NEWSLETTER JANUARY 2026

Bleisure and the Rise of Hybrid Hospitality

Spain welcomed 97 million tourists in 2025, generating approximately €135 billion in tourism spending, underlining the depth and resilience of the country’s tourism demand. In parallel, hotel investment reached €4.275 billion across 194 transactions, including operating hotels, conversion assets, and development land, according to the 2025 Hotel Investment Report in Spain prepared by Colliers.* Looking ahead, a recent study forecasts the opening of more than 200 new hotels of various types by 2026, confirming strong pipeline visibility and sustained capital deployment.**

Beyond volume growth, the sector is undergoing a structural demand shift driven by the normalization of remote and hybrid work. This evolution is accelerating bleisure as a long- term demand driver rather than a cyclical or post-pandemic effect. For investors, this trend materially strengthens fundamentals by supporting longer average lengths of stay, a broader mix of weekday and weekend demand, and reduced dependence on traditional seasonality, particularly in urban destinations with strong lifestyle appeal.

Corporate travel policies are also adapting. Employers increasingly accept flexible travel formats, recognizing their positive impact on employee satisfaction, retention, and productivity, while maintaining disciplined travel budgets. As a result, the distinction between

Business and Leisure demand is becoming increasingly fluid, expanding the addressable market for well-positioned hotel assets.

From an operational standpoint, hotels are adjusting their offering to capture this mixed-use demand through coworking areas, flexible room layouts, high-quality connectivity, wellness facilities, and curated local experiences. Hybrid hotel concepts, combining accommodation, workspaces, social areas, and leisure services, are emerging as a resilient and adaptable asset class, a shift that is also evident in the short-term rental segment.