According the Hotel Investment Report prepared by Colliers, el urban segment ha slightly surpassed the holiday season in the first semester, breaking the historical trend with regard to hotel investment. Aaccumulates in this period 649 million euros (59%) versus the 445 million (41%) registered in investment vacation hotel.
Hotel investment has focused on prime destinations: Madrid, Barcelona, the Canary Islands, the Balearic Islands and the Costa del Sol. In total, these areas they accumulated an investment of 887 millones of euros in the first six months of the year. Madrid is the city that has received the highest volume of investment with 255 million euros, followed by Barcelona with 198 million. The city recovers, After several years, an expected investment volume for a first class tourist destinationsays the report.
According Laura Hernando, general director of the Colliers Hotels division, this trend is explained by “the opportunities that have arisen around very prime assets, many of them located in the most touristy areas of the two main cities in the country” but he comments that, facing the end of the year, it is possible that the holiday sector will regain its leadership.
Hotel investment has closed the first half of the year with a total accumulated volume of 1,094 million, distributed in 52 hotel operations. In this period, a total of 43 hotels and 6,715 rooms were transacted in Spain (weighted by the percentage of acquisition); and another 9 assets including land for the development of hotels and buildings for their conversion.
In the first semester, the total volume of investmenton has exceededinvestment levels prepandemia. The investors have resumed their commitment to the hotel sector allocating 394 million euros more and eyou are market than in the same period of 2019 (700 million euros). It also exceeds the total investments registered in 2020, on the context of the Covid-19 pandemic, that was closed with a cumulative total of 955 million euros.
LCash pressure on hotel chains has made them the most active sellers in the market so far this year, registering 31 operations (4,946 rooms) for approximately 670 million euros, which represents 61% of the total investment accumulated during the first half of the year.
Colliers’ semi-annual report notes that the reason This strong growth has been the liquidity crisis of the hotel chains, which have had to put assets up for sale to attract resources.
The director stressed that “the existence of historically high levels of available liquidity has been coupled with great pressure from funds to invest after 15 months of drought and the absolute need for many hotel chains to divest assets as a way to cover the significant liquidity gap generated by the coronavirus “.
Prospects for the second semester
According to Hernando, the investment activity observed to date “is only the tip of the iceberg, since investment appetite is at record highs after months of drought from the buying side and liquidity levels, extremely high, do not do more. to increase buying pressure ”. Add what, “sTo this situation we add the long-awaited reopening of bank financing, all the elements make us foresee a closing of the year at levels already close to those reached before the pandemy”.