Looking at PhD rankings (read UT Dallas journal rankings), for strategy focus, probably IESE is better. For marketing, I don't see a big difference. But still IESE is a better school and a better PhD program. Having said that neither would be comparable to top US schools.
Having lived and worked in Barcelona, I prefer it to other cities in continental Europe. Having worked with plenty of IESE MBAs and few professors, from a commercial perspective, I find them top notch. Agreed it is not a replacement for academic success, but still an indirect indicator.
In my view, academia is above politics, so don't think the political situation would be an issue. Weather wise Barcelona is better.