Es viable si el planeamiento municipal admite el cambio de uso a terciario-hospedaje y el NOI estabilizado al cap rate de hospedaje supera compra más obra: en el ejemplo del artículo, un edificio de 12 unidades deja un NOI del 42% sobre el bruto. La inversión en cambio de uso de edificios se triplicó en 2024, de 330 a 900 M€. El riesgo número uno es urbanístico: sin la licencia confirmada por escrito, no se compra.
Reverting a building at parthotel's a play ValueNo passive income. He buys an asset that doesn't give up today - an empty office, an obsolete residential, a tiring hostel - and you get the difference between what's worth and what's worth stabilized as a professional tourist accommodation. The market is currently doing so: the investment for building use tripled at 2024, passing from 330 to 900 M €, with Living and hotels as destination of the 80% operations (CBRE, 2024).
The problem is that the prospectus sells the cheap purchase price and preserves what actually decides the return: that planning allows for a change of use, how much CAPEX requires the reform, and if the NOI stabilized to the housing cap exceed the sum of purchase more work. That article is the underwriting of that decision, in euro and with every market figure anchored to source.
Why Reconversion to aparthotel makes sense now
The demand supports the format. The outpatient nights set a record of 146,3 M at 2025 (+ 3,0%) and the tourist apartments already represent the 52,1% of the extra-carrier, as INN (EOAT, 2025). It's not a residual niche: it's more than half of the country's non-hotel accommodation.
The price holds. The hotel revpar was situated at 125,4 € en 2025 (+5,5%), con un ADR de 166,1 € y ocupación del 75,5% (STR / Cushman & Wakefield, 2025). The aparthotel goes up to that wave with an advantage: it operates with less template than the hotel - check-in digital, without reception 24h, without its own restoration - better defending the GOP margin, reference ~ 41% in the sector (HotStat, sector estimate).
And the obsolete asset's comportable. The stock of unrefurbished secondary and residential office offers discounts that an established first building never gives. That's how far the value-add: to close the divide between problematic and stabilized assets.
The change of urban use: risk number one
A pure aparthotel doesn't fit residential use: it fits into tertiary use of accommodation. If you buy a residential building or an office to reconvert it, the question that decides everything about them is whether local planning conforms to that change and if they will give you a license. In Barcelona, in fact, the legal track for tourist apartments is precisely the complete building with a shift from urban to tertiary to accommodation and the rest are blocked.
That's not assumed: it's confirmed in writing before signing the purchase. To buy a building "to convert" without having closed that the change of use is feasible is the fastest way to have an asset that you cannot exploit. The change of use requires tertiary soil and municipal activity license - each town and each CAA have its own norm (local and local urban regulations).
In favor of the complete building plays a structural argument that scattered VUT have no: the reform of April Horizontal Property Act of 2025 allows the community to veto new VT with a majority of 3 / 5. A single-owner building doesn't have a community to vote for. We developed them at The advantage of not relying on the community of neighbours.
1 · Due diligence urbanística
Confirm that planning supports tertiary use of accommodation or allows for change of use. Check moratoriums, Reide Plan (Madrid), license ceilings. Without this closed, you don't buy.
2 · Technical project and licences
Municipal work and activity license. To complete the autonomous decision of tourist apartments: minimum number of units, accessibility and fire protection.
3 · Reformation and Capex
From light (furniture, domestic, branding) to integral (façade, installations, accessibility). The cost comes from the project, but not from a standard. What matters is its relation with NOI's uploift.
4 · Alta operativa y clasificación
Autonomous tourism classification, registration ES. Hostidages, pms, dynamic training, channels and direct channels. The asset begins to generate stabilized NOI.
The VAT of the reform: a lever that's decided before the work
Here's some real money on the table. If the production operates dedicated to the hotel industry - reception and continuous care, regular cleaning during stay, change of clothing - activity tax VAT 10% and allows deducting VAT supported and current expenditure (AEAT, 2025).
If the operation only cleans at entrance and exit and delivery keys without these services, the lease remains VAT free y no se deduce el IVA del CAPEX. En una reforma integral, recuperar el IVA soportado de la obra puede ser una partida de seis cifras. Por eso la estructura de servicios —y por tanto la figura, AT con servicios vs VUT— se decide before from reform, and not after. We treated him deeply at Parthotel's license: the regulatory risk.
The cascade of pre-sign euro: from the yield of the prospectus to the actual NOI
The prospectus shows you an annual gross income and a round jield. The investor that signs wants the NOI: what remains with them after channels, operations, taxes and CAPEX / gaps. That's the cascade about a re-converted parthotel of example - 12 units, Conservative ADR, market occupation -. The figure of the case are illustrative and the method we apply to each analysis.
| Concept | Annual amount | % on gross |
|---|---|---|
| Gross income (12 uds · ADR 95 € · ocup. 70%) | 291.270 € | 100% |
| − Commission of channels (mix OTA + direct, ~ 13%) | −37.865 € | −13,0% |
| − Cleaning and laundry | −29.127 € | −10,0% |
| − Supply, maintenance and replacement | −26.214 € | −9,0% |
| − IBI, tourist fee, insurance | −14.564 € | −5,0% |
| − Professional management | −43.690 € | −15,0% |
| − CAPEX and structural gaps | −17.476 € | −6,0% |
| NOI stabilized by hand | 122.334 € | 42,0% |
Caso ilustrativo. Bruto de partida basado en estructura de costes operativos ~70% del bruto en VT bien gestionada (estimación sectorial). Mix de canales de referencia: Booking 54,3% / Airbnb 26,7% / directo 17,6% (Lodgify, 2025). The direct channel Tudesvío cobra 10% versus the 15-18% from the OTAs, directly improving that first line of the cascade.
Two readings for the investor. First: The stabilized NOI (122.334 €) divided by the total investment (purchase + CAMEX + transaction costs) gives you the actual entry rate, and not the gross of the prospectus. Two: every point you gain at the channel line - directly through and dynamic priming - goes directly to the NOI. That's where professional management changes the result, not the raw. The whole model, with cash and output flow, we divide it into Retirement of an aparthotel: from gross jield to actual NOI.
Value return - add: NOI uploift, no cheap price
The classic mistake is to buy the old building "because it's cheap." Value-add isn't earned at purchase: earned at NOI uploift. The equation is simple and hard:
stabilized value = stabilized NOI) frat output rate → Reliable ratio if: stabilized value > Purchase + CAPEX + costs
If you get up the employment and the fee with product, branding and management, and then re-value the property to the housing figure, you get value creation. But if the CAREX per unit plus the purchase price exceed the stabilized value, No deal by cheap that looks The brick. The cheap building with an impossible shift or a CAMEX that eats the margin is a trap, not an opportunity.
That's why the order matters: first the urban viability (binary: yes or no), then the realistic CAPEX project, and only then the maximum price that you can pay without destroying the return. That's the same reasoning that we apply to asset class from serviced apartments, where conversion is an entrance path to the segment.
Bliss vs. promoter's brochure: where's the difference
La categoría de "edificios llave en mano" y los operadores de canon fijo venden upside redondo —"+40%", "150% anual", "1.800 € netos"— sin fuente ni cascada. Bliss pone los números delante antes de firmar y captura el upside con un modelo de reparto, no con un canon que pone techo.
| Criterion | Bliss Homes | Hand key / regular canon |
|---|---|---|
| Retirement figures | EUR cascade pre- sign, every data with source | Round Yield with no method or source |
| Feasibility of change of use | Due urban diligence before buying | It's assumed. The risk's been put by the investor. |
| Capture of upside | Combined model ground + distribution that catches up | Fixed fee: performance ceiling |
| OTAs Unit | Tudesvío 10% vs 15-18% OTAs | 100% OTAs, comisión completa |
| Performance test | 87% occupation, improvement versus mean | Surrender and promise with no sound track record |
Bliss portfolio data (87% occupation, improvement versus mean): own social test, non-market data.
The regulatory framework that you cannot ignore
Before buying to convert, three fronts that can put down the deal:
- Tourist registration: applying the autonomous code (VUT / VV / HUT / AT according to CAA), and not a state register. The Unified State Loan Registry (RD 1312 / 2024) was Cancelled by STS 620 / 2026 (May 2026). Don't assume a single national registry.
- Passenger registration: SES.Hostidajes (RD 933 / 2021) are required for all accommodation establishments.
- City risk: Barcelona removes VT licenses at 2028 and Madrid has its RESIDE with a roof. Valencia, Seville, Málaga, Alicante or Bilbao are verde-Amber, each with its norm. The shift from use to tertiary - full building accommodation is, in several cases, the only path that remains open.
Regulation isn't a final procedure: it's a viability filter that goes to the beginning of underwriting. An asset that you cannot legally exploit is worth zero as an aparthotel, as good as the location.
FAQ
How does a building become an aparthotel?
In four phases: (1) urban due diligence to confirm that planning conforms to tertiary use of accommodation or allows for change of use; (2) technical project and municipal license of activity and work; (3) physical reform to fulfill the autonomous decision of tourist apartments (accessibility, minimum number of units, accessibility, fire protection) and (4) tourist and high operational classification (ES). Hostiages, pms, channels). Without the 1 step closed in writing, the purchase will not be signed.
What does the conversion from a building to a parthotel cost?
Depends on the starting status. A recent residential with useful distribution orders light CAPEX (furniture, domestic and branding). An obsolete office or building may require complete reform: façade, installations, accessibility and fire protection, more technical fees, leave and months without income. The concrete figure only emerges from the project and what the investment decides is the NOI's uploift with respect to that CAPEX, and not the isolated number of the work.
Do I need an urban shift to set up an aparthotel?
Almost always. The pure parthotel fits into tertiary use of accommodation, not residential. If the building is residential or office, we have to check if the local planning allows the shift to tertiary-accommodation and get a license. In Barcelona, the legal track for tourist apartments is precisely the complete building with a shift to tertiary-accommodation. That's risk number one: buy to convert without having confirmed that the change of use is feasible.
Can I deduct VAT from the parthotel reform?
If the operation provides dedicated services to the hotel industry (reception and care, regular cleaning while at work, change of clothing), the activity tributes to the 10% VAT and allows to deduct the VAT supported from the reform and from the expenses, according to the Tax Agency (2025). If there are only cleanup at entry and exit without these services, rental is free of VAT and nothing is deducted. The service structure is decided prior to construction, as it challenges the recovery of VAT from the CAPEX.
Why does a complete building avoid a neighbouring veto?
The reform of 2025's April Horizontal Property Act allows the community of owners to veto new housing for tourism with a majority of 3 / 5. In a single-owner building there's no community that votes: the owner decides. That's a structural advantage of the whole block versus the VUT scattered onto loose floors, and an exit argument when sold to an institutional buyer.
How much performance does it add to re-convert versus buy already operative?
The value-add aims to capture the difference between the price of an obsolete asset and the value of that same stabilized asset as an aparthotel. The return does not come from the cheap purchase price but from the NOI installer: up employment and a fee with product, branding and management, and revaluation of the property to the housing figure. If the CAREX per unit plus purchase exceed the stabilized value, there's no deal, however cheap the building looks.
What demand does the conversion to aparthotel support?
Las pernoctaciones extrahoteleras marcaron un récord de 146,3 M en 2025 (+3,0%), y los apartamentos turísticos ya son el 52,1% del extrahotelero, según el INE (EOAT, 2025). El RevPAR hotelero se situó en 125,4 € (+5,5%), con ADR de 166,1 € y ocupación del 75,5%, según STR / Cushman & Wakefield (2025). El aparthotel se beneficia de esa demanda con una estructura de costes más ligera que el hotel.
What regulations for tourist registration apply to an aparthotel?
Aplica el código autonómico de cada comunidad (VUT/VV/HUT/AT según el caso), no un registro estatal: el Registro Único estatal de arrendamientos (RD 1312/2024) fue anulado por la STS 620/2026 (mayo 2026). Además es obligatorio el registro de viajeros SES.Hospedajes (RD 933/2021). La clasificación y la licencia las marca el decreto autonómico y la ordenanza municipal.
Your building, number before signing
We give you the complete underwriting of conversion: viability of change of use, guidance CAPEX, cascade of euro up to the stabilized NOI and event stage. Without round promise, with data from our actual portfolio to the 87% occupation.