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From desk to rest

Seville takes over from Barcelona, leading the ranking of cities with the largest number of ongoing hotel projects which come from the conversion of office buildings, according to the new From Desk to Rest report, published by Colliers International, which analyses a growing trend in the hotel market.

In total, 264 hotel conversion projects have been studied between 2017 and 2021, of which 54 correspond to hotel office reconversion with approximately 4,400 rooms under project.

Seville has 10 reconversions, 7 of which  will open its doors between 2020 and 2021, while Barcelona welcomed in 2018 the last projects approved before the Moratorium; In the future, only conversions outside its urban center are expected. They are followed by Madrid, Valencia, Bilbao and Málaga. The entry into the market of top-level international operators, attracted by the stable fundamentals of the tourism industry in Spain, drives these types of projects, which are usually linked to the highest hotel categories, 5 and 4 stars.

“The growing demand of hotel beds in urban centers, the tendency of banks and large companies to relocate from the most tourist areas, as well as the flexibility in adapting office buildings to tourist use, are other factors that have determined the increase of this type of conversion. ”says Miguel Vázquez, Hotels Managing Director at Colliers International. “For the owner of the office, the conversion to the hotel is a clear opportunity to create value from buildings with low performance of office use but with very attractive locations for tourist use.” - concludes Miguel Vázquez.

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Colliers International Spain

In Spain, Colliers International is synonymous with real estate and hotel sector specialisation and knowledge. It offers advice in: Corporate Finance; Capital Markets; Hotels; Residential Sales Advisory; Valuation & Consulting; and REMS & Technical Services. These services are provided with the client proximity of a local firm and the capabilities of a global leader, through a network that extends across 68 countries

 

Colliers International Inc.

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

 


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Miguel Vázquez

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Madrid

Miguel is Managing Partner of Hotels Department at Colliers International Spain. He was a founding partner of irea and Director of the Hotel Division until March 2018, when irea joined Colliers International. He is held in high regard in the hotel sector thanks to his specialist knowledge and in-depth financial approach. He focuses on offering advice to investment funds, hotel chains and hotel owners.

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