Communiqués de presse

Christie & Co, Conseil en immobilier leader en Europe vient de publier l'édition 2017 des villes espagnoles les plus compétitives (en anglais)

Following their strategy of sharing useful information with the market by means of reports on relevant areas or cities to the tourism industry, Christie & Co now presents a new update (third year in a row) of its report "Hotel Market in Spain: Most Competitive Cities", which analyses the 2017 evolution of the hotel markets of Barcelona, San Sebastian, Madrid, Malaga, Seville, Bilbao and Valencia through its main parameters: hotel demand, offer and profitability.

According to the data of the Profitability and Employment Barometer of the Spanish Tourist Destinations 2017 published by Exceltur, the company has analysed the most competitive cities in the country which generate a greater interest among the main players in the tourism industry, that is investors and operators interested in being present in these cities.

The remarkable growth in relation to the arrival of national and international travellers in recent years continues to prove to be one of the key factors for the tourism and hotel industry recovery, consolidating these seven cities as the destinations with the highest RevPAR as far as urban destinations are concerned. It should be noted that the cities which have been analysed in the report accounted by themselves for a total of more than 53.7 million overnight stays in 2017, which represents the 15.8% of all overnight stays registered in Spain during the same period. Also, according to the report, these cities received around 24.3 million passengers in 2017 (+3.2% vs. 2016), a figure that represents more than 23.5% of the total number of travellers received throughout Spain in the whole year.

Reviewing the report, it’s seen that Barcelona is once again in the lead in terms of RevPAR, reaching the figure of 101.50 euros (increase of 5.8% over the 2016 RevPAR figures), followed by San Sebastián with 91.6 euros (+ 5.9% vs. 2016). Third position is for the city of Madrid (72.4 euros) which has recorded the largest RevPAR increase compared to the previous year, with a 14.4% rise percentage. All three cities have maintained their respective positions in the ranking for the last three years, progressively increasing their RevPAR levels. In relation to this indicator growth, Madrid, as said previously, obtains the highest increase, followed by Málaga (+12.8%), Valencia (+12.0%), Bilbao (+11.9%) and Seville (+9.5%), while San Sebastián (+5.9%) and Barcelona (+5.8%) close the list, although it needs to be noted that they both start from higher indicators than their competitors.

As for occupancy, Barcelona is the city with the highest percentage, up to 79.2% in 2017 (despite having suffered a -0.3% decrease with respect to 2016), followed by Malaga (77.8%) and Madrid (75.6%). Valencia, on the other hand, registers the lowest occupancy levels (69.8%), after Bilbao (73.6%) and San Sebastian (71.6%).

In terms of average price (ADR), San Sebastian is the city that leads the ranking, with 128.3 euros (+4.8% vs. 2016), and only one tenth ahead of Barcelona, which stands on the second place with 128.2 euros (+6.1% compared to 2016). Both are followed, at a considerable distance, by Madrid with 95.8 euros (+10.4% vs. 2016), Seville with 90.1 euros (+6.8% vs. 2016) and Malaga, with 89.7 euros in ADR, which is the city with a greater increase in average price compared to the previous year (+11.2%). The list concludes with Bilbao (84.2 euros of ADR and an increase of +9.4% compared to 2016) and Valencia (77.4 euros and +8.7% vs. 2016).

Finally, Christie & Co also reviews the pipeline of those upcoming projects that will be added to the existing hotel offer in all cities in the coming years once they have overcome the difficulties that some cities are putting to the development of new hotels. Madrid is, by far, the city with the largest number of new hotels planned (14 new projects of 5, 4, 3 and 1-star, which will be added to the 810 hotels registered in the city in 2017. Tied in second position, San Sebastian and Valencia foresee 8 new hotels. For San Sebastian, all of them will be 4-star, and will be added to the 141 existing hotels. For Valencia, the expected categories are 5 and 4-star, which will be added to the 145 hotels in operation in 2017. Barcelona is next, where the firm foresees the opening of 7 new projects (category 5, 4 and 3-star), to be added to the 650 existing hotels in the city. In Seville, 6 new projects are foreseen in the city (of categories 5 and 4-star) to increase its offer of 207 hotels. Finally, in Malaga and Bilbao, there are 5 planned projects in each city. In the case of Malaga, they will be 5 and 4-star (to add to the existing 85) and, in the case of Bilbao, 4-star, which will be added to the 67 existing hotels.

Joan Bagó, Analyst in the Christie & Co Spain & Portugal Consultancy Division, and responsible for the report, points out "The growing internationalisation of all the urban destinations analysed has generated significant increases in the average price, boosting to record levels profitability in 2017. However, domestic demand, traditionally more sensitive to price, has been affected, something that has contributed to a general stagnation in occupancy levels”.

Inmaculada Ranera, Managing Director Christie & Co Spain & Portugal, comments: "The most competitive cities in terms of profitability in Spain stand their leadership position very well. All of them, in addition to the business sector and domestic tourism, have in common the specific weight of the international visitor, which pushes these cities to have a quality hotel offer that allows them to obtain the highest ADR in urban tourism in Spain. Madrid, as capital, is the only city that, despite not having direct access or being close to the sea, resists this differential element and shows a regular growth since the end of 2014. Barcelona, despite the circumstances experienced in 2017, still leads the ranking, which shows that a tourism policy oriented to success has long-term consequences".

You can find this and other Christie & Co publications in our site: https://es.christie.com/en-gb/news-resources/publications/

Christie & Co vient de publier une présentation du marché hôtelier allemand avec une analyse des 6 villes clés du pays : Berlin, Munich, Francfort/Main, Hambourg, Cologne et Dusseldorf.

The report, which references performance data provided by STR reveals that while performance of the individual markets may differ, as a whole the German hotel market is still prospering. For the eighth consecutive year we have seen an increase in overnights registered in 2017 than in previous years. RevPAR increased by 3% and was fuelled by both occupancy and ARR growth. The top German cities have become expensive terrain and both operators and investors have started to feel comfortable with secondary and even tertiary locations. 

With more than 500 properties, the hotel market of Germany’s capital Berlin is by far the largest in Germany. While the number of properties has not changed much over the years, the number of rooms has increased by more than 9%. Several hundred of rooms are expected to come online 2018, most of which will be in the Budget & Premium Economy segments. Between 2013 and 2017, arrivals and overnights have grown by 3.6% p.a. Visitors typically spend 2.3 days in the capital – longer than in any of the other analysed cities. The Air Berlin insolvency somewhat tamed Berlin’s growth in 2017, but the year still ended with a positive RevPAR growth of 2% to €74 and an increased ARR (€96; +2.3%).

The positive fundamentals of the Munich hotel market are demonstrated by demand growth outpacing supply growth. Since 2013, arrivals and overnights have grown by 26.4% and 24.7% respectively. Foreign guests made up about half of all overnights, the most important feeder markets being the USA, the Arab states of the Persian Gulf and the United Kingdom. Since 2013, the number of hotels and B&Bs has grown by 1.5% p.a. and 65% of all guest rooms are branded. The pipeline remains full, with over 2,000 rooms to be added in both 2018 and 2019. But the new supply is not responsible for the negative performance, as occupancy dropped by just 0.4%. The reason for the decline in RevPAR (€93; -4.2%) was the low performance of March, April and June due to the lack of rotating fairs.

Frankfurt/Main’s hotel market shows an above average performance growth with a RevPAR increase of 4.2% to €85, fuelled by increase in ARR by 3.1% to €123. The number of hotels and B&Bs has grown by 0.8% in total since 2013, while the number of beds increased by 20.6%, indicating the opening of few but large hotels. With 400+ rooms each, the largest additions to supply in 2018 will include the Motel One Kornmarkt Arkaden and the Steigenberger at the central station. Arrivals and overnights have grown by 24.6% and 26.4% over the last five years. Typical for a business destination, average length of stay is continuously rather short at c. 1.7 days.

There is a continuing success story for Hamburg‘s hotel market. Hamburg was not only the best occupied city (80%) in 2017, with rate increases of almost 7%, it also achieved the highest RevPAR of the top six cities with €95. The main performance boosters were the opening of the much awaited Elbphilharmonie concert hall as well as the G20 summit, which resulted in strong ARR increases. Since 2013, the number of hotels and B&Bs has grown by 9.2% and the number of beds by 16.6% which equals almost 30 hotels and more than 8,000 rooms. In the same period the arrivals and overnights have increased by 14% and c. 18%.


With a RevPAR growth beyond 11% to €86, Cologne has outperformed the other analysed cities by far. The main reasons for the strong growth have been the countless fairs in the city with increasing visitation facing limited supply. In the last five years arrivals and overnights have grown by 21% and 23%. As a popular congress and fair destination, Cologne displays a typical seasonality pattern with demand peaks in spring and autumn. Since 2013, the number of hotels and B&Bs have grown by 3.4% and the number of beds by 13.3%. The average number of beds in hotels increases from 112 in 2013 to 122 in 2017.

With more beds and fewer hotels, the same structural change in Cologne can be observed in Dusseldorf. As such, the number of hotels and B&Bs declined by 2.8%, while bed supply grew by 7.5% in the same period. Short-term pipeline is medium and expected openings in 2018 include, amongst others, the Ruby Coco and the 25hours Hotel Das Tour. Being a MICE-driven destination, Dusseldorf reacts very sensitively to a lack of congresses and fairs. The year ended with a decline in RevPAR (€83; -1.2%) caused by a lower ARR (€118; -2.4%). Only the occupancy increased by 1.2% to 70%. 

According to Christie & Co, the German hotel market is flourishing. All key performance numbers increased. At the same time inflation returned and reached 1.8%, which is almost on track with the European Central Bank’s 2% target. It remains to be seen whether increasing inflation will slowly take the pressure off the German hotel investment market.

Lukas Hochedlinger, Managing Director Central & Northern Europe at Christie & Co comments: “To date, both national and international investors’ and brands’ interest in the market remains strong. This has resulted in record-low yields and large supply waves. But the pipelines are still full and new concepts have also been announced, including the founders of Meininger launching “Schulz Hostels” later this year in Berlin. There are new brands, new concepts and a lot motion in the German hotel market, which will make the next few years interesting.”

Patrik Hug, Senior Consultant Advisory & Valuation Services, confirms: “Operators and investors have started to feel comfortable with secondary and tertiary locations, a prime example being Novum Hospitality with its “niu” brand, which it announced a year ago. With 40 properties signed one year later, the chain was not shy signing contracts in secondary cities and suburbs and other brands, especially international hotel groups, have acted less boldly.”

L’équipe de Christie & Co continue à se renforcer avec l’arrivée d’Alexis Morcaut au poste d’Investments Associate.

Alexis aura pour mission principale de développer l’activité VEFA et reconversion de bureaux en hôtels. Il sera également amené à travailler en support sur des portefeuilles ou des single assets pour le compte de clients Corporate sur les marchés français, italiens et belges, son pays d’origine. 

Alexis est diplômé de Grenoble Ecole de Management. Depuis 2016, il était analyste chez AccorHotels dans les équipes Asset Management France avant de rejoindre les équipes développement UK à Londres.

Alexis Morcaut est rattaché directement à Romain Gowhari, Managing Director France & Belgique qui précise : « Alexis jouera un rôle de catalyseur entre les propriétaires immobiliers, les promoteurs et les groupes hôteliers. En effet, il devra s’assurer de soutenir ces acteurs immobiliers à faire émerger des projets hôteliers en leur présentant des opérateurs ou des investisseurs ciblés. 

Rigoureux et très à l’écoute du marché, Alexis fait preuve d’un esprit novateur. Il est amené à tenir un rôle clé chez Christie & Co et vient consolider l’équipe, qui apporte une expertise inégalée aux acteurs du secteur hôtelier. La gamme de nos services s’élargit et répond aux évolutions du marché qui se présente très dynamique dès ce début d’année ».