The Spanish luxury hotel market has experienced a boom in recent years, according to the results of study published by DBK in September 2007. In July 2007, there were a total of 250 luxury hotels, 56 more than at the end of 2004. Likewise, the number of rooms available has increased 25% in the same period, totalling 40,000.
Andalusia and the Canaries are the autonomous communities with the greatest number of luxury hotels, with 35% of the total, as well as having experienced the biggest growth between December 2004 and July 2007, with eight and nine new hotels, respectively. In July 2007, 48% of all luxury hotels, totalling 55% of all available rooms, were located on the coast, while 40% were city hotels, totalling 42% of all rooms.
As a whole, five-star hotels registered a turnover of 1,350 million euros in 2006, and an average yearly growth in turnover of 12% during the period 204-2006.
According to short- and medium-term forecasts, based on new hotel projects now being developed, the sector will continue to grow. By the end of 2008, there could be around 315 five-star hotels in Spain, with a joint turnover of 1,700 million euros.
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