Un aparthotel bien gestionado rinde un yield neto del 8-15%, no el bruto de doble dígito del folleto: con 200.000€ de ingreso bruto anual, tras comisión de canal, limpieza, suministros, gestión, IBI y CAPEX quedan 78.000€ de NOI, un 7,8% sobre una inversión de 1.000.000€. La mayor fuga del NOI es la comisión de canal: 15-18% en OTAs frente al 10% del canal directo. Antes de firmar, verifica que la figura turística esté permitida en esa ubicación.
There's a figure that sells parthotels and another that pays bills. The first is Iield: income per night multiplied by employment, divided by asset price. He goes round and high and appears in every commercial. The second is NOI (Net Operating Income): what's left after all that costs to operate. That's the only figure a professional investor signs.
That article does only one thing: get from gross to net in euro, step by step, with market data quoted and with no promise of "150% Annual." If the asset holds the waterfall, the deal's real. Otherwise, the brochure was lying.
The aparthotel as an asset class: why the raw is so high
A parthotel doesn't get a monthly income: a daily and dynamic price. That's what triggers gross income per square foot opposite residential. The industry's thermometer confirms this: RevPAR medio en España fue de 125,4 € en 2025, un 5,5% más que en 2024with a 166,1 € ADR and a occupation of 75,5% (Barometer Hotelero STR-Cushman & Wakefield, 2025).
The structural demand goes with it. Extrachoteler nights set record at 2025 with 146,3 million (+ 3,0%)and The 52,1% have been represented by tourist apartments from that extra-carrier (INE, Occupation Survey of Extractable Tourist Accommodation, 2025). The parthotel's on the market's side that's growing.
But that high raw comes with an operative countercontribution. Interroom cleaning, rotation, laundry, Canal commissions, supplies, registration of passengers. The residential rental's less but barely operational. The aparthotel charges more and a part of it is spent to make it work. That's why the leap from raw to net is much bigger than a conventional floor and that's why management decides the result.
The cascade of euro pre- sign: from raw to NOI
That's the part that barely anyone's showing you before they sign up. We have a hypothetical aparthotel from 8 units with an annual gross income of 200.000 € (figure for example, market number) and we apply the actual discounts, one by one. The expenditure percentages are typical operational ranges of the sector (sector estimate) and market references are verifiable.
| Concept | % on gross | (EUR / year) | Accumulated |
|---|---|---|---|
| Gross income (what the prospectus sells) | 100% | 200.000 € | 200.000 € |
| − Channel Commission (mix OTA / direct, ~ 14%) | −14% | −28.000 € | 172.000 € |
| − Cleaning and laundry | −12% | −24.000 € | 148.000 € |
| − Supply (light, water, internet) | −6% | −12.000 € | 136.000 € |
| − Professional management | −15% | −30.000 € | 106.000 € |
| − IBI, community and insurance | −5% | −10.000 € | 96.000 € |
| − Tourist and other local taxes | −2% | −4.000 € | 92.000 € |
| − Capex matt, replacement and empty | −7% | −14.000 € | 78.000 € |
| = actual NOI (what the investor charges) | 39% | 78.000 € | 78.000 € |
That's an illustrative example. Fees of expenditure = sectorally estimated and vary by asset, location and model of operation. The percentage of carcase commission depends on the OTA / direct mix (see next section).
The brochure taught you 200.000 €. The investor charges 78.000 €. About an investment of, say, 1.000.000 €, that's a net jield of 7,8% - still far above the residential 3,5-5% (sectoralised estimate) but half of the number that the raw suggested. That's the difference between investing with data and investing with marketing.
The usual tipple of a well-run aparthotel moves into a net ield of 8-15% (sector estimate). Where you fall into that tipboard depends on three levers: purchase price, channel mix and management quality. The three of them have been decided before they sign.
The lever that moves the NOI most: the channel
Look at the waterfall again. That's the first and most serious leaking. And she's most controllable. In the holiday market, the distribution of Booking 54,3%, Airbnb 26,7% and directly only 17,6% (Lodgify, 2025). That is to say, the vast majority of challenges come from OTAs charged between 15% and 18%.
Each commission euro that you move from the OTA channel to the direct channel falls Full To NOI. No additional purchase costs have been paid. That's why his own channel isn't a marketing detail: it's a performance lever. The Bliss direct channel, Tudesvío, charged a commission 10% (isn't free) versus OTAs 15-18%. At an aparthotel with hundreds of nights sold a year, redirecting some of the volume to the direct channel are several thousand euros that pass directly into the owner's pocket.
Aparthotel vs residential hotel vs: where holds the margin
The aparthotel occupies an interesting midpoint. He's better at his place than his traditional hotel. with less staff: check-in digital, without 24 hour reception, without restoration, without permanent housekeeping. Less personnel per place means that a higher share of income arrives at GOP.
The GOP reference margin of southern Europe 41% (HotStat, 2025, sector estimate for hotels). The aparthotel with its light cost structure tends to be at the top of that reference. In front of the residential, she wins in gross income and dynamic priming upside and loses in operational simplicity and regulatory exposure.
Residential
Yield net 3,5-5% (sector estimate). Fixed monthly rent, minimum operation, low regulatory risk. To whoever prioritizes stability about return.
Aparthotel
Iield net 8-15% managed (sector estimate). A dynamic, light operation versus hotel, GOP range close to 41% (HotStat, 2025). For those who accept an operative for an upside.
Traditional Hotel
RevpAR 125,4 € medium (STR-Cushman & Wakefield, 2025) but heavy labour costs structure (reception, restoration). More gross income, an area pressed by an established figure.
The details of the coping by cost structure we have developed aparthotel vs hotel: what an asset more. If what you're looking for is the capítulo rate and NOI valuation method, it's at how to value a tourist apartment by chap and NOI.
Bliss vs. category: clear cascade versus opaque raw
The market for management and tourism investment product has a common hole: opacity of price and promise of profitability without source. Some sell "+ 40%" with no method, some offer a fixed canon that puts up your upside. The difference with Bliss is to teach the complete euro cascade, anchored to audible data, before signing.
| Criterion | Bliss Homes | Fixed canon operator | Product "+ 40% / 150%" |
|---|---|---|---|
| Profitability figure | actual NOI with pres- sign and online source | Fixed income with no gross breakdown | Round gross with no method or source |
| Capture of the upside | Yes - mixed model ground and distribution | No - the fixed canon is the ceiling | Promise without verifiable contract |
| Channel Commission | Tudesvío 10% directly vs. 15-18% OTA | Not applicable / opac | Not published |
| Backup data | 87% occupation and improvement versus mean in actual portfolio | Institutional scale, with no data per asset | No independent source |
| Coverage of intermediate tranche | Yes — 1-10 uds, rural, no residente | Solo edificios de 10-100 uds | Focus building big prime |
Bliss's portfolio data are his own social evidence, not market information: 87%'s average employment and an improved income versus market average (internal Bliss data). That occupation is the result of dynamic training with PriceLabs, channel monitoring and monthly reporting - not a starting point that you have to assume in your model. Your underwriting should start from a prudent and realistic occupation for the asset and its stationary.
The factor that can put the yield to zero: Regulation
A rental parthotel only if you can legally exploit it. Before signing, we have to confirm that the tourist figure is allowed at that particular location. The map changed at 2026: Unified State Loan Registry (NRUA, RD 1312 / 2024) was cancelled by STS 620 / 2026 (May 2026) so send back the autophone code - VUT, VV, HUT or AT depending on the community. Do not assume an existing state register and check the applicable autonomous and municipal rule.
Also, SES.Hostidages (RD 933 / 2021) require the registration of passengers as of December of 2024. And there are cities in regulated Red (Barcelona, with an end to VT licenses at 2028 and Madrid with the RESIDE Plan) versus green-amber markets. The regulatory risk is high: an asset that you cannot operate has zero ield, however beautiful the prospectus is. How we put that risk by community we cover them at regulatory risk at VT: how the investor needs themand the regulatory due diligence of the product aparthotel at Parthotel license and tourist use.
How to build your own underwriting of the aparthotel
It reduces noise to five paces and you have a justifiable model:
1. Realist gross income
Expected ADR × prudent occupancy × nights. Expand employment in real market data, not in the brochure. The average recreational market reported by Lodgify at 2025 was from 56,6%.
2. Cascades of expenditure
Apply the table: channel, cleaning, supplies, management, IBI / community, fees, CAPEX and gaps. He's at NOI.
3. Net Yield on capital
NOI) total investment (purchase + reform + transmission tax). That's your decision figure.
4. Regulatory risk
It confirms an autonomous tourist figure and an urban risk. Without an exploitable license, discard.
5. Channel and management pallanca
It models how much NOI you gain by redirecting volume to the direct channel and applying dynamic training.
If you wish to rely on official macro data for the first two steps, the primary sources are the INN (Survey of Occupation of Extractable Tourist Accommodation) and Str and Cushman & Wakefield Hoteler Barometer. To deepen the calculation of the net in tourist housing, see how to calculate net yield in tourist housingand for the complete financial model of cash flow, the financial model of VT investment.
FAQ
What's an aparthotel's profitability in Spain?
That's how bad I get and how much they eat his expenses. A well-run parthotel moves into a net jield fork of the 8-15% about the investment (sectorial estimate), as opposed to the 3,5-5% residential rental. That figure, however, is only true if you get rid of carcase commission, clearance, management, IBI, tourist fee and an empty and CAPEX mattress. The raw you see in the commercials rarely includes that. The only figure that matters is NOI (income less operational costs) divided by capital invested.
Why does an aparthotel rent more than residential rental?
Por precio dinámico y por demanda. El RevPAR hotelero medio en España fue de 125,4 euros en 2025 (+5,5%), con ADR de 166,1 euros y ocupación del 75,5% (Barómetro STR-Cushman & Wakefield, 2025). El alquiler residencial cobra una renta fija mensual; el aparthotel cobra por noche y sube precio en picos de demanda. Eso multiplica el ingreso bruto por metro cuadrado. El coste es más operativa: limpieza, rotación, canales. Por eso el neto depende tanto de la gestión.
What are the expenses of a parthotel?
In order: channel commission (15-18% at OTAs as Booking or Airbnb, 10% at direct channel Tudesvío), cleaning and laundry, supplies, professional management, IBI and community, insurance, tourist rate and an annual mattress of CAPEX and replacement. Also have to be reserved for gaps: no unit occupies the 100%. When all of that goes down from the raw, the net usually remains around the 55-65%'s income, rather than the 90% that the leaflets suggest.
How much do we have to have with them?
Mucho más de lo que parece. En el mercado vacacional el mix de canales es Booking 54,3%, Airbnb 26,7% y directo solo 17,6% (Lodgify, 2025). Si la mayor parte entra por OTA al 15-18%, cada punto de comisión que mueves del canal OTA al canal directo cae íntegro al NOI. El canal directo propio de Bliss, Tudesvío, cobra un 10% (no es gratis), frente al 15-18% de las OTAs. En un aparthotel con cientos de noches al año, ese diferencial son varios miles de euros de NOI.
What GOP's reasonable margin at an aparthotel?
The GOP (Gross Operating Profit) middleSouth European margin round the 41% (HotStat, 2025), a common reference for Spanish hotels. The aparthotel usually better uphold that margin than the traditional hotel because it operates with less staff: check-in digital, with no 24h reception or restoration. A lower number of personnel per square means more entrance to GOP. Even so, we have to discount the income or the cost of capital after GOP to get to the real gain of the investor.
Aparthotel or residential: what's best for the investor?
Si buscas renta estable, baja operativa y bajo riesgo regulatorio, el residencial es más simple aunque rente menos (3,5-5% neto, estimación sectorial). Si aceptas más operativa y riesgo de regulación a cambio de más upside, el aparthotel bien gestionado puede dar 8-15% neto. La clave es que el aparthotel solo cumple esa horquilla con gestión profesional: pricing dinámico, control de canales y reporting honesto. Sin eso, el bruto se evapora en costes y vacíos.
How does regulation affect the profitability of an aparthotel?
Decide if you can blow up the asset. The Unified State Loan Registry (NRUA, RD 1312 / 2024) was cancelled by the STS 620 / 2026 (May 2026), so that it commands an autonomous code (VUT, VV, HUT or AT by community). Also, ES. Hostigages (RD 933 / 2021) require registration of passengers. Before signing we have to confirm that the concrete tourist figure is allowed at that location, because an asset that you cannot operate has zero ield.
What actual employment do I have to undertake with the model?
Nunca el 100%. La ocupación hotelera media española fue del 75,5% en 2025 (Barómetro STR-Cushman & Wakefield, 2025). En vacacional la media de mercado baja: la ocupación media reportada por Lodgify en 2025 fue del 56,6%. Para un underwriting prudente, conviene modelar la ocupación realista del activo y su estacionalidad, no la del folleto. La cartera gestionada de Bliss opera al 87% de ocupación (dato interno), pero eso es resultado de gestión activa, no un punto de partida que se deba asumir.
Before signing, require complete cascade
We put the model of the raw to the NOI of your aparthotel: mix of channels, actual expenses, regulatory risk of your location and NOI levers. Fountains with source, not leaflets.