29 September 2016 – Diario Vasco
Real estate investment in the hotel segment is expected to reach €1,300 million by the end of 2016, according to a forecast prepared by BNP Paribas Real Estate, which was revealed yesterday at the presentation of the entity’s Hotel Report for Spain.
An economist from BNP Paribas, Ramiro Rodríguez, indicated that the forecast is based on actual figures for the first seven months of the year.
During the 7 months to July, direct investment in the hotel sector in Spain grew by 18%, to reach €996 million, compared with €840 million during the same period in 2015, according to Rodríguez, who added that this trend shows that “investors are still interested in the market”.
The report provides an overview of the Spanish hotel network, both in terms of occupancy rates, as well as investment and prices. It also gives details of the key players behind these investments – Socimis, funds, individuals…
Sources at BNP Paribas forecast that 64 new hotels will open between 2016 and 2017, primarily in the 4- and 3-star categories. Of those, 18 will be in Barcelona, 15 in the Balearic Islands, 9 in Madrid, 6 in Gerona, 6 in Málaga, 6 in Valencia and 4 in Sevilla.
In terms of prices, increases have been recorded primarily in the 3- and 4-star categories, of 4%, whilst prices for 5-star hotels have increased by 3%.
At the end of 2015, average prices amounted to €173 per room for 5-star hotels; €84 for 4-star hotels; €64 for 3-star hotels; €54 for 2-star hotels and €53 for 1-star hotels.
Original story: Diario Vasco
Translation: Carmel Drake