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CBRE: Balearic Islands Take One-Third of Spanish Hotel Investments

Even so, the average occupancy rate in the Balearic Islands stood at 35.2% of available rooms in 2020, 53.7% lower than in 2019, according to a study by CBRE.

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Despite the decline in hotel investments in Spain, which fell by 59% to €1 billion, there were still some significant transactions during the last quarter of 2020, such as the sale of the Hotel Formentor in Mallorca.

“This important operation, together with other transactions on the islands, placed the Balearic Islands as the region with the highest hotel activity in Spain, accounting for 33% of national investment,” CBRE’s report stated.

The recovery of the hotel sector in the Balearic Islands, which is closely linked to international travel, will depend on the resurgence of demand from European countries, especially Germany and the United Kingdom, which are the main drivers of tourism in the region.

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