Juan Mestre

🇪🇸 Spain retained its position as the world's second most visited country in 2024, only behind France. Tourist numbers reached 88.5 million by November 2024, surpassing the entire year of 2023's 85 million and 2019's 83 million pre-pandemic. Despite campaigns of tourism-phobia, no Spanish destinations lost tourists; Cataluña attracted 18.8 million (up 9.9%), Baleares exceeded 15 million (up 6.1%), and Canarias approached 14 million (up 9.6%) visitors. Canarias' anti-tourism protests dwindled with no events since October.

🏨 In 2025, a significant recovery is expected with purchases in tourism and light shed on Air Europa's scandal involving Koldo, Aldama, and Ábalos. Air Europa's rescue investigation may reveal dealings with the Spanish government, including Begoña Gómez, Pedro Sánchez's wife. New York's Certares is considering acquisitions in Spain's fragmented travel industry, targeting groups like Ávoris and Viajes El Corte Inglés. Volotea faces a critical 2025 with a negative working capital of -€240.18 million, worsening from -€135.18 million in 2022. Portugal plans to fully privatize TAP in 2025, with interest from Iberia and Lufthansa's parent companies. Hotelbeds aims for an IPO before summer 2025 after debt reduction. Ávoris is nearing purchases of Dit Gestión and negotiating with CDV. Airbnb, under legal pressure, may stop listing illegal offerings. Travel Live (formerly Nautalia) enters 2025 debt-free, returning €85 million in aid. W2M seeks growth by expanding in the Caribbean and Latin America. Meliá and Riu anticipate new openings, with Hyatt eyeing Playa Resorts. Multiple hotel portfolios, valued at €250-300 million, await buyers, including Apollo and CBRE IM's assets.