Hotels saw sales plummet in 2020, as the state of emergency in Spain resulted in the closure of international borders and almost all lodging establishments for tourists. In 2021, hotels is expected to see a strong rebound in current value terms, offsetting some of the decline the previous year.
According to trade sources, the offer in short-term rentals reduced by at least 30% in 2020 due to COVID-19. According to the latest available data, provided by the Statistical Institute and Tourism Office of Madrid, the offer in short-term rentals in Madrid and Barcelona has been reduced by 40%.
Lodging located outside cities is set to recover faster than that in urban areas. Urban lodging will take longer to come back to normal occupancy rates as business travel is going to be affected more in the long-term, as due to the pandemic companies are realising that they can conduct much of their business online.
Once inbound travel accelerates, hotels, which accounts for the highest share of sales within lodging, is set to see the fastest growth, with current value sales returning to their pre-pandemic level in 2024. Short-term rentals is also expected to recover to its 2019 sales in 2024, whilst other lodging is not set to achieve this target even by the end of the forecast period, as although campsites and hostels will recover sooner, the recovery of other types of lodging is set to extend beyond 2026.
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Understand the latest market trends and future growth opportunities for the Lodging industry in Spain with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Lodging research and analysis database.
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