Barcelona’s hotel market has experienced a new boost thanks to the strong interest in luxury, a haven for investors and a segment in which the city still has a long way to go. The latest operations in high-end assets have led the Catalan capital to lead investment in hotels in Spain since the beginning of the year, with between 400 and 500 million euros counting the city of Barcelona and its area of ??influence – a third part of the total -, according to preliminary data from Colliers.
The 180 million euros that Blasson and Axa have paid for the Sofia hotel and the more than 220 million that the Saudi Olayan group has paid for the Mandarin have meant that in just six months Barcelona exceeds the investment of all of 2021 (225 million of euros in seven operations). And in addition to the importance of the quantities, the movement is also indicative of Barcelona’s potential in the luxury product, which “is perceived very well”, points out Laura Hernando, Director of Hotels at Colliers.
The big international brands have always looked at Barcelona with interest, although their presence still does not correspond to the volume of foreign visitors and congressmen that moves the city, several voices in the sector agree. Now the explosive recovery of tourism and, above all, the increase in profitability that the establishments are obtaining have put the city back in the spotlight of the main hotel companies.
Circumstances begin to align. Despite the moratorium that prevents the opening of new establishments in the center and the high prices demanded by the owners, the increase in profitability is making the brands “willing to pay more for a rent”, notes Bruno Hallé, managing partner of the division Cushman hotel company
There are ongoing talks. Among the groups that have set their sights on Barcelona stand out the Emirati Sunset Hospitality, which has just opened a hotel in Marbella under its Mett brand and is looking for options in the city, say industry sources, while Hyatt has expressed its desire to grow in the capital of Catalonia with some of its most emblematic signs. In fact, Blasson and the hotel company from the United States are already working to upgrade the Sofia.
“International brands in the luxury sector do not always have it easy to enter new destinations, they are slow processes because it is difficult for them to find their project”, with suitable assets that meet all the requirements, comments Hernando on this issue.
The InterContinental de Montjuïc (former Crowne Plaza), the conversion of the Skipper into a Sofitel (Accor group) or the Sonder de Passeig de Gràcia are some of the latest additions to the luxury sector in the city. Barcelona will also have the first SLS hotel in Europe, which is scheduled to open next year in the Forum area, so that it will serve as an impetus for the destination and increase the total offer of five stars great luxury. In total, Barcelona and its area currently have 4.9% of supply in this segment.
