GUESTS
3.9 M
+1.9%YoY
Market Brief · MONTHLY BRIEF
Tourism & Hospitality Brief
Portugal | August 2026
Portugal, August 2026: overnight stays +1.7% and total revenue +4.6% year on year.
Monthly · Published on · Provisional data · Paulo Braga, Hospitality Real Estate Advisor
Language EN
EXECUTIVE SUMMARY
August brought faster international growth but weaker occupancy
August 2026 saw international demand gain momentum. Non-resident overnight stays grew +1.9%, following +0.8% in July, while resident growth slowed to +1.5% from +4.1%. Tourist accommodation recorded 3.9 million guests and 10.9 million overnight stays.
Total revenue reached EUR 1058.9 M and room revenue EUR 846.6 M, each up +4.6%. ADR was EUR 163.2 (+3.0%), supporting RevPAR of EUR 119.1 (+1.5%). Net room occupancy stood at 73.0%, with a change of -1.1 pp.
For owners and operators, the central issue is whether achieved rates can offset weaker utilisation at property level. National revenue gains provide a useful benchmark, but they do not establish how much room an individual hotel has to raise rates without losing occupancy.
Executive takeaway
ADR gains supported RevPAR while occupancy fell, making the balance between achieved rates and room utilisation central to asset performance.
KEY INDICATORS
Higher achieved rates met lower room utilisation
OVERNIGHT STAYS
10.9 M
+1.7%YoY
TOTAL REVENUE
EUR 1,058.9 M
+4.6%YoY
ROOM REVENUE
EUR 846.6 M
+4.6%YoY
REVPAR
EUR 119.1
+1.5%YoY
NET BED OCCUPANCY
66.8%
-0.7 ppYoY
Reading: total revenue grew +4.6% against +1.7% for overnight stays. ADR growth of +3.0% supported a +1.5% RevPAR gain despite lower room occupancy.
DEMAND
International demand accelerated despite the French decline
RESIDENT OVERNIGHT STAYS
3.9 M
+1.5%YoY
NON-RESIDENT STAYS
7.0 M
+1.9%YoY
Non-resident overnight stays reached 7.0 million (+1.9%), while residents accounted for 3.9 million (+1.5%). International growth picked up as domestic growth eased, shifting the demand pattern seen in July.
The United Kingdom remained the largest source market, with a 17.1% share and growth of +3.4%. Spain accounted for 15.6% and grew +5.0%. Poland (+11.7%) and Canada (+11.2%) delivered the fastest increases among the ten leading markets.
France recorded the largest decline (-7.6%) and still represented 10.1% of non-resident stays. The Netherlands also fell (-1.1%). Hotels exposed to these markets may therefore experience a different trajectory from the international total.
Change in overnight stays by source market
% · August 2026, year-on-year change
Poland
+11.7%
Canada
+11.2%
Spain
+5.0%
United Kingdom
+3.4%
Netherlands
-1.1%
France
-7.6%
REGIONS
The North led growth; the Azores lost overnight stays
Change in overnight stays by region
% · August 2026, year-on-year change
North
+4.5%
Alentejo
+2.6%
Centre
+1.6%
Greater Lisbon
+1.5%
Algarve
+1.3%
Madeira
+0.8%
West and Tagus Valley
+0.4%
Setúbal Peninsula
+0.1%
Azores
-1.7%
Overnight stays increased +4.5% in the North and +2.6% in Alentejo. Non-resident growth reached +6.3% and +5.8% respectively, ahead of resident growth in both regions.
The Centre recorded +1.6%, Greater Lisbon +1.5% and the Algarve +1.3%. Madeira posted +0.8%, West and Tagus Valley +0.4%, and Setúbal Peninsula +0.1%. These differences make local demand and source-market exposure more useful property benchmarks than the national total alone.
OPERATING PERFORMANCE
Higher ADR cushioned the occupancy decline
Portugal, tourist accommodation establishments.
ADR
EUR 163.2
+3.0%YoY
REVPAR
EUR 119.1
+1.5%YoY
NET BED OCCUPANCY
66.8%
-0.7 ppYoY
NET ROOM OCCUPANCY
73.0%
-1.1 ppYoY
TOTAL REVENUE
EUR 1,058.9 M
+4.6%YoY
ROOM REVENUE
EUR 846.6 M
+4.6%YoY
ADR reached EUR 163.2 (+3.0%), while RevPAR was EUR 119.1 (+1.5%). Net room occupancy stood at 73.0% (-1.1 pp) and net bed occupancy at 66.8% (-0.7 pp). Higher revenue per occupied room lifted the return on available rooms, although weaker utilisation limited that gain.
Overnight stays increased +1.7% alongside falling occupancy. Room revenue growth of +4.6% combined more demand with higher average revenue per occupied room, rather than fuller capacity utilisation. The indicators do not isolate the contribution of capacity or distinguish rate changes from shifts in the demand mix.
REAL ESTATE LENS
Tourism & Hospitality Real Estate Lens
Test rate gains against the cost of lower utilisation
Fact
ADR rose +3.0% and RevPAR +1.5%, while net room occupancy stood at 73.0%, with a change of -1.1 pp.
Interpretation
Revenue per occupied room carried the improvement in RevPAR despite weaker utilisation. This pattern does not establish that every property can sustain higher rates without sacrificing demand.
Implication
Property underwriting should test lower occupancy alongside achieved rates. Review net revenue by channel and source market, then assess distribution and operating costs before carrying ADR gains into income assumptions.
OUTLOOK
Three signals to watch in September
- Whether international demand sustains its faster pace and the French market starts to recover.
- Whether ADR gains continue to offset lower room occupancy in RevPAR after August.
- Whether resident demand returns to growth in the Azores and the North retains its lead in overnight-stay growth.
SOURCES
- Primary source
Statistics Portugal, Tourism Activity - Flash Estimates, August 2026, released 30 September 2026.
- Release date
- Data status
Provisional data
- Notes
Levels and year-on-year changes from the INE flash release of 30 September 2026; no later release revises them.