Colliers: Spain’s hotel transactions reach new heights

Hotel investment in Spain recorded the third-best historical record in 2022, with the figures exceeding the pre-COVID levels for the second consecutive year. A total of €3.3 billion was invested in the country’s hotel market in 2022, according to data from the Spanish Hotel Investment Report elaborated by Colliers. 

The year saw hotel investment crossing the €3-billion mark, a figure only exceeded in 2017 and 2018, years in which Hispania and Blackstone led with large hotel deals. 

A total of 133 hotels and 17,754 rooms were transacted in 2022, compared to 127 hotels and 19,043 rooms in 2021. In addition, 30 more assets (like land for hotel developments and buildings for hotel conversion) were transacted.  

The year has been significant due to the entry of new institutional funds, the creation of hotel deals and the company’s commitment to the Spanish market. These include Cerberus, with the acquisition of the Ferrer Hoteles chain; Pictet, with the purchase of Kimpton Aysla Mallorca and the Expo Valencia Hotel; Fortress, which has acquired a portfolio of assets and loans with collateral assets of touristic use from Sareb, along with Banco Santander, which has launched a new fund in partnership with Signal Capital to invest in hotels and the Sheraton La Caleta hotel was its first purchase.  


Once again, investment is concentrated in the vacation segment (58% of total investment), continuing the trend that began in 2016. Despite some key operations in Madrid and Barcelona, the significant volume of investment in Madrid, combined with the modest results in Barcelona, failed to tip the balance in favor of the urban sector.

Madrid and the Balearic Islands lead investment in the urban and vacation segments, respectively.  

A record investment of €803 million ($869.86 million) was recorded in Madrid, its highest historical record to date, representing nearly 24% of national investment and more than tripling Barcelona’s figure (€225 million/ $243.68 million). A total of 19 operations were recorded in Madrid in 2022, with seven of them more than €million ($54.15 million).  

On the other hand, Barcelona lost some of its prominences after a record year in 2021, with seven registered deals and €225 million ($243.68 million).  

The Balearic archipelago emerged as the leader in the vacation sector, with 33 operations totaling €913 million ($988.81 million), close to the maximum figure in 2019 (€947 million/ $1,025.64).

Malaga has overtaken the Canary Islands with an investment volume of €572 million ($619.49 million).  

With only six deals in 2022, the Canary archipelago has accumulated a hotel investment of €175 million ($189.53 million).  


The average price per room of the transacted hotels set their historical maximum at €168,800 ($182,817) per room (+7% compared to the 2021 record), fueled by the sale of multiple prime assets.  

This was helped by the sale of prime properties, including the Rosewood Villa Magna and the Bless Hotel Madrid, which surpassed the price of €1 million ($1.08 million) per room, whereas others like the 7Pines Ibiza Resort, the Unico Madrid hotel and the Iberostar Las Letras Gran Via, have crossed the threshold of €500,000 ($541,520) per room.  

Despite the dispersion of prices among 133 hotel deals, Colliers observed an upward trend in purchase prices, primarily because more than a third of the total investment in 2021 has been directed toward luxury hotels.  


International investors have been the primary buyers since 2015 and totaled investments worth €2.4 billion ($2.59 billion) through the year, accounting for 72% of the total investment. These investors include Singapore GIC, Sancus Capital, Fattal, Brookfield, Engel & Volkers and Eurazeo & PSP Investments.  

In the domestic market, the leading investors were Socimi Millenium and All Iron.