The hotel sector in Barcelona has closed 2023 with an investment of 517.6 million euros, according to data from CBRE. This figure represents a 118% increase on the €237 million recorded last year and places 2023 as the second highest year for investment in the Catalan market since 2019, behind the record figures of 2021 (€683.7 million).
In total, nine assets were transacted in 2023, six in the city of Barcelona and three in Sitges. In general terms, investment in the urban segment predominated, with 82% of the investment. By type of asset, high category hotels accounted for more than 95% of total investment in Barcelona, divided between 13% in 4* hotels, 51% in 5* hotels and 33% in 5*GL hotels. In this area, the sale of the Sofia and Mandarin Oriental hotels are particularly noteworthy.
"The results of the tourism industry confirm the full recovery of the hotel industry. Barcelona was the province that attracted the most travellers during 2023 (with data up to November), with 12.1 million travellers and representing 11.5% of the national total. Our outlook points to a favourable context for the coming months driven by stable operating results, a good pace of expected bookings and the expected stabilisation of interest rates," said Jorge Ruiz, Director of Hotels in Iberia at CBRE.
In terms of investor profile, institutional investors predominated in 2023, with 63% of the total volume. Private investors accounted for 35%, while hotel chains accounted for 2% of the investment. In terms of the origin of the capital, international buyers dominated the market, with 86% of the total. Of these, France and Saudi Arabia accounted for almost 80% of the total volume.
Investment concentrated in Barcelona accounted for 13% of the total transacted in Spain, behind the Canary Islands, the Balearic Islands, Madrid and Malaga. At the national level, the hotel sector has consolidated its position as the focus of investment, with a volume of 4,100 million euros. Prime yields increased 50 bps during the year, standing at 5.25% in Madrid and Barcelona.
