Good prospects for the tourism industry. Hotel performance, measured in terms of occupancy and average price, is near or even higher than historic highs reached in 2019: Average occupation nationally We closed the year in these complexes 72.8%Almost five points above 2022 and just two points below 2019: average price per room increased by 16.5 percent last year 144.5 euros per nightAccording to statistics compiled by SRT and Cushman & Wakefield.
What will happen in 2024? Albert Grau, partner and co-manager of the Hospitality practice at Cushman & Wakefield in Spain, responds: “We hope Rates continue to increase Hotels (ADR) will be in the single digits, although this will be more modest compared to the large increase experienced last year. Regarding occupancy, we have already seen growth in the fourth quarter of 2023 and Hotel companies’ forecasts for the whole year are quite positive.. We saw an increase in occupancy in the 4th quarter and the forecasts with hoteliers are quite positive.” “Reservations for the summer have already been recorded since the beginning of the year,” adds Grau’s counterpart at the consultancy firm Bruno Halle.
Hotel investment broke a record
In 2023, hotel investment exceeded 4 billion euros. The bulk of this volume, more than half, was driven by three major operations: the acquisition of 35% of HIP by Singapore sovereign fund GIC and the purchase of two portfolios by Abu Dhabi sovereign wealth fund ADIA. “We recorded record numbers last year. However, if we eliminate large operations, the volume will be around 2 billion, in line with the industry average of recent years,” said Albert Grau.
It will be difficult to capture 2023’s data in 2024. Active investors remain the same, institutional funds and private investors mainly from Asia and the Middle East. Significant portfolios need to be traded to reach last year’s volumes. We are in a cycle where portfolios are ready to be disposed of, enabling these large operations,” concluded Bruno Halle.