DOCSLIB.ORG

Hotel Investment in Spain

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Hotel Investment in Spain HOTELS HOTEL INVESTMENT IN SPAIN 1H | 2018 “Hotel investment in first half of 2018 reaches 1,830 million euros” 01 HOTEL INVESTMENT IN SPAIN In the first half of 2018 hotel investment was once • The extraordinary level of activity in purchases and again remarkably strong. sales of hotel portfolios. • The leading role played by Blackstone, which in With a total investment of 1,830 million as of the end recent months has become itself as the most active of June, Spain posted the second highest semi-annual investor in the Spanish hotel market. results its history, 13% below the absolute record achieved in 2017. • The limited investment activity in Barcelona and Madrid compared to previous years. Considering the last 12 months (Jun17/Jun18), • The strong inertia at the start of the second half investment amounts to 3,633 million euros, which of teh year, especially regarding the potential shows that investor appetite for the Spanish market completion of deals currently under way, such remains at very high levels. Highlights of this first half- as Blackstone’s offer for the remaining shares of year are: Hispania or Minor’s bid for NH. TOTAL HOTEL INVESTMENT VOLUME 2013 - H1 2018 (€m) 4,500 3,907 4,000 3,500 3,000 2,614 2,500 2,184 2,104 2,000 1,830 1,500 1,081 792 1,061 1,000 697 500 0 2013 2014 2015 2016 2017 H1 2018 H1 H2 Source: Colliers International PORTFOLIO INVESTMENT ACTIVITY Investment in hotel portfolios outperformed the previous record (612 million euros, posted in the first Purchases of hotel portfolios reached an investment half of 2017) by 71.4%. volume of 1,0481 million euros, accounting for 60% of total investment. Portfolio sales and purchases became the highlight of the half-year and experienced huge growth compared to previous periods. 1 Weighted by the percent of investment actually acquired. The amount of the investment is the GAV of the hotels located in Spain that are included in the acquired portfolio. Report on Hotel Investment in Spain 1H 2018 3 PORTFOLIO TRANSACTIONS VS. INDIVIDUAL ASSETS (H1’14-18) (€m) 2,000 1,800 1,600 1,400 612 1,200 1,048 1,000 800 609 32 600 74 1,082 400 699 595 200 453 434 0 H1 2014H H1 2015 H1 2016H H1 2017 H1 2018 Asset Portfolio Individual Asset Source: Colliers International / Investment data on existing hotels Although many of these deals have taken place in 3. Implementation of the strategy adopted by the context of corporate transactions, the origins and the Accor Group (following in the footsteps of motivations of buyers and sellers have been diverse other international chains) of separating hotel and can be summarised as follows: management and ownership. This strategy resulted in the sale in June of a 57.8% stake in AccorInvest 1. The acquisition by Hispania of 7 hotels (1,708 vehicle to an investor group led by the sovereign rooms) belonging to the Alua hotel chain with an funds of Saudi Arabia (PIF), Singapore (GIC) and asset value of 165 million euros, applying 100% of Colony. The acquired portfolio included 11 hotels the investment capacity initially committed by its (1,572 rooms) located in Spain and operated under shareholders, just before the investment deadline the Novotel and Ibis brands. set in the members’ agreement ran out. 4. The acquisition by Blackstone from Banco 2. Total or partial completion of Build-Up projects Santander of 50% of all the real estate property started in 2014, including: and loans Santander acquired from Banco Popular, which included a significant portfolio of foreclosed • The acquisition of 16.56% of Hispania by hotels (REOs). Blackstone. Through this acquisition Blackstone adds to its earlier investment in HIPartners a 5. Lastly, the recent acquisition by Minor Hotel Group stake in 46 new hotels and three plots of land for of a 29.81% stake in NH, becoming the indirect hotel developments. owner of 11 NH hotels in Spain (1,790 rooms). • The full acquisition by Atom, a Socimi (Spanish REIT) led by Bankinter, of a portfolio of 15 hotels and more than 3,700 rooms. This portfolio was built up by the seller through hotel selective purchases between 2014 and 2017. Report on Hotel Investment in Spain 4 1H 2018 HOTEL PORTFOLIO DEALS 2018 H1 # Hotels in # Rooms weighted by Spain % acquisition Alua portfolio 7 1,708 Acquisition by Blackstone of 16.56% of Hispania 49 2,139 Atom Hotels (Bankinter Socimi) 15 3,779 Purchase of 57.8% of AccorInvest 11 903 50% Quasar Project 77 1,976 Acquisition by Minor of 29.81% of NH 11 534 H2 Hotels 2 187 B&B Hotels 2 191 Total portfolios 174 11,417 Source: Colliers International “Investment in hotel portfolios reaches 1,048 million euros” “Blackstone is the market’s most active investor in the first half of 2018” Report on Hotel Investment in Spain 6 1H 2018 INVESTOR PROFILE Notably, Covivio, an eminently urban hotel investor, recently approved a broadening of its investment Turning to investors, the most important player by far strategy towards vacation products. in recent months has been the U.S. private equity firm Blackstone. Among the most noteworthy hotel chains in a buying position are the Minor Hotel Group from Asia, which In 2018, as a surprise follow-up to the acquisition has become a key shareholder of the NH Hotel Group of HIPartners at year-end 2017—through which, in (aiming for full control); Hotusa, with the acquisition addition to a large asset portfolio (14 hotels and 3,546 of 8 hotels and 729 rooms; B&B, which continues to rooms), the firm also acquired a hotel investment and add hotels to its portfolio; and lastly, various other management platform—Blackstone acquired George medium-sized hotel chains that have been very Soros’ stake in Hispania, subsequently launching a full effective in scooping up smaller assets that are not takeover bid for the Company. targeted by the large funds and investors. Not only will the eventual outcome of this takeover bid Finally, there is the Bankinter-led initiative to set up greatly affect the year-end investment figure, but a the Atom Socimi, creating an investment alternative major bet on the Spanish hotel market by a fund such in the hotel sector for its private banking clients. It as Blackstone at this point in the cycle will also help currently has a portfolio of 19 hotels comprising more maintain investor appetite in our country. than 4,500 rooms and has a core profile. Other international Socimis (REITs) such as Elaia and Covivio (formerly Foncière des Murs) remain very active in the Spanish hotel sector. INVESTOR PROFILE (1H 2018-%) International Real Estate Investor 31% 1% Hotel chain 11% National 10% chain 13% 34% Socimi National Investor Source: Colliers International / Global investment data Report on Hotel Investment in Spain 1H 2018 7 GEOGRAPHIC DISTRIBUTION OF INVESTMENT The reasons for this marked difference are: Unlike the first half of 2017, when the investment • In the first half of 2017 both Madrid and Barcelona was more or less evenly shared between the urban were the targets of a large number of investments and vacation segments, in the first half of 2018 71% in high-value individual assets: Edificio España, sale of the investment was intended for the acquisition of 50% of the Four Seasons Canalejas, the Hilton of vacation hotels, mainly resulting from deals such Diagonal Mar in Barcelona, Silken Diagonal, etc. as the acquisition of Alua by Hispania, Blackstone’s • The political uncertainty in Catalonia in the wake investment in Hispania and the bulk of the assets of the 1st October 2017 referendum paralysed acquired by the Atom Socimi. Barcelona’s investment market. The Canaries and the Balearic Islands attracted 53% • Madrid is still an object of desire for many of the total investment, well ahead of the rest. It is investors, but the good market prospects have noteworthy to mention the sharp fall in Madrid and put owners in a position where they can retain particularly Barcelona. Whereas in the first half of ownership of the hotels, invest in their repositioning 2017 Madrid and Barcelona had 549 and 310 million and profit in the medium-term from the city’s euros of investment, the respective figures for the continued draw as a destination. same period of 2018 are 154 and 71 million. MAIN INVESTMENT DESTINATIONS 1H 2018 (€M) Other Madrid 154 437 Barcelona 71 239 269 230 Malaga 148 300 302 479 353 Canary Balearic Islands 460 Islands Source: Colliers International / Global investment data Report on Hotel Investment in Spain 8 1H 2018 Also worth noting is the increase in investment in As we indicated in previous reports, this seems a clear “non-prime” destinations. In the first half, as can indicator that secondary markets, which are more be observed in the chart, 437 million euros (25% of dependent on domestic customers, are becoming the total) were invested in destinations other than more attractive as a result of the Spanish economy’s Madrid, Barcelona, the Islands or the Costa del Sol. good growth figures. This investment was shared among 36 provinces. This contrasts with the smaller volume recorded in the first half of 2017 (239 million euros), which was spread across 18 provinces. 2 Asumiendo toma de control del 100% de Hispania. Report on Hotel Investment in Spain 1H 2018 9 02 OUTLOOK The Spanish market is now in its fourth consecutive together with the hotel chains, have given way to more year of unprecedented investment volumes. conservative (Core) investors, who acquire the now repositioned and stabilised product; yet there are still The aggregate volume over the last three and a half opportunities to be found at all levels.
Load more

Recommended publications
  • Rural Tourism in Spain, from Fordism to Post-Fordism
    PART VI ALTERNATIVE TOURISM RURAL TOURISM IN SPAIN, FROM FORDISM TO POST-FORDISM Lluís Garay Economics and Business Department, Universitat Oberta de Catalunya Barcelona, Spain Gemma Cànoves Geography Department, Universitat Autònoma de Barcelona Barcelona, Spain and Juan Antonio Duro Economics Department, Universitat Rovirai Virgili Tarragona, Spain ABSTRACT The aim of this paper is twofold: from an empirical perspective, to demonstrate the qualitative importance of rural tourism in the recent development of Spanish tourism and its quantitative importance for other sectors such as agriculture; and from a conceptual perspective, to demonstrate the validity of the combination of two theoretical approaches. On the one hand, the Tourism Area Life Cycle, the most commonly used for this purpose since its publication thirty years ago and, on the other hand, the Regulation Theory, aimed at explaining the restructuring processes between different stages in specific sectors or in the whole economy. Key Words: Rural Tourism, Life Cycle, Regulation Theory, Restructuring, Fordism, Post-fordism. INTRODUCTION The tourism sector is undoubtedly one of the main sources of income of the Spanish economy. The country is currently the second favourite international destination in the world and the sector generates about 12% of the country’s total income and jobs (INE, 2010). Historically, the sector was one of the main engines that brought about the recovery of the Spanish economy in the last fifty years and has been frequently identified with the mass model of sun and sea tourism, but the country has a vast potential to offer in other typologies, as proved in recent years with the explosive growth of urban tourism.
    [Show full text]
  • THE PROMOTION of TOURISM in SPAIN from Stereotype to Brand Image
    THE PROMOTION OF TOURISM IN SPAIN From stereotype to brand image FERNANDO LLORENS BAHENA UNIVERSITY OF SALENTO 1. Introduction When we speak of stereotypes, few of us are aware that that the word originally referred to a duplicate impression of a lead stamp, used in typography for printing an image, symbol or letter. These stamps could be transferred from place to place, and it is this feature that gave rise to the current metaphorical meaning of stereotype as a set of commonly held beliefs about specific social groups that remain unchanged in time and space. Etymologically, the term stereotype derives from the Greek words stereos, ‘firm, solid’ and typos, ‘impression’. The earliest record we have of its use outside the field of typography was in psychiatry, in reference to pathological behaviours characterised by the obsessive repetition of words and gestures. The first use of the term in the context of social sciences was by the journalist Walter Lippmann in his 1922 work “Public Opinion”. He argued that people’s comprehension of external reality is not direct but comes about as a result of “the pictures in their heads”, the creation of which is heavily influenced by the press, which in Lippmann’s time was rapidly transforming itself into the mass media that we know today. Lippmann believed that these mental images were often rigid oversimplifications of reality, emphasising some aspects while ignoring others. This is because the human mind is not capable of understanding and analysing the extreme complexity of the modern world. Stereotypes are, furthermore, a ‘group’ concept. We cannot speak therefore of ‘private’ stereotypes because they are based on collective uniformity of content.
    [Show full text]
  • Tourism Satellite Account of Spain. Year 2019
    11 December 2020 Spanish Tourism Satellite. Statistical review 2019 2016–2019 Series The contribution from tourism reached 154,487 million euros in 2019, representing 12.4% of the GDP Tourism-related industries generated 2.72 million jobs, or 12.9% of total employment. The Gross Domestic Product (GDP) contribution associated with tourism, measured using total tourist demand, reached 154,487 million euros in 2019. This figure represented 12.4% of GDP, three tenths more than in 2018. Since 2015, the contribution of tourism to GDP has increased by 1.3 points, from 11.1% to 12.4%. In turn, employment in tourism-related industries reached 2.72 million jobs. This represented 12.9% of total employment in the economy, 0.1% less than in 2018. The contribution of tourism-related jobs has increased by 0.8 points since 2015, from 12.1% to 12.9% of total employment in the economy. Contribution of tourism to GDP and employment Percentage 12.6 13.0 12.9 12.1 12.3 12.1 12.1 12.4 11.3 11.1 2015 2016 2017 2018 (P) 2019 (A) Contribution of tourism to GDP Employment in characteristic branches of activity (% total employment) (P): Provisional estimate, (A): Preview estimate Spanish Tourism Satellite. Statistical review 2019-2016–2019 Series (1 /4) In 2019, the component with the greatest contribution to domestic tourism consumption the inbound tourism expenditure, with 54.7% of the total. Contribution of inbound tourist consumption to to domestic tourism consumption Percentage 54.4 54.0 54.1 54.7 2016 2017 2018 (P) 2019 (A) (P): Provisional estimate, (A): Preview estimate Total tourism demand increased by 3.3%, in terms of volume, in 2019.
    [Show full text]
  • Culinary Tourists in the Spanish Region of Extremadura, Spain
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics López-Guzmán, Tomás; Di-Clemente, Elide; Hernández Mogollón, José Manuel Article Culinary tourists in the Spanish region of Extremadura, Spain Wine Economics and Policy Provided in Cooperation with: UniCeSV - Centro Universitario di Ricerca per lo Sviluppo Competitivo del Settore Vitivinicolo, University of Florence Suggested Citation: López-Guzmán, Tomás; Di-Clemente, Elide; Hernández Mogollón, José Manuel (2014) : Culinary tourists in the Spanish region of Extremadura, Spain, Wine Economics and Policy, ISSN 2212-9774, Elsevier, Amsterdam, Vol. 3, Iss. 1, pp. 10-18, http://dx.doi.org/10.1016/j.wep.2014.02.002 This Version is available at: http://hdl.handle.net/10419/194480 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence.
    [Show full text]
  • New Perspectives on Nationalism in Spain • Carsten Jacob Humlebæk and Antonia María Ruiz Jiménez New Perspectives on Nationalism in Spain
    New Perspectives on Nationalism in Spain in Nationalism on Perspectives New • Carsten Humlebæk Jacob and Antonia María Jiménez Ruiz New Perspectives on Nationalism in Spain Edited by Carsten Jacob Humlebæk and Antonia María Ruiz Jiménez Printed Edition of the Special Issue Published in Genealogy www.mdpi.com/journal/genealogy New Perspectives on Nationalism in Spain New Perspectives on Nationalism in Spain Editors Carsten Humlebæk Antonia Mar´ıaRuiz Jim´enez MDPI • Basel • Beijing • Wuhan • Barcelona • Belgrade • Manchester • Tokyo • Cluj • Tianjin Editors Carsten Humlebæk Antonia Mar´ıa Ruiz Jimenez´ Copenhagen Business School Universidad Pablo de Olavide Denmark Spain Editorial Office MDPI St. Alban-Anlage 66 4052 Basel, Switzerland This is a reprint of articles from the Special Issue published online in the open access journal Genealogy (ISSN 2313-5778) (available at: https://www.mdpi.com/journal/genealogy/special issues/perspective). For citation purposes, cite each article independently as indicated on the article page online and as indicated below: LastName, A.A.; LastName, B.B.; LastName, C.C. Article Title. Journal Name Year, Article Number, Page Range. ISBN 978-3-03943-082-6 (Hbk) ISBN 978-3-03943-083-3 (PDF) c 2020 by the authors. Articles in this book are Open Access and distributed under the Creative Commons Attribution (CC BY) license, which allows users to download, copy and build upon published articles, as long as the author and publisher are properly credited, which ensures maximum dissemination and a wider impact of our publications. The book as a whole is distributed by MDPI under the terms and conditions of the Creative Commons license CC BY-NC-ND.
    [Show full text]
  • Tourism in Spain, Beyond the Sun and the Beach. Recent Evolution and Changes in the Destinies of Littoral Towards a Cultural Tourism
    Boletín de la Asociación de Geógrafos Españoles N.º 71 - 2016, págs. 547-551 I.S.S.N.: 0212-9426 TOURISM IN SPAIN, BEYOND THE SUN AND THE BEACH. RECENT EVOLUTION AND CHANGES IN THE DESTINIES OF LITTORAL TOWARDS A CULTURAL TOURISM Gemma Cànoves Valiente Josep Mª Prat Forga Asunción Blanco Romero Geography Department. Autonomous University of Barcelona (Spain) [email protected] ; [email protected] ; Asunció[email protected] The strategy of many tourist destinations of littoral in phase of stagnation of his life cycle (Butler, 1980) and as already Priestley (2007) confirmed, it is to propose complementary offers to the traditional product of the Sun and beach, orientated to satisfying the changes in the sector and the new motivations of a few tourists who transform the trip into a vital expe- rience (Bonet, 2003; Williams and Buswell, 2003). One of the products that have acquired major relevancy in the last ten years is the cultural tourism, which to put in touristic value the patrimonial resources of a territory, they are tangible (as the museums) or intangibles (as the way of life) (Richards, 1996). These mature destinations must help in the reinvention and the resilience. The reinvention put in value the adjacent territories and the resilience of the territories helps to resist and to be reorganized as tourist - cultural spaces. This article has as aim know the current situation and the perspectives of the cultural tourism in Spain, understood as a complementary tourism to the consolidation or reorganiza- tion, according to the cases, of the mature destinations of our littoral, providing them with meaning and experience.
    [Show full text]
  • Franco and the Spanish Monarchy: a Discourse Analysis Of
    Franc0 and the Spanish Monarchy 8 1 church harbours the tombs of both Franco and Jose Antonio Primo de Rivera, the son of the former dictator Miguel Primo de Rivera and the founder of the Spanish Phalangist movement. The Valley of the Fallen, Chapter 4 though in itself a spectacular and awe-inspiring site, has become some- thing of an embarrassment to the Spanish authorities and is not actively Franco and the Spanish Monarchy: promoted as a tourist attraction, let alone a 'royal' tourist attraction. surprisingly, however, the monument belongs to the properties adminis- A Discourse Analysis of the ~ourist tered by the aforementioned PN. It features among the convents and Guides Published by the Patrimonio monasteries that 'having been founded by monarchs, continue to fulfil their spiritual purpose up to the present day under the patronage of the Nacional [I959-1 987) King of Spain', to quote again from the official website of the PN.2Franco undoubtedly would have been pleased to learn that he is thus implicitly BART MADDENS and KRISTINE VANDEN BERGHE recognised as a former Spanish monarch. For this is what he increasingly considered himself to be as he managed to consolidate his power after the Civil War. In many ways, and as will be argued below, the Valley of the Introduction Fallen can be considered as the Franquist pendant of the Escorial and as a In Spain, there is one royal tourist attraction that eclipses all others in supreme symbol of Franco's royal aspirations. grandeur and historical importance. It is El Escorial, Philip 11's huge It is obvious from the above that the monarchy was a contentious issue monastery retreat in the foothills of the Guadarrama mountains about 13 in Spain, both during the Franquist era as in the transition period.
    [Show full text]
  • Chinese Tourism in Spain: an Analysis of the Tourism Product, Attractions and Itineraries Offered by Chinese Travel Agencies1
    Cuadernos de Turismo, nº 37, (2016); pp. 243-268 Universidad de Murcia ISSN: 1139-7861 eISSN: 1989-4635 DOI: http://dx.doi.org/10.6018/turismo.37.256231 CHINESE TOURISM IN SPAIN: AN ANALYSIS OF THE TOURISM PRODUCT, ATTRACTIONS AND ITINERARIES OFFERED BY CHINESE TRAVEL AGENCIES1 Aureli Lojo Universitat Autònoma de Barcelona ABSTRACT Analysis of the characteristics of tourism in China, and the evolution of Spain as an international destination, illustrates the importance of understanding Chinese outbound tou- rism and its implications for the Spanish tourism industry. The results of the paper present the characteristics of the tourism product offered by Chinese travel agencies. The study also indicates the itineraries, the main destinations within Spain and the distinctive elements of Spain that are valued by the tour operators. The purposes of this study are (1) to identify the patterns of the tourist groups from China to Spain and (2) to understand the characteristics of the tour packages offered by Chinese travel agencies. Keywords: Chinese tourism; Spain; tour operators; tourism product; content analysis. Received: 31 October 2015 Returned for revision: 30 November 2015 Accepted: 15 December 2015 Departamento de Geografía. Universitat Autònoma de Barcelona. Edificio B. 08193 Bellaterra. BARCE- LONA (España). E-mail: [email protected] 1 Aureli Lojo is a PhD candidate and this article is part of his dissertation within the PhD Programme in Geography of the Autonomous University of Barcelona. Acknowledgements The author greatly appreciates the support of Anqi (Angel) Wang from the University of Memphis for their generous contributions and language revision. This research was supported by the Ministry of Education, Culture and Sports of the Government of Spain, under the program «Formación de Profesorado Universitario» (FPU014/03436) and the Ministry of Economy and Competitiveness of the Government of Spain, through the project «Reconversión, revalorización y reinvención de espacios turísticos interiores de España.
    [Show full text]
  • Destination Branding: the Case of Spain
    108 Destination branding: the case of Spain DESTINATION BRANDING: THE CASE OF SPAIN María Luisa Blanco-Gomez1 Rey Juan Carlos University Phone: (0034) 91-488 7562 Fax: (0034) 91-488 7780 [email protected] Abstract For many years Spain has been a touristic country attracting many people. In 2012, and compared to 2011, the number of visitors increased in one million getting to 57.7 million tourists, according to the Border Tourist Movement Survey (FRONTUR)2, even outnumbering the population in Spain. Particularly from the 1960s the Spanish government has focused on Tourism, because it has been an excellent source of income. Since 2008 the situation has not been so good due to the economic crisis, which is why in order to improve the reputation of Spain, a new agency called ‘Spain Brand’ (marca España) was set up in July 2012 so as to improve Spain’s image in front of the rest of the world. The purpose of Spain Brand is, the same as it happens with other destination brands, to attract customers from the rest of the world. In this article we are going to focus on analysing several ways of branding and different marketing techniques as well as some advertising campaigns used in Spain throughout the years. We examine how Spain has become the fourth ranked country in the world, out of 140 countries, and how it has been recently rebranded. Nowadays things are changing due to the current economic crisis we are going through in this globalized world and we will analyse different branding strategies that have worked for Spain and that could be applied in other emerging countries as far as tourism is concerned.
    [Show full text]
  • The Nature of Spain's International Cultural Tourism Throughout
    economies Article The Nature of Spain’s International Cultural Tourism throughout the Economic Crisis (2008–2016): A Macroeconomic Analysis of Tourist Arrivals and Spending Carmen Hidalgo 1,* ID and Olivier Maene 2 1 Department of Tourism and Marketing, Madrid Open University (UDIMA), Collado Villalba, Madrid 28400, Spain 2 Departament of Global and Sociocultural Affairs, Florida International University, Miami, FL 33199, USA; omaene@fiu.edu * Correspondence: [email protected]; Tel.: +0034-91-856-16-9 Academic Editor: Juan Ignacio Pulido Fernández Received: 31 March 2017; Accepted: 11 August 2017; Published: 28 August 2017 Abstract: Since the global economic and financial crisis of 2008, tourism has taken up a central position in the recovery of Spain’s severely damaged economy. If the first years after the recession signaled a considerable decline of the tourism sector, the later years in which those countries with the highest numbers of outgoing tourists to Spain had recovered, consolidated the tourism sector as one of the principal drivers of economic development. Testament to this are its contribution to a growing Gross Domestic Product (GDP) and decreasing unemployment, and its ability to stabilize the country’s balance of payments. On the other hand, tourism has also proven to be a complex economic sector, in which various factors have come together in different forms. Faced with the impossibility to consider every single one of these factors, this study has limited itself to researching those indicators that shape the international character of Spain’s cultural tourism sector, and subsequently determining how this sector performed from a macroeconomic perspective. The outcome of this study is to detect patterns that may allow for the development of more effective means for managing cultural tourism.
    [Show full text]
  • Madrid, Spain
    Special Market Reports Issue 77 - MADRID, SPAIN November 2016 MADRID IN NUMBERS Jan-April 2016 Occupancy 63% 71% 71% €71 ADR €174 €87 ∆6% ∆6% ∆10% €110 €62 €50 RevPAR ∆6% ∆11% ∆11% TOURIST DEMAND HOTEL SUPPLy TOURIST ARRIVALS 10 ExPECTED FOR 2016 266 MILLION HOTELS JULy 2016 ∆ 12.4 % ARRIVALS - MADRID 38 AIRPORT (JAN - SEP 2016) 67,581 HOTEL BEDS MILLION ∆ 7.7 % JULy 2016 TOTAL TOURIST ExPENDITURE (JAN - SEP 2016) % €5 PERCENTAGE OF 4* 52 ∆ 13 % HOTELS BILLION AVERAGE DAILy ExPENDITURE PER TOURIST (JAN - SEP 2016) PERCENTAGE OF HOTELS UNDER ∆ 8.6 % INTERNATIONAL % €208 BRAND 24 TRANSACTIONS PIPELINE ACCUMULATED HOTEL €310 INVESTMENT IN 2016 NEW ROOMS UNDER 1,165 Million (up to September) CONSTRUCTION Special Market Reports Issue 77 - Madrid, Spain Madrid: Tourism & Hotel Heritage sites by UNESCO: Alcalá de Henares, Aranjuez, El Market Analysis Escorial, Segovia, Avila, Toledo and Salamanca. Gastronomy: the city has a wide and rich gastronomic Political, social, demographic and economic offer, with 13 centenarian restaurants (including Casa situation in Madrid Botin, claimed to be the oldest restaurant in the world), 15 restaurants awarded a total of 23 Michelin stars (Diverxo Madrid, the capital and largest city in Spain and the fourth was awarded three stars in 2013), and nine gastronomic & largest in Europe, with 3.2 million inhabitants excluding culinary spaces (including Plataea, Mercado de San Miguel the metropolitan area, is the main financial and business and Mercado de San Anton), plus numerous gastronomic center in the country as well as a dynamic and growing events such as MadrEAT. destination for all types of tourism.
    [Show full text]
  • Tourism in Spain: Economic and Social Perspectives
    Last trends and new perspectives of Spanish tourism (1960-2015) Jose Antonio Mateos Royo University of Zaragoza Faculty of Economics and Business (Campus of Huesca) [email protected] Tourism in Spain: Tourism in Spain: economic and social perspectives Some reasons to follow this paper: Importance of tourism as economic activity to create employment to attract foreign investment to reduce commercial deficits Importance of tourism as strategy for “late comers” to capitalistic development: Mediterranean, Eastern Europe use of “advantages of backwardness” (Gerschenkron) Dependence of tourism on: historical evolution resources and means political and cultural background Tourism in Spain Example: Spain world leader in tourism (2th country in arrivals) essential for national development (1960-actuality) Demography and Society (2017): Actual population: 46.5 millions Immigrants: 6.5 millions (2,3 from EU) Urban population: 77% Religion: Roman Catholics (94%), few practicants Languages: Spanish (74%),Catalan (17%),Gallego (7%),vasco (2%) Politics: Arrival of democracy (1975-78) Insertion into European Union (1985) Political decentralization at regional level Tourism in Spain Economy: GDP/capita: 23,970 euros (92% EU average) (2016) Contribution of economic sectors: (2016) % Active % Sectors population GDP 1) Agriculture 4.6% 2.3% 2) Industry 13.9% 16.1% 3) Building 5.9% 5.1% 4) Services 75.6% 67.2% (69% NEW JOBS) Unemployement: 16.7% (2017) State public debt: 98.1% GDP (2017) Trade openness ratio = (Imp + Exp)/ GDP:
    [Show full text]