DUBLIN–(BUSINESS WIRE)–The “Spanish Hotel Market, Share, Forecast 2022-2027, Industry Trends, Size, Growth, Outlook, Impact of COVID-19, Business Analysis” report has been added to from ResearchAndMarkets.com offer.
The Spanish hotel market will reach US$18.07 billion by the end of 2027, from US$2.56 billion in 2021, growing with a CAGR of 38.5% from 2021 to 2027.
Tourism plays a vital role in the Spanish economy. The country has become one of the top tourist destinations in the world, reflecting the evolution of its hotel industry in recent years. Hotels in Spain offer a wide variety of demand generators.
Its excellent reception infrastructure and the highly professionalized tourist sector, in general, have made Spain one of the most important tourist destinations in the world. According to our research, Spain has welcomed more than 80 million international tourists per year in the last years 2021.
The Spanish hotel industry is expected to grow
Spain has many international and national hotel brands and hotel groups. National and international hotel chains have identified the appeal of expanding into the Spanish market, which has led to a larger chain presence in recent years.
Spain has several hotel chains: NH Hotel and Melia, Iberostar Hotels & Resorts, Riu Hotels & Resorts and Barcelo Hotel Group. Melia Hotels International, headquartered in the region of Palma de Mallorca (Balearic Islands), is the leading Spanish hotel chain in terms of turnover and number of rooms in the world.
Spanish hotel market: exponential growth of the travel and tourism industry, a key driver
The increase in the purchasing power of Spanish consumers, the growth of economies and digital innovation are fueling the growth of the tourism and travel industry, which subsequently stimulates the Spanish hotel market.
In addition, over the past two decades, international travel departures around Spain have doubled, and over the next few years this trend is expected to increase further, favoring the frequency of business and commercial hotel bookings, contributing subsequently to an increase Occupancy rate.
Spanish Luxury Hotels redistributed more growth
The Spanish hotel market is segmented into luxury, upscale, mid-range, and budget and budget hotels. The luxury categories recorded greater growth in the Spanish hotel market. Wealthy consumers mainly enjoy luxury services and hence the ever-growing affluent populations across Spain are likely to drive the market expansion.
Additionally, luxury business hotels are on the rise due to constant bookings by corporate executives at airport luxury hotels or centrally located city luxury hotels. The BLESS Hotel Madrid, Hotel Palacio de Villapanes, W Barcelona, Ritz-Carlton, Abama in Tenerife are the main Spanish luxury hotels. They offer magnificent sea views, luxurious interiors and lush gardens. It is also an excellent choice for gourmets.
Based on the ordering platform, the online hotel reservation market is constantly growing in the hospitality industry in Spain. Online hotel bookings in Spain have nearly doubled in recent years. Customer behavior in the travel industry is changing rapidly. More and more consumers book their travel on the Internet. This trend has further accelerated due to the COVID-19 pandemic.
Impact of COVID-19 on the Spanish hospitality industry
2020 has been an extremely difficult year for hospitality businesses in Spain. The application of travel restrictions by most national governments around the world has contributed to the decline of the tourism market in Spain. In any case, the hotel sector is one of the hardest hit by the COVID-19 crisis in Spain.
The temporary closure of hotels and the consequent collapse of hotel occupancy during the lockdown gave way to a scenario with asymmetric phases and limitations in geographic mobility, and some restrictions on foreign tourism. Thus, the Covid-19 pandemic has had the most detrimental impact in memory on the Spanish hotel sector, a vital pillar of the tourism industry.
In addition, the industry could see a strong rebound in demand in 2021. On the other hand, leisure travel and holiday tourism are more likely to recover than business tourism, which has been strongly affected by restrictions on international travel, controlling business expenses, and the influence of telecommuting (working from home).
The Spanish hotel market is very fragmented, with players like Melia Hotels International, Barcelo Hotel Group, NH Hotel Group, TUI Hotels & Resorts and Marriott International.
Main topics covered:
2. Research and methodology
3. Executive Summary
4. Market dynamics
4.1 Drivers of growth
5. Spanish hotel market
5.2 Number of hotels
5.3 Number of hotel rooms
5.4 ADR (average daily rent per night)
5.5 Occupancy rate
5.6 REVPAR (Per room per night)
6. Share – Analysis of hotels in Spain
6.1 Hotel Type Market Share
6.2 Hotel Type Volume Share
6.3 Ordering Platform Market Share
7. Hotel Type – Spanish Hotel Market and Volume
7.1 Luxury hotel
7.2 Upscale hotel
7.3 Mid-Range Hotel
7.4 Budget and budget hotel
8. Ordering platform – Spanish hotel market
8.1 Online hotel market
8.2 Offline Hotel Market
9. Region – Spanish hotel market
9.1.1 Number of rooms
9.1.2 Average Daily Room Rate (ADR)
9.1.3 Occupancy rate
9.1.4 Revenue per available room (RevPAR)
9.11 San Sebastian
9.12 Santiago de Compostela
10. Carriers five forces
10.2 Bargaining power of buyers
10.3 Bargaining Power of Suppliers
10.4 Degree of competition
10.5 Threat of new entrants
10.6 Threat of Substitutes
11. Business Analysis
11.2 Development of the resent
Hotels Melia International
Barcelo Hotel Group
NH Hotel Group
TUI Hotels & Resorts
For more information on this report, visit https://www.researchandmarkets.com/r/pnykv6