Madrid, Spain’ s capital and largest city has overtaken Barcelona, major city of the Autonomous Community of Catalonia and second largest centre in the country in hotel profitability, driven by a surge in high – end luxury and hotel occupancy, and is approaching its price levels according to the latest barometer data by Cushman & Wakefield, American global commercial real estate services firm headquartered in Chicago, Illinois, U.S.
The data for the first quarter show a change in trend in the market, with Madrid leading the main indicators of the sector reflecting luxury tourism recovering at a dizzying pace in the Spanish capital.
As reported by Cinco Días, a business and finance newspaper published in Madrid, in terms of prices per room, Barcelona maintains slighty higher figures, although the distance is reduced. In 2025, it reached €166.94 compared to €158.83 in Madrid, while this year the difference continues to narrow, with €166.6 and €161.4, respectively.
However, revenue per available room (RevPAR) is already higher in Madrid, reaching €119.74, and very slightly above the €119.48 in Barcelona. The evolution reflects sustained growth since 2022, when both cities started from similar levels, with the Spanish capital at €56.77 and Barcelona at €53.76.
In terms of employment, Madrid has also recorded better results in recent years. In 2026 hotel in the major city of Spain reached 74.2% occupancy, compared to 71.7% in Barcelona, a difference that has been consolidated since 2023, when Madrid already exceeded 68% while Barcelona was slightly below.
The increase in these indicators coincides with the expansion of the high - end hotel offer in Madrid. International Hotel chains such as Hyatt Hotels Corporation, Marriott International, Meliá Hotels International and Minor Hotels have strengthen their presence in Madrid, with an increase in the number of five - star establishments and growth forecast until 2027.
For its part, Barcelona has limited the opening of new hotels in the centre due to the moratorium in force since 2015, which conditions the evolution of its offer. This factor together with the uneven recovery in international demand, explains the convergence of results between the two cities.
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