The construction and renovation of hotels in Spain, including the Canary Islands, has begun at a record pace in 2024, as operations have surged by 64.8% in the first quarter compared to the same period last year.
In total, in the first quarter of 2024, investment in hotel renovations and construction has exceeded 1.95 billion euros (622% more than at the beginning of 2023) and has been distributed across 412 hotel projects.
These figures are revealed by data analysed by the technological firm specialising in analytical solutions, DoubleTrade, which predicts an exponential increase in hotel offerings to meet the growing tourism demand across Spain.
This follows the upward trend of 2023, when hotel construction grew by 11.9%, reaching 888 projects, with 1.11 billion euros allocated for them; a 3.9% increase from the previous year, but this year it has exploded.
"The enormous activity in hotel construction and renovation at the beginning of this year is remarkable and could be the start of a record year. This business activity will attract millions of euros from foreign tourists, but it also generates enormous business opportunities for various industries and for construction companies," said Xavier Piccinini, General Manager of DoubleTrade Spain.
In terms of scale, three major hotel projects initiated in March have boosted the statistics: the high-end tourist and hotel complex named Villa Padierna Beach Resort, in Marbella, valued at 650 million euros, the renovation of a hotel in Casares for 409 million euros, and the construction of another hotel in Marbella for 200 million euros. Also noteworthy is the construction of the Hotel Torre del Puerto in Malaga, for which 105 million euros are allocated.
Another significant project initiated in 2023 is the renovation of the Hotel Rey Juan Carlos I in Barcelona, with a budget of 40 million euros, and the construction of the Hotel Lunic in Sagunto, Valencia, for which 22 million euros are allocated.
