Hotel investment in Spain reached €2.53 billion during the first half of 2026, representing a 36% increase on the €1.856 billion recorded in the same period the previous year, according to Cushman & Wakefield’s Investor Beat report.
Between January and June, 88 hotels totalling 12,200 rooms were transacted, against a backdrop in which the consultancy firm forecasts that the annual volume could exceed the more than 4,000 million recorded in 2025. This forecast is based both on the growth of tourism and on several large-scale transactions that are still in progress.
Island destinations accounted for nearly half of the activity. The Balearic Islands accounted for 27% of the total investment and the Canary Islands a further 21%, meaning that together these two regions represented 48% of the national total, while Madrid accounted for 18%.
The market has maintained its interest in holiday properties, although demand for economy hotels located outside major urban centres and in secondary destinations has also grown over the half-year. According to Cushman & Wakefield, the high price of luxury properties and prime locations is driving some investors towards assets with greater scope for repositioning.
Prime yields remained between 5.25% and 5.75%. At the same time, ‘core plus’ transactions began to emerge, with a more moderate risk and return profile, alongside value-added acquisitions which had already been accounting for a significant proportion of the activity.
Luis Arsuaga, partner in charge of Capital Markets and co-head of Hospitality in Spain at Cushman & Wakefield, noted that the performance of the tourism sector continues to sustain demand for luxury assets and repositioning deals. Bruno Hallé, a partner and also co-head of the division, also points to the return of hotel chains as property buyers, which represents a certain shift away from the ‘asset-light’ strategies applied in recent years.
Among the major transactions of the half-year was Calena Partners’ purchase of three HIP hotels for €200 million. The portfolio includes the Barceló Ponent Beach and the Fergus Style Tobago, both in Mallorca, along with the Corallium Beach by Lopesan in Gran Canaria, which together comprise 870 rooms.
Arcano Partners acquired a further three properties in Tenerife – the Alua Atlántico Golf Resort, Alua Tenerife and Alua Soul Orotava Valley – with over 1,050 rooms, while the sale of the Tivoli La Caleta, also on the island, was worth €140 million.
