15 March 2018 – Expansión
CaixaBank has declared the hotel sector strategic for increasing its credit investment. Through its new line of business CaixaBank Hotels & Tourism, the entity has just signed an agreement with the Spanish Confederation of Hotels and Tourist Accommodation (Cehat) to make available a specific financing line of €3 billion to its 13,000 establishments over two years.
The bank led by Gonzalo Gortázar closed 2017 having granted €1.5 billion in loans to the hotel sector, where it has a portfolio of 14,000 clients – two out of every three hotels in Spain – and €5 billion in terms of business volume. With the launch of the new division, CaixaBank expects to grow its loans to this segment by 20% during the first year.
Original story: Expansión
Translation: Carmel Drake