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Spain becomes the favorite destination for hotel investors in Europe

Date: July 14, 2024 Time: 13:07:28

Spain has become the favorite destination for hotel investors in Europe, surpassing the United Kingdom. The British newspaper Financial Times (FT) has published a survey in which it indicates that, thanks to several contracts signed for projects in Spain, the country has taken the lead.

The United Kingdom has lost the first place in the ranking, which it did achieve in the 2024 survey prepared by the real estate services firm CBRE, which also places Italy, France and Greece among the first five destinations in which to invest capital this year. anus.

The FT analysis uses data from more than 60 investors, including hotel owners, developers and private funds. “Spain is thriving due to record tourism numbers and robust operational performance from hotel operators,” Kenneth Hatton, head of European hotels at CBRE, told the FT. He adds that “investors see the opportunity in Spain, both on the coast and in urban areas.”

The good mood within the hotel sector stands out, which has driven a return to contracts after the pandemic and detects that more than two-thirds of investors planned to allocate more capital to contracts in that industry due to the good commercial performance and the expectation that conditions . lending rates will improve if interest rates decrease.

CBRE’s findings follow a series of large transactions completed in Spain last year, where total investments were reported to be €4.1 billion, 30% higher than the previous year and 70% higher than in 2019.

Among these agreements is, for example, the purchase of 17 hotels in Spain from the Real Estate Equity Fund by Abu Dhabi sovereign wealth funds. The FT points to a record 85.1 million foreign visitors in 2023 in that country, 19 percent more than in 2022.

The survey indicates, on the other hand, that at the city level, London maintained its first position, but Madrid rose to second place after surpassing Paris, which will host the Olympic Games this summer.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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