Investment in tourist parthotel in Valencia: price path with brake at centre

The thesis in a sentence: Valencia is cheap at fare and face at license

For a professional investor, Valencia does not explain itself with tourist leaflets. It's explained with two challenges. On the one hand, the average price per room (ADR) remains under the big capitals: about 105,1 € in the first half of 2025 with a correction of − 2,6% with respect to the previous year (StR / Cushman & Wakefield Barometer, 2025). Por otro, conseguir una licencia turístico-hotelera nueva en la ciudad se ha vuelto difícil: hay una suspensión municipal en vigor desde mayo de 2024.

That combination - fare with an upward ride and frozen legal offer - is exactly the ground where an already licensed asset revalues. Not for the cycle, but because a shortage of leave protects the income from which it's already inside. The question isn't "Is Valencia good?" but "at what price did I come and what concrete asset did I buy?"

The national ADR closed 2025 at 166,1 € with occupation of 75,5% (Barometer STR-Cushman & Wakefield, 2025). Valencia operates well under that average price: there lives the gap that pursues a valuation-add strategy.

The market number of Valencia, without rounded

The sources should be separated because they measure different things. Savills, in his analysis of the square, estimated for Valencia a ADR de ~116 €, ocupación ~76% y RevPAR ~88 € up to August of 2025 (Savills Vision 2025 Valencia). The StR / Cushman & Wakefield Barometer, with another sample and period, put the first semester ADR 105,1 € (−2,6%)and Valencia with the highest price fall of the period (STR / Cushman & Wakefield, 2025).

It's no contradiction: they're different universes and time windows. What's important for underwriting is the direction, and the direction of 2025 was correction: Valencia registered one of the highest number of jobs in the semester (− 4,5%) and a lower RrevpAR (STR / Cushman & Wakefield, 2025). The main cause was the DANA effect on international demand at the start of the year, and that was not a structural deterioration of the square.

To the inverter this is sign, no noise. A market that fixes by a time shock and not by an oversupply is just what offers an entry point. But it requires to discount the correction at the valuation, to avoid assuming that the fee regains itself.

The regulatory brake: what prevents and favours a moratorium

The 28 of May 2024 town council of Valencia approved the suspension of processing and licensing for new tertiary tourist and hotel uses, extended in January of 2025 and valid up to at least 30 May 2026 (Andersen, 2024 and Valencia). hundreds of tourist leave files have been paralysed during the moratorium.

Ciutat Vella, moreover, is subject to its Special Protection Plan, which itself limits the introduction of new hotel uses in the historic centre. Translated into capital language: an operational license at the centre of Valencia is a low and therefore valuable asset. Buying already licensed product's worth more than betting on a future permission that management may not afford.

That reorders the investment map. The capital that wants exposure to Valencia moves to two locations: (1) assets already licensed within the restricted perimeter - listed with premium for their own shortages - and (2) neighborhoods outside the moratorium where the license remains feasible today. A good share of this capital is international and the fiscal structure of the purchase changes with an investor's residence: first we have to review the guide to non-resident foreign investor in tourist housing in Spain.

Why Parthotel and No Hotel in Valencia

The format matters as much as the square. The aparthotel - apartments with services, check-in digital, without reception 24h or heavy restoration - operates with less staff per square than a traditional hotel. A market with GOP reference hotel margin around 41% (HotStat, sector estimate), cutting labour costs is the most direct lever about NOI.

A second and structural motif: tourist apartments have already represented the 52,1% from extraphoteler nights in Spain (INE EOAT, 2025). The demand isn't marginal and most of them have been found within the extrachewer. The aparthotel captures this demand with a lighter cost structure and an urban setting - with tertiary and licensed ground - more flexible.

The third ground is defensive. In the seawold valley, the aparthotel holds better because its balancing point is lower. A well-dimensioned aparthotel holds up where a hotel with an established staff bleeds in February.

The cascade of euro pre- signature: from the gross announced to the actual NOI

Here's the heart of analysis and the difference between investing and buying smoke. The ads and the promoters sell the gross jield. The investor charges the net. Between them and them there's a cascade that barely anyone puts in writing before they sign. That's the exercise with an asset type in Valencia - 8 units in aparthotel format, illustrative figures to show the method, not a promise of return:

Ejemplo ilustrativo del método. ADR/ocupación coherentes con datos de plaza (Savills, 2025; STR/Cushman & Wakefield, 2025); mix de canales (Booking 54,3% / Airbnb 26,7% / directo 17,6%) según Lodgify, 2025; pesos de gasto = estimación sectorial. El NOI real depende del activo concreto.

That NOI applies the Cap rate to get to the value and the net yield is calculated on the total investment. The point isn't the exact figure - every asset's different - but No one should sign without this table in front. The "8-15% performance" that's been announced is usually the gross and the well-run true VT net moves closer to 6-9% (sector estimate), still far above the residential 3,5-5%.

Two levers move that NOI directly: the channel commission and management. That's why the direct channel weighs so bad.

The direct channel lever: where you gain the jield point

At the Spanish holiday channel mix, Booking concentrates the 54,3%, Airbnb the 26,7% and the directly only 17,6% (Lodgify, 2025). Each booking entered by OTA pays between 15% and 18% commission. Each booking that goes through its own channel pays less. The difference, multiplied by every night of the year, is an integer of net jield that remains within the asset.

Bliss operates his own direct channel, Tudesvío, con un 10% de comisión frente al 15-18% de las OTAs. It's not free - no channel is - but it's moved to the owner several points about every euro passing through it. At the top cascade, move 10 points from the OTA's mix to directly isn't cosmetic: that's the difference between a mediocre and a surrender.

Bliss vs alternatives: transparency versus fixed canon and round promise

The Spanish tourist asset investor chooses from three management models. The difference isn't about discourse but about who catches the upside and if the figures have a source.

The fixed canon operator gives peace of mind in exchange for setting a roof to what you gain: if the asset fires its NOI, the upside remains with the operator. The mixed model of Bliss - guaranteed ground type R2R plus distribution - protects the ground but allows the owner to capture the rise. At a market with a fare ride such as Valencia, renouncing the upside means renouncing the whole thesis.

Where to look in Valencia: the actual assignment map

With the centre stopped by the moratorium, the screening changes. These are the areas a professional investor prioritizes with the logic behind them:

The cross-sectional rule: buy where the license will be feasible today, not where it was yesterday. A precious asset with no possibility of legal tourist activity is an expensive residential asset. That's why the first step in any Bliss diagnosis in Valencia is to check the regulatory status of the concrete asset, and not "town."

If the decision's bigger - whole building, several squares, institutional figure - we should also read where to invest in tourist building in Spain 2026 and the mechanics of turn a building into a parthotelbecause a shift from use to tertiary is the other face of the moratorium.

The method: why management makes an investment case

The square gives the framework and management results. Two identical assets on Valencia's same street are different depending on who operates them, because NOI built them dynamic training, channel mix, actual employment and cost monitoring. Bliss's portfolio operates with average employment of 87% and revenues above market average (datos internos de gestión), apoyada en pricing PriceLabs, PMS Lodgify y canal directo Tudesvío.

Those numbers aren't market data - they're evidence of method. Valencia's thesis (fare with course, low legal offer) only materializes if someone turns that path into atr and that shortage into sustained employment. That's where professional management separates the promised jield from the entered ield. To get into the calculation detail, the guide to Retirement of an aparthotel: from gross jield to actual NOI develops the complete cascade, and you can see the rest of tourism investment thesis and our operative for complete buildings.

External sources: StR & Cushman & Wakefield Hoteler Barometer, 2025 Closed · Andersen - Moratoriums for tourist and hotel uses in Valencia (2024).

Hector Clarke

Fundador de Bliss Homes. Operamos viviendas turísticas en 8 comunidades autónomas —pisos, casas rurales y un edificio completo en Toledo—, seis de ellos alquilados con nuestro propio dinero. Meet the team →