A statement issued on behalf of his family read: "Billy Peterkin, a well-loved and respected Glasgow businessman, was killed in a road accident last night in Puerto Banus, Marbella.
"Billy, 59, who was known for his hard work in the licensed trade, including running the Nile bar, had been on a golfing holiday with a group of close, long-time friends.
"The incident took place as he was crossing a busy road to return to his hotel.
"His friends and family are completely devastated and they ask that their privacy is respected and that are not contacted at this time. They wish to thank the British Consulate for their support."
A Foreign Office spokesman said: "We were made aware of the death of a British national in Spain on 3 May.
"We are providing consular assistance."
Mr Peterkin was engaged to be married to fiancée Emma Gallagher.
He had one daughter.