Bankinter | According to the Hotel Sector Barometer, hotel rates have set a new record in Spain with average prices from January to September of €170/night (up 5.5% year-on-year). Occupancy also improved, albeit moderately, by 0.7%, to reach an average of 76.4% in Spain. As a result, revenue per available room (RevPAR) stood at €129.9 (up 6.3% year-on-year).
Analysis team opinion: Good news for the sector, which continues to raise prices. However, we estimate a stagnation in both the number of tourists and prices in 2026, mainly due to the global economic slowdown as a result of the tariff war and geostrategic tensions. The main listed hotel company is Meliã, which will publish its results this Thursday (at the close of markets), with estimated EPS of €0.33/share in Q3 2025 (27% year-on-year). We maintain our Buy recommendation, pending the release of its guidance.
