Around 270 new hotels will be opened in Spain by 2026, adding 4% of hotel capacity, according to a Bank of America report, which also indicates that Spain is becoming a luxury destination, reinforced by the addition of around 1,000 top-level rooms from 2019.
The report also points out that the demand for overnight stays increased by 12% during the period 2015-2023, while the number of beds only rose by 7%, as the number of hotels remained virtually unchanged, which has raised prices.
However, according to Bank of America, supply is poised to grow, with new capacity expected to increase by 4% in number of rooms and 270 hotels over the 2024-2026 period.
The upturn in demand is mainly due to higher spending by travellers, lower seasonality, which shows that most of the growth comes from low seasons, a greater variety of travellers' countries of origin and major sporting events and concerts.
For this reason, Spain has become the leading destination for institutional hotel investment in Europe, accounting for 25% of hotel investment in the European Union in 2023 (around EUR 4.2 billion) after 18% in 2022.
In addition, it is worth noting that more than half of the investment comes from international investors. In the first half of this year, it reached 1.5 billion euros, an annual increase of 38%.