REGIONAL PROFILE
Spain Construction
PIPELINE
Fall 2017
Source : Lodging Econometrics , Inc .
TOTAL CONSTRUCTION PIPELINE
PROJECTS
ROOMS
Under Construction 33 4,663 Starts next 12 months 18 3,039 Early planning 18 2,353 Total Pipeline 69 10,055
PIPELINE BY CHAIN SCALE
PROJECTS
ROOMS
Luxury 6 937 Upper Upscale 7 1,422 Upscale 18 3,032 Upper Midscale 3 582 Midscale 5 604 Economy 9 1,751 Unbranded 21 1,727 Total Pipeline 69 10,055
TOP COMPANY PIPELINES
LEADING CONSTRUCTION MARKETS
PROJECTS
PROJECTS
ROOMS
Marriott International 4 576 Seminole Tribe of Florida 1 600 Barcelo Hotels & Resorts
4 732
AccorHotels 7 778 TUI Group 2 1,075 Unbranded Hotels 21 1,727 Other Brands 30 4,567 Total Pipeline 69 10,055
ROOMS
Madrid 14 2,187 Barcelona 8 1,233 Mallorca 3 763
Madrid
REDISCOVERED
INVESTORS ARE GIVING NEW LOVE TO THE NATION ’ S CAPITAL .
Barcelona , with its famed Gaudí architecture and other modernist landmarks , historically has outdrawn Madrid in foreign visitors . But with Catalonia ’ s campaign to secede from Spain and Barcelona ’ s ban on new hotel development , attention is moving toward the nation ’ s capital .
“ Barcelona is a stronger and more international market but Madrid has more upside potential ,” says Raúl González , CEO for Europe , the Middle East and Africa at Barceló Hotel Group , which has opened two 5-star hotels in Madrid in the past two years .
Tourism is rising , with 9 million visits last year , up from a recent low of 7.2 million in 2009 at the depth of the recession , according to London consultancy Christie & Co . Overnight stays in Madrid hit 18 million from 13.6 million in the same period . City hotels enjoyed 7.2 % RevPAR growth last year , driven by improving occupancy and room rates , according to a PwC forecast for 2017 and 2018 published earlier this year .
Occupancy in Madrid is expected to climb 3.1 % this year to 73 % and
Lobby greeter at the Barceló Torre de Madrid
another 3.6 % in 2018 . Average daily rate is expected to climb 2.8 % to € 100 ( US $ 118 ) this year and jump by another 4.6 % to € 105 ( US $ 124 ) in 2018 , PwC forecasts .
Madrid has benefited from a spike in 5-star hotel rooms , up 12 % last year , PwC says . More are in the works , several involving renovations of historic buildings . Four Seasons ’ first property in Spain is an update of the Canalejas Building into a complex including 215 rooms , residences and shopping , slated for early 2019 .
Marriott International next year is set to open its second W Hotel in Spain and first in Madrid , in a 19th-century building that was once a hotel . It will have 141 keys and a roof terrace with a bar and pool .
A rooftop pool will also top the Edificio España in the city ’ s Plaza de España , a historic property being renovated by RIU Hotels & Resorts , which plans to spend € 400 million ( US $ 471 million ) to develop a 4-star hotel with 650 rooms and shopping on the lower floors . Set to open in 2019 , Edificio España will be RIU ’ s first urban hotel in Spain .
32 hotelsmag . com December 2017