This is according to new figures from the National Statistics Institute (INE), which also reported slower growth in revenue.
According to information released on Monday, there were 1.1 million guests in February, up 8.6 percent on the previous year, while the year-on-year increase in January had been 13.8 percent.
Overnight stays, meanwhile, were up 7.9 percent at 2.8 million, whereas the year-on-year increase in January had been 12.7 percent.
By nationality, the biggest increase in the number of overnight stays in February was among Brazilians, up 35 percent, Poles, up 30 percent, US citizens, up 17 percent, and Irish, up 16 percent.
However, UK citizens continued to be the largest single group, accounting for more than 21 percent of all overnight stays, followed by Germans with 15 percent, and Spaniards at 9 percent.
Revenue from stays at hotels in February totalled €136.8 million, up 14 percent on a year earlier, while revenue from rooms for rent was €94.4 million, up almost 16 percent.
The average revenue per room available (RevPar) was €26.5, up more than 15 percent, with increases seen in all regions and types of accommodation.
The average stay was 2.56 nights, down 0.7 percent on a year earlier.