Madrid es el mercado urbano hotelero más resiliente de España: fue la única gran ciudad que no vio caer su RevPAR en 2025, con un ADR de 179,6 € (+6,6%), RevPAR de 137,4 € (+6,7%) y ocupación del 76,6%. El prime yield está comprimido al 5,0%, con 376 M€ transaccionados en el segmento urbano, pero ese yield es sobre NOI ya estabilizado: la mayoría de oportunidades comprables requieren reposicionamiento para acercarse a ese benchmark.
For the professional investor, Madrid isn't buy by pretty, it's buy by defensive. At 2025, while several urban destinations saw their Revpar back, Madrid was the only great city that repeated growth (Informe Inversión Hotelera España 2025). That resilience, more a relatively more open regulatory environment than Barcelona's, makes capital a core / chore- plus asset with exit and rotation liquidity. The following is the case with complete investment - hotel and tourist building - in verifiable figures, and not with round promises.
1. Why Madrid is the most resilient urban in Spain
The Madrid theses are of diversified demand. It doesn't depend on a single engine: it combines business traveler, congresses, urban leisure and an international tourism that keeps growing. That broad base is what explain why the capital did not answer Revpar's fall that did hit other urban markets at 2025 (Informe Inversión Hotelera España 2025).
Los números operativos lo respaldan. En el primer semestre de 2025, Madrid registró un ADR de 179,6 € (+6,6% interanual), un RevPAR de 137,4 € (+6,7%) y una ocupación del 76,6% (StR / Cushman & Wakefield Barometer, 2025). To contextualise, the national mean Revpar of the STR sample was situated at 125,4 € at 2025 (STR / Cushman & Wakefield, 2025): Madrid beats the mean of the country and also grows.
The contrast with Barcelona is the key argument. Barcelona implements the PEUAT hotel moratorium and a zero-story tourist plan for 2028. That restriction protects the existing stock but closes the door to new product and compresses the investor's manoeuvre margin. Madrid is verde-Amber: has its RESIDE / PEH Plan by limiting new VUT in the centre but keeps a more open framework for hotel and tertiary building.
2. The Prime Yield of 5,0% and what it means for your capital
Madrid's first hotel ield remained around 5,0% stable in the third quarter of 2025 (BRE Iberia, Q3 2025)at the same level as Barcelona. That's something important about the most tablets in the Spanish market: institutional capital sees Madrid as a low-risk prime destination and pays for it.
For an investor, a compressed jield has a direct reading: creating value Won't come from buying cheapbecause the market isn't cheap. It will come from buying well, optimizing operation and capturing revpar's growth. A prima asset stabilized to the 5,0% is a defensive position and the actual upside is built with management, and not with entrance.
That's where the nominal yield and the handheld yield separate. The 5,0% is the cap rate on an already stabilized NOI of a prime asset. Most of the opportunities that can be bought in Madrid are not stabilized: they require re-positioning, improved channel and cost monitoring to get close to that benchmark. That's why the serious investor looks at the cascade, not the incumbent.
3. Cuánto mueve el mercado: 376 M€ y escasez de producto
Madrid cerró 376 M€ en 24 transacciones en el segmento urbano durante 2025, el 9% del volumen nacional (Colliers, 2025). That percentage cheats if you read bad: Colliers attests the relative weight to shortages of large assets at market level, and with no market interest. The demand for capital outweighs the supply of comportable products.
In Spain as a whole, hotel investment reached 4.275 M €at 194 operations, the second best record ever, just after 2018 (Colliers Full Year Report, 2025). Of this total, 159 transactions were from existing hotels - 21.767 rooms for 3.986 M €, a 30% more than at 2024 - (Colliers, 2025). El capital nacional siguió siendo dominante, en torno al 58% del volumen (Colliers, 2025).
The operative conclusion is that in Madrid there's more money looking for deals than assets available. That holds out prices and liquidity but requires fine sourcing and no more pay at entrance. To map how this shortages are felt in other urban markets, see where to invest in tourist building in Spain 2026.
4. The cascade of euro pre-sign: from Revpar to actual NOI
The most expensive mistake of the tourist investor is to confuse gross income with gain by hand. An announcement sells you a gross jield, and what pays your debt and your return is NOI. That's an honest cascade for a type tourist asset in Madrid - a small-format building or aparthotel - starting from an annual gross income of 100.000 € per operating unit and counting each item. The operative proportions are Sector estimateand serve them as a framework and not as market information.
| Item | Amount | Accumulated |
|---|---|---|
| Annual gross income (ADR × occupancy × nights) | 100.000 € | 100.000 € |
| − OTA Canal Commission (15-18%) | −12.000 € | 88.000 € |
| − Cleaning and laundry | −10.000 € | 78.000 € |
| − IBI, community and supplies | −9.000 € | 69.000 € |
| − Professional management | −15.000 € | 54.000 € |
| − CAPEX, replacement and provision of gaps | −8.000 € | 46.000 € |
| NOI / net operating gain | 46.000 € | 46.000 € |
Cascada ilustrativa; proporciones de gasto operativo = estimación sectorial. El peso de gastos operativos ronda el 70% del bruto en VT bien gestionada. La cifra que importa es el NOI, no el bruto.
Two levers of that cascade are where Bliss moves his needle. The first is Channel Commission: OTAs are charged from 15% to 18% (Airbnb, Booking, VRBO) while Blist's own direct channel, Tudesvío, operates to 10% (internal data Bliss; Tudesvío isn't free, it's 10%). Each commission point that goes down goes up the direct NOI. The second is employment: the actual portfolio of Bliss average 87% employment and income improvement versus market average (internal details Bliss), thanks to dynamic pricelabs and multicanal distribution. For the complete method of how each game is counted, see the actual profitability of buying hotel in Spain 2026.
5. Hotel or tourist building: two kinds of asset
Two theses coexist in Madrid. The prima hotel is a core asset: Iield of the 5,0%, hotel management, exit liquidity to institutional buyer (SOCIMI or fund). The Tourist apartment building It's another asset class: modular scale, usually higher net jield in exchange for more management work, and a regulatory advantage that nearly nobody explains well. If you doubt how to operate single rooms or buy the whole asset, see hotel rooms under operation vs buy the whole hotel.
That's an advantage of control. 2025's April reform of the Horizontal Property Act allows the community of neighbours to veto new VUT with a majority of 3 / 5. A complete building of a single owner has no community to vote: dodge the veto by design. That's the most powerful differential argument in the whole building opposite the loose floor.
The choice of figure also weighs on taxation. A tourist apartment (AT) with hotel-type services is treated as economic activity: VAT to 10% with deductions from supported VAT. A service-free VUT is exempt from VAT. The label changes licenses, taxation and valuation at resale and isn't an administrative detail. To compare risk / return between prime and repositioning asset, see yield prire vs valore-add hotel in Spain.
6. Regulatory risk: why Madrid is verde-Amber, not Red
The professional investor sees regulation as a risk, but rather as an anecdot. Madrid implements the RESIDE / PEH Plan that has reached a roof for new VUT at the centre. But its framework for hotel and tertiary building is more open than Barcelona's, where the PEUAT moratorium and the zero-story horizon at 2028 close the new product tap.
Two regulatory nuances to have up to date before signing. First: the single state registration NRUA (RD 1312 / 2024) was Cancelled by STS 620 / 2026 (May 2026), so that it commands the autoeconomic code (VUT / VV in the Community of Madrid), not a state register. The second was the registration of EES passengers. Hostiages (RD 933 / 2021) are still required. The monitoring of existing regulations and licences forms part of due diligence and not of subsequent paperwork.
It should be supported directly by official sources: demand and overnight data at National Institute of Statistics (INE) and investment reports Colliers. Never decide capital about figure without source.
7. Where Bliss pates to the fixed canon: transparency vs. opacity
The market for the tourist investor in Spain shares a hole: opacity of price / commission and performance figures without source. Fixed Canon Operators promise a closed rental that acts as a ceiling and managers that pipot a hoteler sell "+ 40%" or "150% every year" with no method or source and macro consultants have data authority but do not descend to operations or regulations by neighborhood. The Bliss proposal is different in concrete terms.
| Criterion | Bliss Homes | Fixed fee (operator) | Gestora opaca |
|---|---|---|---|
| Flow with verifiable source | Yeah. | Partial | No, round claims |
| EUR cascade | Yes, raw → NOI | No, closed rent | No |
| Owner's upside capture | Yes - ground and distribution | No, canon = ceiling | Variable with no method |
| Direct Canal (minor commission) | Tudesvío 10% vs. 15-18% OTA | OTA Unit | OTA Unit |
| Regulation by updated CAA | Yes (NRUA nullifying, LpH, RESIDE) | Generic | No |
| Tramo intermedio (1–10 uds, rural) | Yes | Just big buildings | Focus Prime |
The practical difference is the model ground and distribution. The fixed fee gives you a guaranteed rent but lays a roof: if the asset yields more, the upside remains with the operator. The mixed Bliss model combines a safety ground (R2R style, guaranteed income) with a distribution that returns to the owner some of RevpAR's growth. Added to direct channel and dynamic priming, that's what in the actual portfolio translates into 87% of occupation and improved income about the mean (internal details Bliss). To see the operational range, management services and tourism investment with Bliss; for hotel and repositioning, boutique hotels.
8. How to address a deal in Madrid: the right order
That's the order that separates a profitable purchase from an expensive trap. The price will be put at the end, after knowing the NOI and the regulatory risk, never at first about a gross advertising jield.
FAQ
What's a hotel's profitability in Madrid?
El prime yield hotelero en Madrid se sitúa en torno al 5,0% estable a Q3 2025 (CBRE Iberia, 2025): esa es la rentabilidad neta sobre el valor de un activo core prime ya estabilizado. Es un yield comprimido, propio de mercado de bajo riesgo y alta liquidez. El retorno total al inversor depende del apalancamiento, de la revalorización del activo y, sobre todo, de la operativa: con RevPAR de 137,4 € (+6,7%) en el 1S 2025 (Barómetro STR/Cushman & Wakefield, 2025), el margen operativo bien gestionado es lo que separa el yield prometido del NOI real en mano.
Why is Madrid more resilient than Barcelona?
Madrid was the only great urban town that did not replicate the fall of RevpAR observed at other urban destinations at 2025 (Spanish Hoteler Investment Report 2025). It combines diversified demand (businesses, congresses, leisure and growing international tourism) with a relatively more open regulatory environment than Barcelona, applying hotel moratorium (EUPM) and zero-story tourist plan for 2028. That diversity of demand and more policy space make Madrid a core / more defensive asset.
What prime jield are paid in Madrid?
El prime yield hotelero de Madrid está en torno al 5,0% y se mantuvo estable en Q3 2025 (CBRE Iberia, 2025), al mismo nivel que Barcelona. Es de los yields más comprimidos del mercado español, reflejo de que el capital institucional considera Madrid un destino prime de bajo riesgo. Para el inversor significa que la creación de valor no vendrá de comprar barato, sino de comprar bien y mejorar la operativa.
How much have been transacted in Madrid at 2025?
Madrid closed 376 M €at 24 urban segment transactions, equivalent to the 9% national volume (Colliers, 2025). Colliers attests to this weight relative to the shortage of large assets on the market, and not to a lack of inverting interest: capital demand outweighs the supply of comportable products. In Spain as a whole, hotel investment reached 4.275 M €at 194 operations, second best historic record (Colliers, 2025).
What regulatory risk does Madrid have?
Madrid es verde-ámbar, no rojo. Aplica el Plan RESIDE / PEH que limita nuevas viviendas de uso turístico en el centro, pero su marco para hotel y edificio terciario es más abierto que el de Barcelona. Para edificios y aparthoteles hay una ventaja estructural: un edificio completo de un solo propietario esquiva el veto de 3/5 que la reforma LPH de abril 2025 da a las comunidades de vecinos para bloquear VT en pisos sueltos. Y conviene recordar que el registro único estatal NRUA (RD 1312/2024) fue anulado por la STS 620/2026, por lo que manda el código autonómico (VUT/VV).
Is this better hotel or tourist building in Madrid?
It depends on the ticket, risk profile and tax demand. The prime hotel is a core asset with 5,0% and institutional buyer exit liquidity. The tourist apartment building usually offers more net jield in exchange for more management jobs, modular scale and the advantage of not dependent on the vote of a community of neighbours. Both can be structured as AT (economic activity with VAT at the deductible 10%) or as VUT. The determinant isn't the label but the cascade of euro from the raw to the actual NOI, that's where Bliss contributes transparency to the opac fixed fee.
Put real numbers to your deal in Madrid
We put you under writing with the pre-signature euro cascade: from Revpar to NOI by hand with every figure anchored to source and to the operative that makes the asset profitable. No round promise.