For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:
2025
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2024
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2023
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2022
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2021
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2020
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2019
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2018
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2017
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2016
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2015
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2014
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2013
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2012
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2011
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2010
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2009
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2008
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2007
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2006
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2005
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2004
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2003
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2002
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2001
Barcelona remains one of Europe’s most popular short-break leisure destinations, renowned for its rich cultural offerings and vibrant atmosphere. The city features a remarkably well-preserved medieval centre and enjoys a global reputation as a hub for modern and avant-garde art. It boasts an impressive cultural legacy, particularly through the work of iconic Catalan architect Antoni Gaudí, as well as celebrated artists Joan Miró and Salvador Dalí.
Beyond its cultural appeal, Barcelona is a major financial and banking centre. Its strategic location in Europe and strong transport infrastructure have been key factors in attracting significant foreign investment. Additionally, the city has established itself as a premier destination for the meeting, incentive, conference and exhibition (MICE) sector. In 2023, it ranked fifth in the International Congress and Convention Association (ICCA) global meetings list, trailing only Vienna, Lisbon, Paris, and Singapore.
Barcelona has long grappled with challenges related to over-tourism. Measures introduced in 2015, including restrictions on new hotel developments and short-term rentals, marked the beginning of efforts to manage tourism sustainably. In 2017, the Special Tourist Accommodation Plan (PEUAT) was launched, later updated in 2021 and implemented in 2022. The PEUAT governs the establishment of tourist accommodation such as hostels, short-term rentals and shared homes. The plan imposes strict limitations on new hotel developments, contributing to the city’s high barriers to entry for the hospitality sector. In 2025, the city council will begin the review of the current PEUAT. Despite these regulatory efforts, overtourism remains a pressing concern. In the summer of 2024, tensions escalated, with protests highlighting local frustrations. In response, the city government is proposing further measures, including doubling the city tax and capping the number of licenses for tourist apartments.
The 2017 Catalan independence referendum significantly impacted the local market, leading to a dip in performance in 2018. While 2019 saw a resurgence in RevPAR, this was short-lived as the pandemic caused substantial declines from 2020 to 2021. Nevertheless, by 2022 the market had recovered to approximately 90% of 2019 levels. While average rates initially lagged behind inflation, they caught up by 2023, coinciding with a full recovery in occupancy. With demand stabilised, the market continued its upward trajectory in 2024, driven primarily by average rate growth. As a result, real RevPAR rose to nearly 10% above 2019 levels. This growth was largely fuelled by high-profile events, including the McDonald’s Worldwide Conference in April and the America’s Cup from August to October.
Barcelona’s hotel supply has witnessed only modest growth in recent years, growing at a compound annual rate of 0.3% between 2019 and 2024; this trend is set to continue as the development pipeline remains modest owing to strict development controls. Currently, three projects are under construction, adding 300 rooms to the city’s inventory: the 37-room BYPILLOW Flamant (opening July 2025), the 75-room easyHotel Barcelona Meridana (opening July 2025) and the 189-room ibis budget Barcelona 22 (opening March 2027).
From an investment perspective, Barcelona recorded 13 hotel transactions in 2024 – three more than in 2023. Notable deals included the sale of the 242-room Hampton by Hilton Barcelona Fira Gran Via in March, the acquisition of the 368-room AC Barcelona Hotel by Fattal Hotels in September (price undisclosed), and the purchase of the 177-room Hotel Vincci Bit in December.
As illustrated in the 2025 European Hotel Valuation Index article, hotel values in Barcelona rose by 3.7% per key in 2024 compared to the previous year. However, values remain below 2019 levels in real terms.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
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