Published on : Friday, August 3, 2018
The financial crisis of the country has not frightened away overseas visitors at all. Strong international tourism demand has side by side driven investment in Spain’s hotel industry.
“Increasing holiday tourism, as well as ‘bleisure’ travel, have set the market up for numerous development opportunities, with several operators currently working to improve their products and services to meet this increasing demand,” Albert Grau, founding partner of Magma, said in a statement.
Between March 2015 and March 2018, Spain recorded 37 consecutive months of RevPAR growth. There have been marginal RevPAR drops in recent months, majorly motivated down by declines in Barcelona, which is the largest hotel market in Spain with over 60,000 guestrooms. Hotel performance stays on a strong upward trend all through the main Spanish markets, including Madrid, which has more than 50,000 guestrooms.
The demand transferred from resorts to hotels between 2016 and 2017 due to security issues, permitting performance to spike at hotels in several markets across Spain.
“Resort markets, such as Gran Canaria, have seen year-over-year declines as tourism demand has returned to competing destinations in markets like Turkey and Egypt,” Javier Serrano, STR’s country manager for Spain, said in a statement.
Madrid witnessed the greatest RevPAR growth of any market in Spain, rising 17.4 percent to €77.34 in 2017. A strong 14.2-percent increase in ADR to €106.79 drove the RevPAR growth.
Tags: Spanish hotel