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More than 550 million euros of investment pumped into Costa del Sol hotels
Tourism

More than 550 million euros of investment pumped into Costa del Sol hotels

Malaga province is one of the top three preferred destinations on the Spanish mainland for investors in the sector, many of them foreign

Pilar Martínez

Malaga

Tuesday, 27 February 2024, 17:18

The Costa del Sol is among the top five destinations in Spain attracting the biggest spenders around the world who are looking to invest in hotels, latest research shows.

Investors poured 560 million euros into Malaga province last year, with six out of every 10 transactions carried out by foreign investors, according to a new report on hotel investment in Spain by real estate firm Colliers. That figure is similar to the previous year and represents 13.2% of the national investment in hotels, which reached 4,248 million euros.

It places the Costa del Sol as the third most preferred destination for hotel investment on mainland Spain, preceded by Madrid (601 million) and Barcelona (580 million). However, off the mainland, hotel investment on the Canary Islands exceeded 1.1 billion, while investors poured 796 million into the Balearic Islands last year.

According to Colliers' report, 21 Costa del Sol hotels changed ownership in 2023. Since 2018, the Costa del Sol has consolidated its position in the sector, attracting some 1,880 million euros in hotel investment. A period in which 82 hotel transactions have been finalised involving some 12,000 rooms. These figures, which Colliers pointed out "reflect the sustained confidence of investors in the Spanish hotel market and underline the strategic role played by the Costa del Sol in this continued growth".

The most prominent transaction was of GIC, Singapore's sovereign wealth fund, which included seven hotels in Malaga province such as the Guadalmina Spa & Golf Resort, the Meliá Marbella Estepona and the AC Malaga Palacio.

In Spain, hotel investment last year reached 4,248 million euros. A total of 171 hotels and 21,748 rooms changed hands, compared to 133 hotels and 17,754 rooms in 2022. According to Colliers' research, hotels became the most sought-after real estate assets in the Spanish market in 2023 and catapulted Spain to first place in hotel investment in Europe.

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surinenglish More than 550 million euros of investment pumped into Costa del Sol hotels