Hotel investment in Spain now draws more international capital than Germany, according to Fred Le Fichoux, head of Hospitality EMEA at Cushman & Wakefield: before the pandemic everyone wanted Germany, and today, in his words, hardly anyone looks there while everyone looks at Spain.
His assessment, given in an interview published at the end of October 2026, is useful for anyone investing in tourist property in Malaga and the Costa del Sol, because it explains what institutional money is looking for and how that shows up in prices and in how quickly deals close.
Why has Spain become the focus of hotel investors?
The executive points to three reasons. The first is diversification: Spain offers city, holiday and leisure hotels, with very different assets in each destination. The second is the volume of recent deals, which gives reliable price references. The third is the contrast with Germany, a market where product used to be scarce and prices were high.
He adds a striking comparison: if the same hotel were put up for sale in Spain and in Germany today, the deal would close faster in Spain, the opposite of what happened a few years ago.
The figures Cushman & Wakefield quotes
These figures are the firm's own statements in the interview, not official statistics, and should be read as such.
| Indicator | Figure quoted |
|---|---|
| Firm's hospitality team in EMEA | 60 professionals in 11 countries |
| Deals closed in 5 years | 5 billion euros |
| Hotels advised on | more than 8,000 |
| Domestic capital share in Spain (H1 2026) | 80% |
| Investment concentrated in Western Europe | more than 70% |
Buy existing hotels or build new ones?
Le Fichoux sees more potential in buying existing hotels to renovate and reposition them than in building from scratch. Construction costs are high, some cities have moratoriums, such as central Barcelona, and much of the capital avoids assets that need heavy spending before they earn income.
For a private investor in Marbella or on the Costa del Sol the reading is similar: value usually lies in well-located assets that can be improved, rather than in long, expensive projects.
What risks does the executive flag?
- Political uncertainty and tensions in several countries.
- Inflation and rising financing costs.
- The Middle East conflict, because of its effect on oil and the cost of living.
- The difficulty of finding assets that match what buyer and seller expect, even though capital is available.
On tourist rentals, he says their impact is smaller today than five years ago and that many cities have already regulated them. This is a view from the hotel market, not the residential one: if you are interested in holiday-rental rules, look at the specific news on that topic.
What it means for investors on the Costa del Sol
Institutional interest in Spain tends to pull the whole coastal tourism and property sector along with it. To make decisions with data of your own, you can check the municipal medians in our Costa del Sol market report, updated every month. If you are considering buying or selling a tourist property, the EVS Property team can advise you with no obligation.
Frequently asked questions
Who is Fred Le Fichoux?
He is head of Hospitality EMEA at Cushman & Wakefield, where he has worked for 22 years. He leads a team of 60 professionals and took up the role in September 2026.
Why do hotel investors now prefer Spain to Germany?
According to the executive, because of the variety of assets and destinations, the number of recent deals, and because sales now close faster in Spain than in Germany.
Where does the capital investing in Spanish hotels come from?
According to the interview, in the first half of 2026 80% of the capital invested in Spain was domestic, although Spanish investors are also starting to diversify abroad.
Is it better to buy an existing hotel or build a new one?
The executive sees more opportunity in buying and repositioning existing hotels, because of high construction costs, moratoriums in some cities and the cost of capital.
What next? The most useful thing after reading is to look at the real market: browse properties by city or tell us on WhatsApp what you are looking for — area, budget, timing — and we will prepare a tailored selection, with no obligation.
You may also find useful: sell your property invest on the Costa del Sol free valuation monthly price report
