Investing in hotel takeovers in Spain: trends to watch in 2023
Spain remains one of the world’s favourite tourist destinations. Although the Covid-19 pandemic hit the Spanish tourism sector hard in 2020 and 2021, the outlook is positive for 2023 after the recovery in 2022, particularly with the expected return of European tourists. Against this backdrop, investing in the takeover of existing hotels in Spain could represent an interesting opportunity.
The recovery should initially be driven by domestic and European tourism, before extending to tourists from further afield. Savvy investors will target hotels in regions that traditionally attract local and European tourists. The popularity of flat stays and holiday rentals will also continue. Taking over hotels that can be easily converted into serviced residences will help to meet this growing demand.
At the same time, sustainable and responsible tourism is booming. Eco-responsible hotels that highlight authentic local experiences will increasingly appeal to visitors who want to give meaning to their holidays. Technologies such as virtual reality and augmented reality will also transform the customer experience. The most technologically innovative hotels will be able to attract customers looking for an immersive holiday.
Finally, demand for top-of-the-range and luxury accommodation remains vigorous despite the health crisis. Taking over 4 or 5-star hotels in prime locations in the major cities and premium destinations of the Balearics and Canaries, or on the Costa del Sol, will be a winning bet in attracting this affluent clientele.
By incorporating these key trends into their investment strategy, hotel buyers in Spain can secure long-term, profitable tourism assets for years to come.