It's measured with ADR, Revpar and GOPpAR as well as a hotel: the ADR is the price per busy night, the Revpar puts them down by employment and the GOPpar subtract all the operating costs, and that's the only figure actually charged by the owner. The Spanish vacation market closed 2025 with 165,49 €'s ADR and 56,6%'s occupation, opposite 75,5%'s hotel. The actual portfolio of Bliss operates to the 87% of occupation, above the market average.
When an investor buys a tourist flat, he looks at the price per night of the announcement and assumes that there's his profitability. When a fund buys a hotel she looks at GOPPAR, because she knows that the price per night is the first of many figures and the least relevant to his pocket. The difference isn't about sophistication: it's about how much you get paid.
The good news is that a housing portfolio is operationally the same as a scattered hotel. You have inventory (available nights), demand (busy nights), an average price and a cascade of costs that you eat part of the billing. applying the hotel vocabulary - ADR, RevpAR, TRevpAR, GOPpAR - to your residential portfolio isn't jargon: it's how to compare your asset with an institutional benchmark and to detect where the margin leaks.
The three letters, translated into your portfolio
Forget about the reception and stick with logic. A hotel night room is, in your wallet, an available night- flat. From there, the three KPIs are calculated as follows:
ADR - Average Daily Rate
Average price per night occupied. Input of accommodation on busy nights. That's the number that's showing the announcement. It's how good you sell, how busy and how far you have.
Revpar - Revenue per Available Room
Income from accommodation and nights available (or, identical, ADR × occupation). It caresses the gaps: an ADR high with an empty half house gives RevpAR poor. That's the first honest figure.
GOPPAR - Gross Operating Profit per Available Room
Gross operative benefit on nights available. The GOP is income less operational costs (HotStats / STR). That's what the owner looks at, because they discount commissions, cleanup, supplies, management and maintenance.
A quarter should be added: TREPAR (Total Revenue per Available Room), amounting to all available overnight income, not only accommodation: billing, late check-out, parking, experiences, upsells. That extra income exists and an ADR to get out of his way ignores that. But Trevpar only matters if his production costs are not swallowed up, and that's why he's never read alone but against GOPpar.
Why the window ADR misleads the investor
The ADR is the easiest figure to inflate and the easiest figure to misunderstand. One announcement can boast of 200 € per night and rent less to 130 €. Why? That's because between the ADR and your pocket there's an occupation, channel charges and operational costs.
The market information makes that clear. The mean attrition of the Spanish rental was 165,49 € en 2025, un +2,8% interanual (Lodgify, 2025). But the average employment was 56,6%. A high price on an occupied house just over half a year is exactly the type of window figure that doesn't translate into RevpAR.
The hotel sector plays in another employment league: 125,4 € (+ 5,5%), 166,1 € (+ 4,8%) and occupation of 75,5% in 2025 (Barometer STR-Cushman & Wakefield, 2025). They aren't directly comparable - the hotel sells for free nights and the housing usually requires minimum stay - but the lesson is: with ADR nearly identical, the hotel gets far more RevpAR because it occupies better. The management of the occupation is where you gain or lose your portfolio.
From Revpar to GOPpAR: the cascade of euro pre-sign
The RSPAR already removes the gaps but does not discount the costs. The GOPPAR did. And between them there's all the difference between what you sell and what you get. Here's the cascade, calculated about an urban portfolio type unit managed to get you to see where every euro goes. The figure from the column are illustrative of a concrete floor and market figure with a source.
| Concept (per night available) | €/ Night | Accumulated |
|---|---|---|
| ADR (half-night price occupied) | 140 € | — |
| × Occupation 87% (managed portfolio) → RevpAR | −18 € | 122 € |
| − Channel Commission (mix OTA + direct) | −15 € | 107 € |
| − Unaffected cleaning and laundry | −12 € | 95 € |
| − Supplies, consumables and amenities | −7 € | 88 € |
| − Professional management (MTS, training, care) | −14 € | 74 € |
| − Maintenance and replacement | −6 € | 68 € |
| = GOPPAR (operating gain / night available) | 68 € | 68 € |
Comparison of reference channels: Booking 54,3% / Airbnb 26,7% / 17,6% (Lodgify, 2025). Loan GOP reference hotel ~ 41% (HotStat, sector estimate). The other lines are illustrative figures for a concrete unit, and they are not market averages.
Three readings an investor should interiorize from this table:
- From ADR to GOPpAR more than half evaporate. Whoever sells profitability about the ADR is selling twice what you'll get. The honest figure lives down.
- The channel commission's the most manageable line. Each point that you move from OTA to direct channel falls nearly whole to GOPPAR.
- Occupation's the upper lever. To get up from the market 56% to the range of managed portfolio changes RevpAR before playing a single cost.
The channel: where GOPPAR is earned or given
At the Spanish holiday mix, Booking concentrates its 54,3% Airbnb 26,7% and the direct channel 17,6% (Lodgify, 2025). Las OTAs cobran entre el 15% y el 18%. Eso significa que más del 80% de las noches de una cartera media entran con un descuento de dos dígitos antes de tocar ninguna otra cosa.
Here's GOPPAR's silent lever: his own channel. Tudesvío, Bliss's direct channel, charges 10% commission versus 15-18% OTAs (internal Bliss data). It's free - no channel is free - but every reservation that moves from OTA to direct channel leaves between 5 and 8 price points in the owner's pocket. On a portfolio, to move ten share points directly is one of the cheapest ways to get up GOPpAR without touching price and occupation.
Benchmark: your portfolio against market
To measure at KPIs hotels only works if you compare with something. The holiday market occupied 56,6% at 2025 (Lodgify, 2025). The actual portfolio of Bliss operates at 87% occupancy, improvement relative to market averagewith Google valuation of 5,0 ∞ (internal data Bliss). That difference isn't lucky: it's dynamic priceling with pricelabs, high-end multicanal distribution and an operation that minimizes the gaps that destroy revpar.
| How your wallet's reported | Amateur / DIY management | Fixed canon (type operator) | Bliss |
|---|---|---|---|
| Metrica you see | That's what I'm talking about. | Fixed income (without KPIs) | Revpar, occupation and NOI |
| GOPPAR / NOI per unit | Uncalculated | The operator keeps it | Monthly Reporting to Owner |
| Capture of the upside | Yours but without method | Roof: fixed canon | Loan and distribution that capture upside |
| Channel costs | 15- 18% OTA without direct | Oracle for the owner | Direct Tudesvío 10% vs. 15-18% |
| Flow with source | Round pledges | No breakdown | Pre- auditory signature cascade |
The difference with the fixed fee should be emphasized: a flat guaranteed income removes your risk but also the ceiling. The mixed model of ground and distribution leave the owner with a minimum and allows him to capture his upside as his GOPPAR goes up. That, of course, requires someone to measure GOPPAR and with a regular canon nobody will teach you.
How to mount your portfolio's command box
A spreadsheet is sufficient for a unit. For a portfolio, no: you require a unique source of data that will register, by unit and by period, nights available, busy nights, income from (accommodation, cleaning, extras) and operating costs. Without that origin, GOPPAR will be rebuilt by hand and will stop being reliable just as more decisions depend on it.
1 · Define the inventory unit
Night-floor available. Blocks and maintenance Yes they count as available if you choose not to sell them: if you exclude them, you inflate the occupation.
2 · Separate income
Accommodation for ADR and RevpAR and everything else for the leap to TRevpAR. Do not mix billing with fee.
3 · Impurting costs per unit
Reactual Commission of the Channel of each Reserve, Cleaning, Supply, Management and Maintenance. Without this there's no GOPPAR, only RevpAR disguised.
4 · Comparison for homogenous periods
Same year after year, not after the previous month. Stadiality will miss every cross-monthly reading.
That's exactly what a professional management does. Bliss uses Lodgify as pMS, pricelabs for dynamic priming and a monthly reporting that already gives to the owner the result in these terms - occupation, revpar, NOI - without have to rebuild anything. The Hotel KPI ceases to be an academic exercise and becomes the language in which you decide whether to buy, maintain or sell every asset.
If you want to get deeper into financial detail, it fits with the financial model of VT investment (NOI and cash flow) and with the calculation of net yield of tourist housing. To look at the pure hotel inverter, there's a guide to Revpar, ADR and GOPpAR for the hotel investorand to assign capital by market, net VT profitability by town 2026. If you're gonna value a concrete asset, look at the Cap of tourist apartment about NOI. And the global vision's at tourism investment.
FAQ
How do I measure my flooring with Kpis Hoteles?
Treat every night - available as a room - hotel night. ADR = rental income divided between busy nights. Revpar = ADR × rental, or accommodation entrance between nights available total. GOPPAR = gross operating gain (income less operating costs: Canal charges, cleaning, supplies, management and maintenance) between nights available. Calculates the three per unit, by geographical cluster and for the whole portfolio and compares homogenous periods.
What's Trevpar and why's your actual figure up?
Trevpar (Total Revenue per Available Room) adds up to all available income per night, not just accommodation: billing, late check-out, parking, experiences, upsells. In run tourist housing these extras exist and the ads do not show them. Meter TrevpAR reveals an entry that the atr of window ignores but only matters if the cost of generating it doesn't eat the margin, so it's always seen with GOPpAR.
Why does GOPPAR matter more to the owner than the ADR?
The ADR measures sales price and GOPPAR measures benefits. You can get an ADR up an 10% and watch GOPPAR fall if that rise arrives through a dedicated 18% channel, requires more short-rotation cleanliness or increases gaps. The owner charges GOPPAR, not the ADR. At an institutional level, GOPpAR has moved Revpar as a reference metric for property because labor and energy costs have been decoupled income and benefit (HotStat, 2025).
What occupation should I have been expecting from my wallet?
The average employment of Spanish vacation rental was 56,6% at 2025 (Lodgify, 2025) and the 75,5% hotel (Barometer STR-Cushman & Wakefield, 2025) but they are different universes: the hotel sells at night and the housing usually requires minimum stay. The useful benchmarking is your own and a market comparable run. The actual portfolio of Bliss operates to the 87% of occupation, improved relative to market mean (internal data Bliss): the difference is explained by dynamic pricing, distribution and reduction of gaps.
How much does the channel commission weigh at GOPPAR?
Mucho. En el mix vacacional, Booking concentra el 54,3% de las reservas, Airbnb el 26,7% y el canal directo el 17,6% (Lodgify, 2025). Las OTAs cobran entre 15% y 18%, de modo que cada euro vendido por OTA llega al GOPPAR con ese descuento. Por eso el canal directo es palanca de margen: Tudesvío, el canal propio de Bliss, cobra 10% de comisión frente al 15-18% de las OTAs, no es gratis, pero cada punto de cuota directa se traduce en GOPPAR.
What have I been after?
None as final goal. A high ADR with low jobs can give worse Revpar than a moderate and well-occupied price, and a high Revpar can hide a poor GOPpAR if the cost of serving that demand is high. The goal is to maximize GOPPAR without destroying an asset's reputation and useful life. ADR and Revpar are intermediate and GOPpAR is the result charged by the investor.
Do I need a pms to figure out these kpis?
A spreadsheet is sufficient for a unit. For a portfolio, not reliably: you need a unique source of nights available, busy, income and costs per unit. Bliss uses Lodgify as pMS, pricelabs for dynamic priceling and monthly reporting to the owner who already expressed the result in these terms, so that the owner sees RevpAR, occupation and NOI without reconstructing it by hand.
He measures your wallet as an institutional
We give you back your portfolio expressed in Revpar, actual occupation and NOI, with the pre-sign euro cascade and an anti-market sign. No round promise: figures with source.