How Real Madrid and Atlético Are Building Stadium Businesses

Hotels tracked by SiteMinder averaged €264 a night for the weekend of the NFL’s return to Madrid. Across the city, two soccer clubs are making bets that stretch well beyond those two nights. Real Madrid has rebuilt the Santiago Bernabéu to bring in more money from the stadium itself. Atlético Madrid is developing a sports and entertainment district on land around the Metropolitano.

The hotel data gives a short-term view of demand for a big weekend, when the Bernabéu hosted the Cincinnati Bengals and Atlanta Falcons and the Metropolitano was scheduled to host Atlético and Barcelona. The clubs’ disclosures show how each hopes to earn money on days when its team is away or when there is no match at all.

€264 a night in SiteMinder’s hotel data

SiteMinder’s report compared the nights of Nov. 7 and 8, 2026, with Nov. 8 and 9, 2025. It reported an average rate of €264 versus €222, an increase of 19% when rounded. Bookings in its data were up 18.7%. The average reservation was made 109 days before arrival, up from 89 days in the comparison.

The dates matter. Madrid’s first NFL regular-season game took place Nov. 16, 2025, a week after the dates SiteMinder used for its baseline. The figures compare corresponding November weekends. The sample measures a year-over-year change for those dates. Estimating the NFL’s effect would require comparable game weekends and a way to account for other sources of hotel demand. SiteMinder’s release did not give a Madrid property count for the comparison.

€363 million in Real Madrid stadium revenue

Real Madrid’s board reported €363 million in stadium revenue for 2025–26, up from €175 million in 2018–19, the last season before the renovation began. The €188 million rise equals about 107%. Stadium revenue represented about 30% of the club’s €1.221 billion in operating revenue before player transfers for 2025–26.

The year-over-year change was smaller. The club’s financial annex put it at 11%, or 8% excluding personal seat licenses. The renovation had cost about €1.408 billion cumulatively by the end of the financial year. The club reported €60 million in stadium loan service during 2025–26, one cost that sits outside the stadium revenue total. Real Madrid’s figures cover the full stadium business. Its release gives no separate figure for what it earned from the NFL.

The club brought in outside partners for part of that business. In 2022, Real Madrid, Sixth Street and Legends announced an agreement under which the club would receive about €360 million and Sixth Street would participate in certain new stadium businesses for 20 years. Legends would help operate the venue. That agreement covers specified commercial activities. Real Madrid remains a member-owned club.

Atlético’s plans extend beyond the Metropolitano

Apollo Sports Capital completed its majority investment in Atlético in March. The club’s shareholders approved up to €100 million in additional equity and strategic capital. Atlético said it would support the teams as well as infrastructure, including the Ciudad del Deporte. The authorization covers several uses, so it gives no standalone construction budget for the district.

Atlético president Enrique Cerezo and Madrid Mayor José Luis Martínez-Almeida broke ground on the district in July 2024. The project depends on land outside the stadium. El País reported that the 75-year concession covers about 205,000 square meters across three city-owned plots in San Blas-Canillejas. The plans include a surf pool, and Atlético is building a training center there. The club’s operations chief told Mundo Deportivo the men’s first team and youth sides are due to move to the new site in summer 2027. UEFA has scheduled the Champions League final for June 5 at the Metropolitano, ahead of that move.

Real Madrid can already show how much its stadium revenue has grown since the renovation began. Atlético’s district is still taking shape. The financial test there will come once the facilities open and the club can measure whether they draw customers between matches.