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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