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Costa del Sol consolidates its position as a destination in Spain with high hotel profitability
Tourism

Costa del Sol consolidates its position as a destination in Spain with high hotel profitability

The latest report by the national Exceltur tourism alliance highlights Malaga as the fourth-placed city in Spain with the highest income per room last year

Pilar Martínez

Tuesday, 23 January 2024, 15:43

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Malaga city and the Costa del Sol were consolidated in 2023 as tourism destinations with high hotel profitability. In the latest report of the Alliance for Tourist Excellence (Exceltur), in which it takes stock of the tourism sector in Spain during the past year, it highlighted Malaga as the fourth-placed Spanish urban destination in which hotels register the most income per room, 108 euros, just behind of Palma, which ranks third with 108.40 euros. Barcelona leads with 135.10 euros, followed by San Sebastián, with 123.20. Exceltur pointed out that these four cities “distance themselves from the rest and demonstrate the ability to generate sustained attractions over time through the combination of urban regeneration and investment in accommodation proposals, cultural, commercial, gastronomic and event centres”.

At the end of last year the Costa del Sol closed the top ten vacation destinations in Spain with the highest hotel profitability. The list is led by Ibiza and Formentera, with 145.20 euros, followed by the coast of Barcelona, Menorca, the coast of Guipuzkoa, and the Canary Island destinations, after an excellent last quarter of the year, followed by Mallorca, with 102.20 euros, and the Costa del Sol, with 102.

The challenges of the industry will be discussed at today’s Tourist Leadership Forum that precedes the opening of the International Tourism Fair (Fitur) on Wednesday. The Exceltur report detailed that the holiday destinations of European and national demand that reveal the best expectations are the eastern costas, which expect a 12.1% increase in sales, and the Costa del Sol, with an increase of 8.5%.

The report highlighted that tourism was “the main driver of economic growth in Spain during the past year, with tourism gross domestic product (GDP) rising by 13.1% in this period, which represents 70.8% of the GDP growth of the Spanish economy in 2023, estimated by the Bank of Spain at 2.4% more”. This growth created 95,224 more jobs than in 2022 while the wages of its workers rose by 4.4%, “the highest rise of all sectors of the Spanish economy. With this, the creation of tourist employment represents 17% of the total number of jobs generated in Spain in 2023”.

Exceltur forecasts a new rise in tourism GDP in Spain this year to exceed, for the first time, 200 billion euros, which would mean an increase of 8.6% over current price levels in 2023, raising its share of GDP to 13.4% of the total Spanish economy. "If this forecast is fulfilled, tourism would contribute 41.4% of the expected real growth of the Spanish economy in 2024, thanks to an increase of 4.6%, well above the 1.6% foreseen by the Bank of Spain, in its last data of December 2023,” the Exceltur report stated.

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