(MENAFN) A recent report has delivered an unexpected revelation for the British, as it unveils that Spain has surpassed the United Kingdom as the preferred destination for hotel investors this year. This shift comes on the heels of a string of substantial hospitality deals within the southern European country. Findings from a survey conducted by CBRE Real Estate indicate that the UK, which held the top spot in investor preference in 2017 and 2018 during previous surveys, has now slipped to second place.
Italy, France, and Greece also feature prominently among the top five destinations for deploying capital within the sector this year, as revealed by the 2024 survey encompassing insights from over 60 investors, including hotel owners, developers, and private funds.
Kenneth Hatton, the head of CBRE Hotels in Europe, noted that Spain's ascendance is fueled by record tourism figures and robust operational performance by hotel operators. He remarked that investors perceive substantial opportunities within Spain, spanning both coastal and urban cities. This sentiment was echoed in reports by the British newspaper "Financial Times."
The survey underscores a broader boom within the hospitality sector, signaling a resurgence in deal-making activity post-pandemic. Over two-thirds of the investors surveyed expressed intentions to allocate more capital towards deals within the hospitality sector, driven by positive business performance and expectations of improved lending conditions, particularly if interest rates decline.
These findings align with a series of notable transactions witnessed in Spain over the past year. Total investments in the country reached 4.1 billion euros, marking a 30 percent increase from the previous year and a striking 70 percent surge compared to 2019 figures. Spain's allure as a prime destination for hotel investors underscores its enduring appeal and promising prospects within the global hospitality landscape.
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