The tourism sector, including the hotel industry, has been one of the most affected by the pandemic. The tourist accommodation sector, not only hotels, will be able to emerge from this crisis through a profound transformation, based on increasing security, digitization and sustainability.
If we look at the indicators for the Spanish hotel sector, no signs of recovery are shown after the summer. The current challenge is to ensure business continuity, for which hotels have had to renegotiate rents, ask for financing, and in some cases, have been forced to sell assets. Indeed, hotel investment and the sale of assets may be the major players in the sector in 2021-2022.
The data from the Hotel Barometer for Q3 2020 (elaborated by Cushman & Wakefield and STR) shows a 56.6% fall in occupancy in Spain compared to the third quarter of 2019. Hotels that were open (a 37% of the total) had an average occupancy of 33% during the first nine months of 2020. Despite this, the hotel investment market is still active and buying and selling opportunities are being studied. As a consulting firm specialized in hotel investment, at Cushman & Wakefield we observe that the Spanish market continues to be interesting and remains very present in the investment policies of large national and international funds.
About our Hospitality team
We invest heavily in research and insight, getting to the bottom of market trends and using that intelligence to help our clients succeed with hotel investments and other businesses related to hotel sales and acquisitions.
MarketBeat Hospitality Q3 2020
Bruno Hallé • 10/11/2020
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