Hotel investment in Spain reaches levels prior to the economic crisis
Hotel investment in Spain is reaching levels not seen since 2008. According to a report by the consulting firm CBRE, the amount in the first seven months of the year amounted to 1.1 billion euros, 63% more than in the same period of 2014. This performance was driven, among others, by acquisitions such as the Ritz hotel in Madrid.
One of the trends revealed by the real estate consultant calls attention to the purchase and sale of residential and office assets to transform them into five-star hotels. According to its calculations, the year will close with an investment of close to 1.6 billion euros.
Among the operations behind these figures are the transactions carried out by Arab and Asian investors, who are looking for emblematic assets, such as the Ritz hotel in Madrid, acquired by the joint venture Mandarínbsp; formed by Mandarínbsp; Mandarínbsp; and the Ritz hotel in Madrid, acquired by Mandarínbsp;Mandarínbsp;Mandarínbsp;nbsp;Mandarí;formed by Mandarín Oriental and the multinational Saudií Olayan Group, or the purchase of the hotel Asturias, made by the investor Platinum Estates, based in Hong Kong and that will transform the Madrid establishment into a reference hotel in the capital.
The consultant also appreciates a greater interest of international capital in hotels in holiday areas such as the Balearic Islands, the Canary Islands and the Costa del Sol. There is also an increase in the interest of national capital, which has almost doubled its investment to make up more than half of the total (54%).
Among the reasons for this interest is the improvement in profitability. In fact, the spread has improved in the first half of the year, both in Madrid (+16%) and in Barcelona (+8%).