Middle Eastern investors target Spanish hotel market
According to the latest research from global property advisor CBRE, hotel investment in Spain in 2015 is set to surpass the EUR 1.6 billion recorded at the peak of the previous cycle in 2006, with global investors from the Middle East, Asia and the U.S. targeting the market.
Investment into Spanish hotels in 2014 was the highest since the property crash of 2008, up 63.4% on the previous year and reaching EUR 1.09 billion. The hotel share of all commercial real estate investment subsequently increased from 5.7% to 8%.
Nick Maclean, Managing Director, CBRE Middle East, said: “Middle Eastern investors are increasingly diversifying their assets and looking beyond traditional hot markets such as London. We are already witnessing a greater amount of investment from the Middle East going into countries such as Spain, Germany and France. According to our research in 2014, Europe received a total of USD 10.2 billion of Middle East outbound capital.
Significant investment into the Spanish hotel market came from Qatar and Saudi Arabia.