potential, reinforcing its role as a core market within pan-European strategies.
Madrid and Barcelona remain in the European “top tier,” despite a slight correction from 2025
Madrid and Barcelona continue to rank among the most attractive European cities for hotel investment, confirming their status as established gateway markets. Madrid stands out in particular due to its growing investment momentum, supported by structural demand improvements, increased international presence, and a more predictable regulatory environment. Barcelona, meanwhile, maintains strong appeal thanks to its robust tourism demand and global positioning, although with a more selective investment approach, influenced by regulatory constraints and supply growth limitations. This directs investor interest toward existing assets and repositioning opportunities.
Clear preference for urban hotels and resorts: a dual advantage for Spain
Strong investor demand for both urban hotels and resorts reinforces Spain’s competitive position, as one of the few European markets capable of offering scale and depth in both segments. Major cities attract interest due to their liquidity, international visibility, and demand resilience, while the leisure segment retains structural appeal thanks to its revenue-generating capacity and repositioning potential toward higher value-added products. This dual dynamic broadens the investable universe and allows Spain to attract capital across a wide range of risk profiles and strategies.
ESG and technology are already materially influencing investment decisions in Spain
ESG criteria and the progressive adoption of technologies, including Artificial Intelligence, are no longer secondary factors but have become central elements in the evaluation of hotel assets in Spain. The growing influence of ESG considerations in transactions, together with the expectation of premiums associated with sustainable assets, reinforces the importance of strategic capex, energy efficiency, and long-term asset quality. At the same time, technology is seen as a key lever to improve operational efficiency and profitability, particularly in a context of cost pressures, fostering a more sophisticated and long-term-oriented view of the market.
