Investment in Barcelona hotels passes €67 million in July
Investment into the hotel sector in Barcelona either through acquisitions, new builds or refurbishments, that were completed between July 2010 and July this year, reached a total figure of some €135 million. This figure is still below the one recorded for the same period in 2009, just before the worst of the effects of the global economic crisis really hit Spain, which amounted to some €157 million. In 2010 some 840 new rooms were added to the capacity of the hotels in Barcelona and during the first half of 2011 several transactions have been completed that will mean a further increase in capacity of some 1,100 rooms in the coming years. The majority of these planned rooms will be in four star hotels in the city. Interestingly, the investments announced in July this year alone, make up nearly half the investments for the whole year, which could demonstrate a renewed appetite among investors based on the belief that the tourism sector in Barcelona has put the worst effects of the economic crisis behind it.
The profitability of the hotel business in Barcelona remains the highest in Spain with an average revenue per available room or RevPar of €69.50. This compares favourably with the €55.50 achieved by the hotels in Madrid...Click to read more about Barcelona Hotels