Un edificio turístico anunciado al 12,5% de yield bruto se queda en un neto real del 3,2% sobre NOI (2,4% en mano): en el ejemplo de 8 apartamentos e inversión de 1.600.000€, el beneficio neto en mano es 38.250€. La rentabilidad vacacional bruta ronda el 6-10% y cae al 3-7% neta tras gastos e impuestos; la palanca que más mueve el resultado es el coste de canal, 15-18% en OTAs frente al 10% del canal directo.
To buy an entire building for tourist operation is one of the few operations where the investor controls all the assets: entrance price, reform, positioning, management and exit. But that's also where it's easier to mislead with profitability. The sector published dual-digit gross jield holders that barely ever landed in the owner's current account.
That article does only one thing, well: it takes a type and low building from gross jield that sell ads to net jield that you really chargeand discount each item in euro. No round promise and with every market figure attached to its source.
The raw man lies, the net commands
The gross jield is the annual income divided by the investment. The problem is that this income is usually computed at the 100% of occupation and about the purchase price to dry. That's a prospectus number, not a return.
Reality: The Vacation Profitability Raw round the 6-10% and fall to the 3-7% net once you discount expenses, taxes and empty periods (sector estimate). For context, the gross profitability of rental residential housing closed 2025 around 6,7% (Idealist, 2025). The tourist monetizes best at night but in exchange for far more operational: with good management, gastos operativos pueden absorber del orden del 70% gross income (sector estimate).
The good news for the building: structural demand is solid. Extrachoteler nights have been high at 2025 with 146,3 million (+ 3%) and the tourist apartments are already Extrachoteler 52,1% (INE EOAT, 2025). The demand exists. What your return decides is how much of that income you have after the cascade.
The cascade of euro pre-sign
That's the tool. Instead of discussing percentages, we put numbers. Example building: 8 apartmentstotal investment (purchase + purchase tax + initial CAPEX) of 1.600.000 €Annual gross theoretical income to 100% 200.000 €. Let's see what's in his hand.
| Item | Annual amount | % on theoretical gross |
|---|---|---|
| Theoretical gross income (100% occupation) | 200.000 € | 100% |
| − Vacíos / ocupación real (a ~75%) | −50.000 € | −25% |
| = Actual gross income | 150.000 € | 75% |
| − Channel Commission (mix OTA + direct) | −21.000 € | −10,5% |
| − Cleaning and laundry | −18.000 € | −9% |
| − Supply (light, water, gas, internet) | −15.000 € | −7,5% |
| − IBI, garbage and insurance ratio | −9.000 € | −4,5% |
| − Community and current maintenance | −10.000 € | −5% |
| − Professional management | −18.000 € | −9% |
| − CAPEX Reserve (Replacement / Reforms) | −8.000 € | −4% |
| = NOI before tax | 51.000 € | 25,5% |
| − Profit tax (estimated) | −12.750 € | −6,4% |
| = net gain in hand | 38.250 € | 19,1% |
Proprietary figures for a type building, not a guarantee. The aim is to teach the method: every euro that goes out has a name and the final figure is the net, and not the incumbent.
With these numbers, the brochure would say Raw Yield 12,5% (200.000 / 1.600.000). The actual net yield, about NOI before tax, is from 3,2% (51.000 / 1.600.000) and about the gain by hand, from 2,4%. Esa brecha entre el 12,5% del anuncio y el ~3% real es exactamente el espacio donde se toman las malas decisiones de capital. La palanca para estrechar esa brecha no es bajar gastos a lo loco: es increase actual employment and average priceand lower channel cost.
Occupation isn't a fact, it's a management decision
The mistake that most jield destroys is modeling the 90-95% occupation. The average of the holiday market 56,6% (Lodgify, 2025) and the hotel 75,5% (STR Barometer, 2025). If your model takes up 95% and the 65% area, the net ield doesn't fall a little: it crumbles, because regular expenses (IBI, community, insurance, debt) do not move when the apartment's empty.
The job's been worked out. In Bliss's actual portfolio mean occupation is of 87%with income above market average (internal details Bliss). It's not magic: it's dynamic pricing, its own and operational direct channel of cleanliness and check-in that holds its reputation. To understand how to get down from the gross holder to the actual number from actual employment, we have to master the method of calculation of net yield in tourist housing before extrapolate to an entire building.
The Channel Cost: The silent lever of the NOI
In a building, the channel commission is one of the few big games that can be moved without touching the guest's experience. OTAs (Airbnb, Booking, VRBO) are charged from the order of 15-18% by reservation. The Bliss direct channel, Tudesvío operates at 10% (internal details Bliss) - isn't free but every reservation that migrates from OTA to directly free between 5 and 8 commission points that go directly to NOI.
On an actual gross of 150.000 €, lower the mean channel cost from 16% to 11% are 7.500 € extra NOI per year Without selling another night. In the model above, that only increases the net jield from 3,2% to 3,7%. The difference between a rental and a disappointing building is almost never at the purchase price: it's at channel and occupation management.
Bliss versus alternatives: clear cascade vs.. opacity
The market for management of tourist buildings moves between two bad ends: fixed feeThat pays you a closed rent and keeps all the upside (roof at your return) and the brochure of ieldThat promise double digit without showing the cascade. Bliss plays in the middle: guaranteed ground more share than capture the upside, and every euro on the table before signing.
| Criterion | Bliss (management + R2R) | Fixed canon operator | Raw jield announcement |
|---|---|---|---|
| EUR cascade | That's right. | No, just closed rent | No, theoretical raw to 100% |
| Capture of the upside | Yeah, ground and distribution | No, ceiling at the canon | No defined structure |
| Flow with verifiable source | INE, STR, Idealist + actual portfolio | Do not publish method | Round pledges |
| Internal direct channel | Tudesvío 10% vs. 15-18% OTA | OTA Unit | Not applicable |
| Cobertura tramo intermedio (1-10 uds, rural) | Yes | Just big blocks | Focus Prime |
The structural advantage of the whole building
Beyond the numbers, the complete building has a regulatory advantage that a loose floor cannot replicate. How's that? a single owner, there's no community of neighbours that votes: el edificio entero esquiva el veto de mayoría de 3/5 que la reforma de la Ley de Propiedad Horizontal de abril de 2025 exige para autorizar nuevas viviendas de uso turístico en pisos individuales. Ese detalle, bien valorado, es una prima de seguridad sobre el yield futuro.
The even finer regulatory step: The Unique State Retirement Record (RD 1312 / 2024) was Cancelled by STS 620 / 2026, so what you apply is the autophone code (VUT / VV / HUT according to community). Before signing, we have to map the regulations of the CCAA where the building is, and do not assume a state frame that no longer exists and how that map translates into a discount premium we have developed at how the investor appreciates the regulatory risk. If you're going to compare the building with other kinds of tourist asset, Inverter's guide to buy a complete building orders why the whole block is another category of investment and NOI financial model and cash flow give you the complete underwriting template.
How Bliss protects the net yield: ground R2R + upside
For an investor who wants predictability, the model R2R (rental to rent) Bliss guarantees a monthly fixed income regardless of occupation: Bliss takes up an operational risk and the owner fixes his net yield ground. The difference with the fixed fee of other operators is that Bliss works mixed models of ground and distribution: as the season goes with them, the owner catches some of the improvement rather than giving away his whole upside.
El stack que sostiene esos números es operativo, no marketing: Lodgify como PMS, PriceLabs para pricing dinámico, Tudesvío como canal directo al 10%, y reporting mensual con liquidaciones para que el propietario vea su cascada cada mes, no solo antes de firmar. Esa transparencia es el wedge: management of complete buildings with clear account, versus the opacity of the sector. Can you see the other models at management services or details of tourism investment.
FAQ
How's the net jield of a tourist building computed?
Net Yield = NOI (Night income effectively sold less all operating expenses) divided by total investment (purchase price + purchase tax + initial CAPEX). No share of the price of the announcement or of the theoretical gross income to the 100% of occupation: share of the realistic occupation and discount the complete cascade (channel commission, cleaning, supplies, IBI, community, insurance, management, CAPEX reserves and gaps). The holiday raw crosses the 6-10% and falls to the 3-7% net after that cascade (sector estimate).
What are the costs of a tourist building?
Comisión de canal (15-18% en OTAs como Airbnb o Booking, 10% en canal directo Tudesvío), limpieza y lavandería, suministros (luz, agua, gas, internet), IBI y tasa de basuras, gastos de comunidad y derramas, seguros, mantenimiento corriente, gestión profesional, una reserva anual de CAPEX para reposición de mobiliario y reformas, y el coste de los días vacíos (la diferencia entre el 100% teórico y la ocupación real). Con buena gestión, los gastos operativos pueden absorber del orden del 70% del ingreso bruto (estimación sectorial).
What actual employment do we have to have at a tourist building?
Depends on destination and management. The average occupation of the holiday market moves around the 56,6% (Lodgify, 2025) and the hotel 75,5% (StR Barometer, 2025). In Bliss's actual portfolio, the average employment is 87%, with an income more than the market average (internal Bliss data), thanks to dynamic training, direct channel and professional operation. Retiring the jield to 90-95% of occupation is the most common error: we have to start with the realistic occupation of destination.
Why does the gross jield of the 8-15% I see at the ads barely ever come true?
Porque ese número suele calcularse sobre ingresos al 100% de ocupación, sin descontar comisión de canal, limpieza, suministros, impuestos, gestión ni reserva de CAPEX, y a veces sobre el precio de compra sin sumar gastos de adquisición. Es un bruto teórico, no un retorno en mano. Al aplicar la cascada de euros pre-firma, ese 8-15% suele aterrizar en un neto del 3-7% (estimación sectorial). El número que importa para decidir capital es el neto, no el titular.
What net profitability does a tourist building give to a residential flat?
The gross profitability of the rental residential closed 2025 around the 6,7% (Idealist, 2025). A well-run tourist building can exceed that net because the tourist monetizes best at night but in exchange for far more operational and volatility. The whole building also prevents the veto of the neighbor community (most of 3 / 5 from the April 2025 LpH reform) and accesses debt and institutional buyers. The key is to compare net versus net, nongross tourist versus residential net.
How much does the net jield change if I manage or if a professional manager does?
Management isn't just a cost: it moves revenues. The dynamic pricing, the direct channel (Tudesvío to 10% versus 15- 18% from the OTAs) and the cleanup and check-in operation have an impact on both the occupation and the ADR. The Bliss portfolio operates at the 87% occupation with income above market average (internal Bliss data). A manager charges a commission but if an employment and an average price increases and a low OTAs dependence, the resulting NOI is usually higher than in self-management.
What's the R2R guaranteed rental model and how does the jield protect?
In model R2R (renti-to-rent) Bliss guarantees to the owner a monthly fixed income regardless of occupation, assuming an operational risk. Unlike some operators' fixed canon, which puts a roof at your return, Bliss works mixed models of guaranteed ground with more distribution that allow to capture some of the upside as the asset goes well. It's a way to set the ground of the net jield without giving up the improvement as the season goes with it.
Your building, your cascade, before we sign
We computed the actual net yield of your tourist building - occupation of the area, cost structure, channel costs and taxes - so that you know what you really get before you commit capital. No inflated headlines.