GUESTS
1.8 M
+0.2%YoY
revised change
Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | February 2026
Portugal, February 2026: overnight stays +0.7% and total revenue +4.2% year on year.
Monthly · Historical edition · Published on · Revised data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
Historical edition, published on 4 September 2026 with data for February 2026.
EXECUTIVE SUMMARY
February slowed, with volume close to flat
Statistics Portugal read the month as a slowdown that carried on: 1.8 million guests (+0.2%) and 4.2 million overnight stays (+0.7%). The institute ties the result to the moving calendar, through the Carnival holiday period, and to the intense and unusual weather events of January and February.
Total revenue reached EUR 299.4 million (+4.2%) and room revenue EUR 216.7 million (+3.7%), with ADR at EUR 89.6 (+2.4%) and RevPAR at EUR 39.7 (+0.6%), while net bed occupancy dropped to 34.9%, down 0.6 pp.
For owners, February separates volume from value: revenue still rises, but almost only through price.
KEY INDICATORS
Value grew, volume barely did
OVERNIGHT STAYS
4.2 M
+0.7%YoY
revised change
TOTAL REVENUE
EUR 299.4 M
+4.2%YoY
revised change
ROOM REVENUE
EUR 216.7 M
+3.7%YoY
revised change
REVPAR
EUR 39.7
+0.6%YoY
revised change
NET BED OCCUPANCY
34.9%
-0.6 ppYoY
Reading: total revenue rose 4.2% while overnight stays increased just 0.7%. The gap sits in ADR (+2.4%), because net bed occupancy lost 0.6 pp and RevPAR ended at +0.6%.
DEMAND
The domestic market held the month
RESIDENT OVERNIGHT STAYS
1.4 M
+2.6%YoY
revised change
NON-RESIDENT STAYS
2.8 M
-0.2%YoY
revised change
Resident overnight stays increased 2.6% to 1.4 million, while non-resident stays stood at 2.8 million, 0.2% below a year earlier. Among source markets, Brazil advanced 29.6% and Canada 13.4%; Germany managed 1.4%, France lost 16.7%, and Spain (-4.4%) and the United Kingdom (-4.1%) were lower as well.
Change in overnight stays by source market
% · February 2026, year-on-year change
Brazil
+29.6%
Canada
+13.4%
Germany
+1.4%
United Kingdom
-4.1%
Spain
-4.4%
France
-16.7%
REGIONS
Alentejo and the North ahead, the Azores down
Change in overnight stays by region
% · February 2026, year-on-year change
Alentejo
+4.2%
North
+3.4%
Greater Lisbon
+2.4%
West and Tagus Valley
+0.6%
Algarve
+0.5%
Madeira
+0.3%
Setúbal Peninsula
-1.6%
Centre
-1.9%
Azores
-3.4%
Alentejo (+4.2%) and the North (+3.4%) posted the largest increases. Greater Lisbon grew 2.4%, with residents adding 8.1% and non-residents 0.8%. The Algarve ended at +0.5%, residents up 6.3% against non-residents down 0.8%; the Centre (-1.9%) and the Setúbal Peninsula (-1.6%) stayed in negative territory.
OPERATING PERFORMANCE
ADR rose, RevPAR barely did
Portugal, tourist accommodation establishments.
ADR
EUR 89.6
+2.4%YoY
revised change
REVPAR
EUR 39.7
+0.6%YoY
revised change
NET BED OCCUPANCY
34.9%
-0.6 ppYoY
NET ROOM OCCUPANCY
44.3%
-0.8 ppYoY
revised change
TOTAL REVENUE
EUR 299.4 M
+4.2%YoY
revised change
ROOM REVENUE
EUR 216.7 M
+3.7%YoY
revised change
ADR rose to EUR 89.6 (+2.4%), but RevPAR stopped at EUR 39.7 (+0.6%). Net bed occupancy slipped to 34.9%, down 0.6 pp, and net room occupancy to 44.3%, down 0.8 pp. With total revenue of EUR 299.4 million (+4.2%) and room revenue of EUR 216.7 million (+3.7%), the revenue gain is price and not occupancy: overnight stays increased 0.7% while net bed occupancy was 0.6 pp lower.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Price holds revenue, occupancy gives way
Fact
Overnight stays +0.7%, total revenue +4.2%, ADR +2.4%, RevPAR +0.6% and net bed occupancy at 34.9%, down 0.6 pp.
Interpretation
The RevPAR gain is almost all ADR: price rose 2.4% and revenue per available room only 0.6%, because occupancy gave up 0.6 pp. This is not pricing power widening; it is price offsetting a month held back by the calendar and the weather.
Implication
For owners and investors, the test is to rerun the budget one notch lower on occupancy and see whether ADR holds. Assets heavily exposed to France and Spain enter March on a weaker base; those leaning on domestic and Brazilian demand enter it better.
OUTLOOK
Three signals to watch in March
- The March calendar, which brings Carnival and Easter together.
- Whether Brazil (+29.6%) keeps its pace and France recovers the 16.7% it lost.
- Whether non-resident overnight stays, already at -0.2%, return to growth in March.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, February 2026, released 31 March 2026.
- Complementary sources
- Statistics Portugal, Tourism Activity - Flash Estimates, March 2026, released 30 April 2026. Year-on-year changes revised for the preceding month.
- Release date
- Data status
Revised data
- Notes
Levels from the INE flash release of 31 March 2026; year-on-year changes revised in the release of 30 April 2026.