MALAGA TOURISM | Malaga concentrates the main investments in hotel construction

MALAGA TOURISM | Malaga concentrates the main investments in hotel construction
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Malaga concentrates the main investments in hotel constructionIT

The industry of construction hotel company faces a record 2024 with a growth of 64.8% between January and March, reaching 412 works worth 1,958 million euros, according to data from DoubleTrade, which ensures that the region of Malaga concentrates the main investments in Spainhighlighting the construction of the Villa Padierna Beach Resort in Marbella, for which a total of 650 million will be allocated.

The execution of new works and hotel renovations faces a record 2024 after the volume of operations soared by 64.8% in the first quarter compared to the same period last year.

This trend exacerbates the evolution to the rise that characterized 2023, when hotel construction grew by 11.9%.

This is revealed by the data analyzed by the analytical solutions technology firm. DoubleTradewhich predicts an exponential increase in the hotel supply to respond to the growing tourist demand in Spain.

In total, in the first quarter of 2024 the investment for the renovation and construction of hotels has exceeded 1,958 million euros (622% more than at the beginning of 2023) and have been distributed across 412 projects in hotels.

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Historic year

If the figures recorded at the beginning of the year are replicated throughout 2024, the Spanish hotel industry would be facing a historic year both in volume of works and in the budget allocated to them.

According to DoubleTrade, this evolution would be a new milestone after last year the execution of new works and hotel renovations was exceeded by 11.9% until reaching the 888 works, for which 1,112 million euros were allocated; 3.9% more than the previous year.

“The enormous activity in the construction and renovation of hotels at the beginning of this year is notable and could be a preview of a record year,” says Xavier Piccinini, general director of DoubleTrade Spain.

Among the largest works, three large hotel projects started this March that have skyrocketed the statistics; headed by the Four Seasons hotel complex in Marbella. According to DoubleTrade reports, the Villa Padierna Group intends to build a high-end tourist and hotel complex that will be called ‘Villa Padierna Beach Resort’ and is valued at 650 million.

The Malaga coast is the main winner of this wave of investment, since the second most expensive project consists of the renovation of a hotel in Casares for 409 million, while the third work is the construction of another hotel in Marbella for 200 million. Also notable is the construction of the Torre del Puerto Hotelfor which 105 million euros are allocated.

In addition, another major work that began in 2023 is the remodeling of the Hotel Rey Juan Carlos I of Barcelonawith a budget of 40 million euros.

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