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Hotels Will Need to Invest €8.2 Billion to Compete After the Pandemic

The Spanish hotel sector will require investment of 5.2 billion euros to complete the developments underway and 3 billion euros to renovate the existing stock.

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The hotel sector should allocate 8.2 billion euros to investment over the medium term to promote the competitiveness of its accommodation and for Spain to position itself as a quality tourist destination once more following the Covid-19 crisis.

In this way, 3 billion euros will be needed to renovate properties and ensure that accommodation in Spain is in a healthy and sustainable state. The average age of the hotels in the country is 9.5 years and a hotel is considered to be in optimal condition during the first five years following its opening or most recent renovation, according to data from Deloitte reported by Expansión.

Read the full article in Spanish.

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