The tourism sector has been the hardest hit by the pandemic and will possibly take the longest to recover. It needs to undergo a transformation, focusing on safety, digitalisation and sustainability.
No signs of recovery were noted following the summer and no clear improvement is expected until well into 2021. The hotel sector therefore faces the major challenge of ensuring business continuity. The situation is forcing a recourse to public funds and funding through credit and, in some cases, asset sales. Some groups have additionally been seen renegotiating the terms and conditions of their lease contracts.
Data from the Q3 2020 Hotel Barometer (produced by Cushman & Wakefield and STR) highlights a fall in occupancy of 56,6% for Spain as a whole in comparison with the third quarter of 2019, hotels remaining open (some 37% of the total) having an average occupancy of 33% during the first nine months of 2020.
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.