SUPPLY

• During the period YE May 2025, five new hotels opened in the Barcelona hotel market (645 rooms) and 5 closed (-183 rooms), resulting in a 0.1% increase in total supply (weighted by opening date)
• Most of the new supply opened outside the city center (74.1%) and primarily within the Luxury and Upper Upscale classes (73.0% and 23.7% respectively)
• Most of the new room supply was branded (91.5%), with the remainder being three small independent apartment-hotels. Overall, only 6.7% of the new room supply was in the extended-stay sector.
• There was one notable hotel conversion during the YE May 2025 period, the Leonardo Royal forum (formerly (AC by Marriott), with 368 rooms. The Grand Hyatt Barcelona (formerly part of the Unbound Collection) was also rebranded in April 2024.
• There were 5 closures announced during the last 12 months; most being smaller extended stay apartments ( 3 out of the 5 closed properties). The remainder, the Hotel Zenit Borell, and the Gran Hotel La Florida are closed for refurbishment.

PAYROLL COSTS

• The labor expenses in the selected Barcelona hotels increased during the last 12-months (YE May 2025) by €2.1 PAR (+3.2%), reaching €67.9 PAR. The Rooms department led the increase, where payroll increased by €0.7 PAR (+2.8%), followed by F&B (+€0.6, +2.6%) and A&G department (+€0.4, +6.6%).

COST OF SALES

• Total COS increased by €1.3 PAR (+6.7%), primarily driven by the F&B (+€1.1, +14.2%) followed by the Rooms department (+€0.2, +1.4%).

OTHER EXPENSES (excl. Utilities)

• Other expenses increased by €0.6 (+1.4%) to €44.3 PAR, driven by higher other cost within S&M (+€0.6 PAR) F&B (+€0.2 PAR) and A&G (+€0.1) departments. The total increase was offset most notably by the P&M (-€0.4) department.

UTILITY COSTS

• Utility costs increased by €0.4 PAR (+7.6%), due to gas costs increasing by €0.4, and water by €0.1, meanwhile electricity decreased by €0.1.