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Madrid’s Luxury
Hotel Market -
Re-drawing the Map
June 2022
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Introduction
When describing the current hotel market in Madrid, any
observer will agree that the city is witnessing a long-
awaited re-shaping. It could be said that the increase of
hotel accommodation in the city in recent decades has
been simply proportional to the growth in visitors, with
international travellers now representing almost 50% of
the total number of tourists.
At the same time, Spain has been attracting an important
share of the luxury tourism market and Madrid has reacted
to this with a remarkable rise in openings of upscale and
luxury hotels. At rst glance, this evolution in supply is
just a response to the evolving needs of the market, but
we must also consider the pace at which this change is
happening and the implications for the market in the short
to medium term.
In the latest report published by Global Market Insights,
the luxury tourism market was worth over $15 billion in
2020 and is expected to expand at around 16% CAGR
from 2021 to 2027. The European luxury tourism market
accounted for around 35% of the global revenue share in
2020.
Madrid has identied the opportunity that luxury travellers
bring to the city and the City Town Hall together with other
entities are implementing a series of approaches to help in
positioning the city as a luxury destination.
In order to identify whether Madrid is replicating what is
occurring on a larger, country-wide scale or whether it
is drawing its own roadmap, we will rstly focus on the
existing premium hotel sector at a national level.
With this as a basis, we will try to identify the different
strategies that Madrid is pursuing to position itself as a
luxury destination. Are these sufcient to compete with
other cities that already have a long track record in this
area?
With the big picture dened, we will then assess the
current luxury hotel market in Madrid and its pipeline of
new projects. We will unveil the existing diversity in hotel
supply and the way Madrid has become the spotlight for
major international luxury brands.
The luxury hotel market in Spain
The evolution of the luxury market is seen in the increase
of 5* and 5* GL hotels in Spain. The hotel sector in recent
years has been going through a buoyant period resulting
in large national and international chains considering Spain
as a prospective destination to pursue their development
plans.
We have estimated using Alimarket’s hotel census, that
at the beginning of Q2 2022, the Spanish luxury hotel
supply stood at around 64,000 rooms distributed in 439
establishments.
18.99%
78.13%
2.89%
5* GL 5* 5* Apartments
0
1 00 00
2 00 00
3 00 00
4 00 00
5 00 00
6 00 00
7 00 00
0
50
1 00
1 50
2 00
2 50
3 00
3 50
4 00
4 50
5 00
2016 2017 2018 2019 2020 2021 2022
Rooms
Hotels
Luxury Establishments Room s
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The critical situation caused by the coronavirus pandemic
wasn’t the best scenario for the launch of many of the
projects that were scheduled for completion during 2020
and 2021 leading in many cases to delayed openings for
at least one year, resulting in an increased emergence of
premium properties over the last months.
Evolution of the Spanish Luxury Segment
Source: Alimarket
Luxury hotels in Spain are distributed as shown in the
chart below.
Rooms by Category – Luxury Segment in Spain 2022
Source: Alimarket
Of the hotel chains, Marriott International leads the high-
end ranking with 33 5* and 5*GL establishments, and a
total of 5,673 keys. Two of Marriott’s most anticipated
openings in the Spanish premium market were scheduled
to happen in Madrid this year: the JW by Marriott in Plaza
de Canalejas and The Madrid Edition in the Monte de
Piedad building which was inaugurated with its preview
opening in mid-March.
While the majority of premium hotels in Spain are operated
by independent owners, the rest are controlled by means
of management or franchise agreements. This trend
however, may change after the health crisis due to the
“asset light” strategies that are increasingly common in
the sector, including, among others, sale and leaseback
operations. Examples include the transactions completed
by Único Hotels both in Madrid and Barcelona, which
sold the Hotel Único Madrid and Grand Hotel Central de
Barcelona, while maintaining the leasehold operation.
Earlier this year, Pau Guardans exercised his right to
repurchase the Hotel Único in Madrid just one year after
it was sold. Some chains have been forced to sell part of
their own assets or even disengage completely from the
real estate division in order to solve liquidity shortages or
focus on the business of hotel management.
However, as pointed out by Adrian Messerli, Regional
Vice President and General Manager at the Four Seasons
Hotel Madrid, upcoming projects may not have been
affected by the current scenario given that “many of these
international hotel projects were planned prior to the
pandemic”, but he believes that there is indeed a massive
shift happening and foresees it will continue this way in the
future”.
Madrid 5* Hotel Transactions
Year Property Rating Rooms Price €
Price per
Key €
2018
Hotel Villa
Magna
5* GL 150 210,000,000 1,400,000
2021
Madrid
Edition
5* 200 205,000,000 1,025,000
2021
Hotel Bless
Madrid
5* 111 115,000,000 1,036,036
Source: Real Capital Analytics and Horwath HTL
Hotel investments reached peak levels in 2018 and 2019,
followed by a 62% drop in 2020. All in all, however,
everything pointed to 2021 being the turning point where
a slight recovery in hotel investments would be seen. In
fact, market commentators report over €3 billion in hotel
transactions in 2021, tripling the hotel investment gures
for 2020 and representing a 26% increase over 2019. The
purchase of The Madrid Edition by Archer Capital and that
of the Bless Hotel by RLH Properties have been a major
boost to investment in the hotel sector in both Madrid and
Spain.
The luxury sector at a national level is progressing rapidly,
and this can be linked to an evolution in the type of tourist
visiting Spain. The expectations and needs of the premium
traveller are evolving and the market needs to adapt fast
to these changes in consumer behaviour in order not to
lag behind other strong competitive markets.
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Madrid’s positioning as a luxury destination
The luxury hotel market in Spain is evolving rapidly. In
the last decade we have seen how Spain as a whole and
some cities in particular have been adapting their tourism
offer to attract an important target market focused on
luxury. If we think about luxury destinations in the country,
other names such as Barcelona, Mallorca, Ibiza and
Marbella come to mind. If Madrid wants to join this group,
it will need to develop clear positioning strategies. When
talking about luxury tourism, what position does Madrid
hold compared to other destination cities?
Quoting Madrid’s City Council; “Madrid offers its visitors
unique experiences ranging from private visits to its
museums and art galleries to flamenco shows paired
with the best gastronomy, the best musical productions,
five-star hotels of major national and international chains,
Michelin-starred cuisine, artisan shops and the most
exclusive fashion brands. Added to this is a unique
historical, artistic and natural heritage that makes the city
the new European capital of luxury.”
Charles Morris, General Manager at the Rosewood Villa
Magna Hotel believes that “in order to attract as many
visitors to the city as possible, Madrid should create an
attractive brand image, keeping the growth dynamics and
facilitating the access of major brands to the city.”
Madrid’s City Town Hall is denitely working hard on
improving the city’s image through various strategies.
The “Tourism Strategic Plan 2020-2023” is aimed at
positioning the city among the world’s major urban
destinations. Recently, the Town Hall has launched the
“Marca Madrid” project to give its City Brand a facelift
seeking “the construction of a solid and differentiating
city story, with the aim of increasing its competitiveness,
attracting tourism and investment”.
One of the most recent platforms launched to position
the capital as a luxury destination is Forward_MAD.
Supported by Madrid City Council through Madrid
Destino, its main objective will focus on nding out how
to coordinate Madrid’s luxury business network to create
a unique, complete and innovative proposal within the
framework of a sustainable business model.
Madrid is bridging the gap with other luxury destinations.
The Barrio de Salamanca alone, with its luxury stores, the
“Golden Mile”, Michelin-starred restaurants and high-end
nightlife accounts for 34% of spending on luxury products
in the city. Quoting Adrian Messerli, “In addition to the art
scene and food and culture offerings, Madrid now also
has the luxury hospitality component making it a must in
everyone’s travel plans.”
Besides the broad spectrum of cultural and social
activities available, on July 2021 Madrid entered the
UNESCO World Heritage List for the rst time in the
cultural landscape category with the urban area that
comprises the Paseo del Prado and the Buen Retiro Park.
This will represent a new added value to the city in terms
of attracting foreign travellers.
It seems that the efforts being made by the different
entities to convert Madrid into a luxury landmark
destination are being fruitful. Recent studies have
positioned Madrid as one of the best tourist destinations
of the moment and ahead of other benchmark cities in
the world such as Rome, New York or Mexico City. The
fact that Madrid ranks high in terms of Sustainability and
of Tourism Policy and Attractiveness makes it a desirable
destination for those looking for premium and outstanding
tourism sites.
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Madrid Luxury Hotel Market
The supply of high-end hotels in Madrid has grown
steadily in the last decade. According to INE (Instituto
Nacional de Estadística), 5* opened establishments in
Madrid increased by 43% from 2009 to 2019, although
just 11% with respect to number of rooms, revealing
that new hotels have been smaller in size, reecting the
lack of available large properties in the centre of the city.
Although ofcial INE gures are not available yet for 2021,
which would be even more substantial and reinforce our
research, data previous to the pandemic was starting to
reveal an upward trend in terms of new openings in the
premium segment (+15% rooms from 2018 to 2019).
Madrid 5* Hotel Supply – Open Establishments
Source: INE
National and foreign hotel chains identied the existing
opportunity in the city given the shortage of luxury supply
and opted to expand their premium offer in Madrid. This
was the case of international hotel chains including Four
Seasons, Mandarin Oriental, Rosewood and Marriott.
Given the emergence of new premium hotels in such a
short period of time, it is worth analysing how the current
map appears. The criteria used to select our shortlisted
hotels include positioning, price, product and location.
Building up a comparative or competitive set based
on star rating can be misleading. Nonetheless, for the
purposes of this analysis, we have divided the list into two
sections: 5* and 5* GL. In some cases, the star rating is
not relevant when it comes to establishing a competitive or
comparative market. In Spain, star ratings are determined
by construction features and not by other characteristics
that could be more decisive, such as the quality of the
service offered, price point or location. Out of the 28
shortlisted hotels, only ve are categorised as 5*GL and
from these, the three identied above play an important
role as they represent currently the main driving force
behind Madrid’s hotel luxury landscape.
In addition to the initial fragmentation when it comes to
classifying the premium segment itself (5* and 5* GL),
there are other differences that are worth mentioning.
For example, when taking a closer look at this shortlist
of hotels, we observe that there exists a great variety in
terms of size, location and price.
The market offers small, boutique hotels with only 32 keys
up to hotels with more than 250 rooms. The key count is
often determined by the location of the property or the
intrinsic characteristics of the building.
Madrid’s Luxury Hotel Market - Re-
drawing the Map
Mandarin Oriental Ritz, Madrid Four Seasons Hotel Madrid Rosewood Villa Magna
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
5
10
15
20
25
30
35
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Rooms
Hotels
5 * H ote ls Ro om s
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Room Key Count of Shortlisted Hotels
Source: Horwath HTL
Madrid’s premium hotel market is available for all kind
of budgets. Room rates ranging from less than €200 to
€1,000 per night*¹. This diversity reects the reality of the
current market and the way it has evolved over the years.
Nevertheless, average rates overall for Madrid have been
rising year after year. One of the reasons behind this, as
explained by Adrian Messerli, is that newly arrived brands
have established substantially higher rates compared to
the history of the rates in the city giving the opportunity to
the midscale hotels to raise their average rates.
*¹Source: Hotel’s websites published rates based on a one-night
weekday stay in June 2022. (Superior / Deluxe category - only
accommodation and VAT included)
In general, from our shortlist, those hotels with higher
rates correspond to properties managed by international
brands, with standard rooms over 30m², centrally located
with good accessibility, with a diverse selection of Food
and Beverage offerings and surrounded by popular city
tourist attractions. Something to bear in mind is also the
revenue management strategy pursued by each hotel
which make direct comparison of published prices more
difcult to interpret.
Although these are high-end properties, aimed at a
specic sector seeking a high-quality product, not all
hotels target the same client prole. Adrian Messerli
states that the new international branded hotels entering
the market and targeting different guests will allow all
properties to nd their proper segmentation varying the
guests’ prole and travel purpose. Some hotels are more
focused on targeting leisure-oriented guests, others
may focus more on corporate clients or groups, or a
combination of both.
The attractiveness of the city does not go unnoticed by the
large international chains and investors who are betting
on Madrid to develop their new projects. Charles Morris
reinforces this view as he thinks that Madrid has been a
very well-kept secret to many potential emerging leisure
and group markets and believes that the destination has a
lot of potential for any brand as the curve is now starting
on the rise.
This hotel development focused on premium hotels brings
to light not only the notable rise in hotel supply available
but also the evolution of the denition of luxury itself.
In the 20th Century, a luxury traveller would look for a
hotel that combined a perfect location, excellent service
and a high-quality product. Today, HNW and UHNW
travellers have changed. They are interested in fullling
specic personal needs, living memorable experiences
and receiving personalised customer care. Some experts
are clear that the pandemic has also contributed to
these shifts in consumer behaviour, for example “by
looking for premium spaces and suites or opting for more
exclusive means of transportation such as private jets”, as
conrmed by Adrian Messerli.
This change in needs has forced owners and operators
to diversify their offer and update their premium products
to attract all possible types of clients. A recent example
of these strategies is the re-branding of the Hotel Santo
Mauro as part of The Luxury Collection.
Madrid’s Luxury Hotel Market - Re-
drawing the Map
21%
11%
14%
32%
14%
7%
0-50
51-100
101-150
151-200
201-300
>300
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Madrid Luxury Pipeline Projects
Some of the hotel projects that were expected to open
during 2020, such as the Mandarin Oriental Ritz, Madrid
were delayed due to the coronavirus pandemic. During
the period of lock down, construction work was halted
in many cases and in others, hotel owners decided
to reschedule the reopening of their hotels to reduce
overheads.
Although there has been a sudden emergence of
international brands in Madrid, it seems that this trend has
only just started. The upcoming projects include mostly
international brands like Nobu Hotels, Curio Collection
by Hilton or Thompson Hotels by Hyatt. As Charles
Morris comments, “the implementation of new and strong
hospitality brands in Madrid will increase interest and
leverage the destination.”
Madrid’s Luxury Hotel Market - Re-
drawing the Map
Pipeline Projects Rooms Category Type Phase
Expected
Opening
El Metropol Madrid,
Curio Collection by Hilton
93 5* Conversion Under Construction 2022
Teatro Albéniz 115 5* Conversion Under Construction 2022
Hotel Nobu Madrid TBC 5* Conversion Planning TBC
JW Madrid 139 5* Conversion Under Construction 2022
Evok Gran Via (Brach) 59 5* Conversion Under Construction 2022
Estadio Santiago Bernabéu (Hotel) TBC 5* New Construction Under Construction TBC
Hotel Hyatt Thompson Madrid 174 5* Conversion Under Construction 2022
Madrid Teatro Reina Victoria (Canalejas) 78 5* Conversion Pre-planning TBC
Edicio Metrópolis 5* Conversion Pre-planning TBC
Source: TopHotelProjects and Horwath HTL Research
Madrid Luxury Hotel Map
Taking a closer look at the location of these properties,
there is a concentration in specic areas of the city. In
addition to the initial shortlist, we have incorporated hotels
in the same categories that are currently in the pipeline
and would also form part of the comparative set.
Hotels included in this list are distributed in two areas: one
covering the entire central area between Puerta del Sol
and Banco de España; and the other closer to the Barrio
de Salamanca and Paseo de la Castellana. The greatest
concentration of hotels is undoubtedly in the rst area,
which includes Paseo del Prado, Barrio de Las Letras,
Gran Vía and the area around Puerta del Sol (with almost
50% of the hotels on the list). As far as future high-end
projects are concerned, again the highest concentration is
in the central area of Madrid - Gran Vía and Puerta del Sol.
There are several plans underway focused on revitalizing
Gran Vía and Puerta del Sol resulting in a growing interest
for these areas. In the 1960’s, Gran Via used to be the
meeting point for the most glamorous and select society in
the city.
This area is now reviving its past glory through the
incorporation of new high-end hotels such as the
conversion of the Metrópolis building, the new Madrid
Teatro Reina Victoria hotel project in Canalejas or the
WOW gallery that recently opened and includes the
world’s most recognised luxury brands. Similarly, the
Community of Madrid on the 22nd of March initiated
the project to transform the Puerta del Sol area into an
example of what it wants to be the “Madrid of the Future”,
increasing its attractiveness to investors.
Location has always been the key determinant for new
hotel developments as it plays a critical role in the success
of the business. For hotel guests, even in the luxury
segment, location is always a primary consideration,
especially in urban destinations, where access to
key demand generators and visitor attractions is very
important, such as Madrid’s famous Golden Triangle
of Art. The fact that, as pointed out by Adrian Messerli,
Madrid is a fairly small city and very accessible by foot,
results in the grouping of all these areas within easy reach.
The combination of these two factors explains the existing
clustering of premium hotels in the neighbourhoods shown
on the next page.
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Madrid’s Luxury Hotel Market - Re-
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Existing Hotels Rooms
1 Hotel Orla (Relais & Chateaux) 32
2 Hospes Puerta de Alcalá 41
3 Hotel Único Madrid 44
4 Hotel Heritage (Relais & Chateaux) 46
5 Gran Hotel Inglés (LHW) 48
6 Santo Mauro, Luxury Collection Hotel 49
7 The Principal Madrid 76
8 URSO Hotel & Spa Madrid 78
9 Urban Hotel (Derby Hotels Collection) 96
10 BLESS Hotel Madrid 111
11 NH Collection Madrid Paseo del Prado 113
12 Hotel Villa Real (Derby Hotels Collection) 115
13 NH Collection Madrid Suecia 123
14 Mandarin Oriental Ritz, Madrid 153
15 Rosewood Villa Magna 154
16 Hyatt Centric Gran Vía 159
17 NH Collection Madrid Palacio de Tepa 160
18 Hard Rock Hotel Madrid 161
19 CR 7 Pestana Madrid 168
20 Palacio de los Duques Gran Meliá 180
21 The Madrid Edition 200
22 Four Seasons Hotel Madrid 200
23 Meliá Fénix 203
24 VP Plaza España Design 214
25 Barceló Torre de Madrid 258
26 Meliá Madrid Princesa 274
27 Intercontinental Madrid 302
28 The Westin Palace 470
Pipeline Hotels Rooms
1 Evok Gran Via (Brach) 59
2 El Metropol Madrid, Curio Collection by Hilton 93
3 Madrid Teatro Reina Victoria (Canalejas) TBC
4 Teatro Albéniz 115
5 Estadio Santiago Bernabéu (Hotel) TBC
6 JW Madrid 139
7 Hotel Hyatt Thompson Madrid 174
8 Edicio Metrópolis TBC
9 Hotel Nobu Madrid TBC
Source: Google Maps
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Summary & Conclusions
In December 2021, the “Save the Date” campaign was
launched with the tourism programming of Madrid for
2022. The mayor claimed, “the excellence of the tourism
sector” and the commitment of the City Council to
generate “the right framework to continue progressing
and having the highest per capita expenditure, as well as
to increase high-impact tourism, benecial for the sector
and for the city as a whole”. There is an awareness of
the importance of tourism for the city and the interest in
boosting this and especially luxury tourism, is outstanding.
Adrian Messerli’s perspective is that Madrid was to a
large degree undiscovered to luxury travellers due the lack
of premium inventory, however with the general shift in
lifestyle and with the complementary offer Madrid already
had, the city is now able to attract luxury costumers
better. The upgrade in supply together with the strategies
pursued by different entities will position Madrid in the
place it has deserved for a long time.
There is no question about the increased interest of
international brands in Spain and its capital city, but
mainly for the premium segment, as revealed by the
prominent number of new or re-branded luxury hotels.
This will eventually lead to an increased competitiveness
due to the new challenges that operators will face to
obtain signicant market penetration.
If we sum up the recent openings of new premium
establishments, the refurbishment of existing hotels
and the pipeline under development, it is apparent how
Madrid’s luxury hotel market map has been re-drawn and
undergone a general upgrade. As outlined by Charles
Morris, newly-arrived brands implies that the city will
be positioned as a signicant luxury destination. The
investments made by local and foreign players in premium
hotels will position Madrid as the focal point for luxury
travellers.
The market for 5* hotels in Madrid is both extensive and
fragmented. This brief analysis reinforces our view that
hotel star classication is clearly not the preferred way
to categorize hotels; perhaps it is efcient technically
speaking but not for reliable property comparisons
focused on the guest experience. The brand operators
now face a signicant challenge creating a clear identity
for their hotels and presenting themselves to specic
target markets with differentiated value propositions.
Madrid’s luxury hotel market is experimenting a rapid
transformation, and it was no surprise that sooner or later
this moment would come. But how long will it take to enter
a phase of maturity or stabilisation? Besides, what does
stabilisation look like in today’s volatile world?
Is there still space for new participants in the luxury
segment or is the opportunity over? And what of the luxury
serviced apartment and branded residence markets?
Is there now clear space in these sectors to create
competitive advantage in a city has that been under-
supplied with these product types for many years?
We are all very aware of how the hospitality industry
can be turned upside down by events that were not in
anybody’s business plan. The words “uncertainty” and
“risk” have taken on new meanings. Timing is everything,
they say, but constant change is the new normal and
Madrid still has some catching up to do with other major
European capitals. It is well on the way, but there is more
to do and we are watching closely.
With all of this in mind, should investors hold a “wait and
see” position until the market is settled? By then, they
will be able to assess how the market reacts to this new
supply as well as identify any missed opportunities. This
will assist owners and operators in distinguishing the
unique selling points that will provide them with the right
competitive advantage not fullled by other hotels in the
market. As Warren Buffet said “never invest in a business
you can’t understand”. Perhaps this will depend on the
role new players want to assume – as market leaders or
followers. New opportunities in the city are becoming hard
to nd and price expectations are likely to grow, despite
the current global uncertainties.
Whatever the future holds, Madrid has proven itself to be
a city capable of signicant change, and change always
offers opportunity. In the absence of greater geo-political
and economic change, the next two years are expected to
be crucial in determining how the re-drawing of Madrid’s
luxury hotel map has created a new platform for continued
growth.
Horwath HTL would like to thank our industry leaders for their
valuable contributions to this article:
Adrian Messerli, Regional Vice President & GM, Four Seasons Hotel
Charles Morris, GM, Hotel Rosewood Villa Magna (recently retired)
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Madrid’s Luxury Hotel Market - Re-
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Authors
Philip Bacon MRICS, FCA
Senior Director
Horwath HTL Spain
Irene Santos
Consultant
Horwath HTL Spain
Horwath HTL
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