2022-11-03-莱坊-Spain_Hotels_Snapshot_Q3_2022_September_2022_2页_777kb

Hotels Snapshot Summary: Q3 2022

Core Content

This summary presents the key performance indicators and investment trends of the hotel sector in Spain during Q3 2022, based on data from INE and Knight Frank Research. It highlights the recovery of the sector following the impact of the COVID-19 pandemic and provides insights into market activity, price trends, and major transactions.

Key Performance Indicators

ADR (Average Daily Rate)

• Annual Growth (y-o-y): Close to 14% in September 2022.
• Average ADR for all categories: Over 107€.
• Trend: The ADR has shown a consistent upward trend since 2020, with a significant rebound in 2021 and 2022.

RevPAR (Revenue per Available Room)

• Annual Growth (y-o-y): More than 100% increase in September 2022 compared to 2021.
• National Average RevPAR: €78.9 in September 2022.
• Regional Highlights:
  • Madrid and Catalonia: Over 80% increase in RevPAR.
  • National Average: Exceeded 40% growth.
• Trend: RevPAR has experienced a strong recovery, with a notable increase from 2020 to 2021 and continued growth in 2022.

Overnight Stays

• Total Overnight Stays in Q3 2022: Approximately 125 million.
• Y-o-y Growth: Around 45% increase compared to the same period in 2021.
• Comparison to 2019: Similar to the level recorded in 2019.

Travelers

• Total Travelers in September 2022: Almost 11 million.
• Y-o-y Growth: Over 30% increase compared to September 2021.

Investment Trends

• Total Investment Volume (Year to September 2022): €2 billion, similar to the same period in the previous year.
• Q3 2022 Investment: €320 million was transacted.
• Top Investment Locations:
  • Balearic Islands: Over 50% of the total investment.
  • Andalusia: Almost 25% of the total investment.
• Average Sale Price per Room: Close to €150,000, slightly lower than previous quarters, but the average for the first nine months is comparable to the same period in 2021.
• Buyer Composition:
  • Israeli Buyers: Accounted for 70% of the investment.
  • Private Buyers: 50% of the investment.
  • Investment Funds: 45% of the investment.

Top 3 Deals in Q3 2022

1. Ibiza and Mallorca

   • Portfolio: 6 hotels, all 4-star, located on the beachfront.
   • Vendor: KKR.
   • Purchaser: Fattal Group.
   • Value: €165 million.
   • Rooms: 1,119 rooms.

2. Málaga

   • Hotel: Mett Marbella Estepona, 5-star.
   • Vendor: Mazabi.
   • Purchaser: HIP (Blackstone).
   • Value: Not disclosed.
   • Note: The hotel is planned for conversion to a 5-star property.

3. Valencia

   • Hotel: Expo Hotel Valencia, 3-star.
   • Vendor: Selenta Group.
   • Purchaser: Pictet.
   • Value: €30 million.
   • Rooms: 377 rooms.

Market Context

• Impact of COVID-19: The pandemic significantly affected the hotel sector, with market activity fluctuating. However, the sector has shown resilience and recovery, especially in 2021 and 2022.
• Uncertainty: Due to the ongoing effects of the pandemic and limited comparable data, market conditions remain subject to change. Knight Frank Research emphasizes the importance of expert advice tailored to specific needs.

Contact Information

• Capital Markets:
  • Elaine Beachill: Director of BTR, Retail & Hospitality.
    Phone: +34 600 919 016
    Email: Elaine.Beachill@es.knightfrank.com
  • Isabel Rodriguez-Legorburu: Senior Hospitality & Retail Capital Markets Consultant.
    Phone: +34 600 919 091
    Email: Isabel.Rodriguez-Legorburu@es.knightfrank.com
• Research:
  • Rosa Uriol: Head of Research.
    Phone: +34 600 919 114
    Email: RosaUriol@es.knightfrank.com

Recent Publications

• Wealth Report 2022
• Hoteles 2021-2022

These reports are available in both Spanish and English at:

• Spanish: knightfrank.es/investigacion-de-mercados
• English: knightfrank.com/research

Disclaimer

This report is for general information only and should not be relied upon for any decision-making. Knight Frank España, S.A.U. does not accept any responsibility or liability for losses or damages resulting from the use of this document. Reproduction is not permitted without prior written approval.