Automatic

🏂 European ski resorts open for the 2024-2025 season with the December bridge, including destinations from the Pyrenees to Sierra Nevada. Spanish ski resorts have invested a record 75 million euros in modernization, exceeding the previous period's 74.1 million euros. Sierra Nevada leads with 43 million euros, followed by Baqueira Beret with 9.6 million euros and La Molina with 4.77 million euros. Opening dates start on December 5, 2024, for several resorts, such as Sierra Nevada, Cambre d'Aze, Formiguères, La Pierre Saint-Martin, and Valdelinares. The following day, Baqueira Beret, Cauterets Cirque du Lys, Ax 3 Domaines, Font-Romeu Pyrénées 2000, Luz Ardiden, and Peyragudes join the season, and Grand Tourmalet and Gourette open on December 7, 2024.

🏨 Alex Robinson from STR highlighted the robust growth in Spain's hotel sector during the Annual Hotel Investment Conference by Cushman & Wakefield in Madrid. RevPAR in European hotels is rising at a single-digit rate since July 2023, except for a 10% increase in September, while Spain has seen double-digit growth except in April and August. The ADR has surged by 41.7% (€48) since 2019 vs. a 1% occupancy increase. Luxury and budget hotels are performing well without needing maximum occupancy. Madrid, Alicante, and Oviedo lead occupancy growth by 5%, whereas San Sebastián saw an 8% decline due to increased offerings. Málaga, Valencia, and Alicante lead occupancy rates for the year, reaching averages of 83%, 81%, and 75%. ADR shows signs of deceleration in 2024 compared to 2023, with Madrid at +15%, followed by Málaga (+13%), and Sevilla, Alicante, and Canarias at +11%. The leading destinations by ADR are Marbella (€317), Ibiza (€277), and Barcelona (€194). Projections indicate Madrid and Barcelona will continue to see RevPAR growth into 2025, although at a slower pace.

📈 Seven sovereign wealth funds invested €7.3 billion in various sectors of the Spanish economy from 2023 to 2024, majorly in renewable energy and digital infrastructure, with significant stakes in real estate and hospitality. GIC of Singapore and ADIA of Abu Dhabi led in the hotel sector, signaling Spain's global appeal. Tourism recovery post-pandemic saw hotel investment in Spain hit €4.25 billion in 2023, selling 171 hotels and 21,748 rooms. SWFs, particularly GIC and ADIA, executed major transactions, with ADIA acquiring 17 hotels for about €600 million and partnering with Meliá Hotels International for a joint venture valued at €1 billion. GIC bought a 35% stake in Hotel Investment Partners from Blackstone, holding a portfolio of 72 hotels.

🏨 Hotel Investment Partners (HIP), managed by Blackstone and GIC, expands its Greek portfolio with three hotels in Athens, Rhodes, and Halkidiki, totaling 10 properties and 2,641 rooms in Greece. The Grand Hyatt Athens, recently renovated in 2023, offers 548 rooms, 56 suites, a spa, gym, four pools, and MICE facilities measuring 4,435 m2, including 30 meeting rooms and a ballroom for 2,550 guests. The Sunprime Miramare Beach in Rhodes, a 5-star resort with 174 rooms, and the Alexander The Great Beach Hotel in Halkidiki with 208 rooms will undergo sustainability-focused renovations and repositioning, operated by Mitsis Group.