BARCELONA, SPAIN- Barcelona and Madrids hotel markets remain strong in 2000, with renewed vigor in Madrid, according to a report by Jones Lang LaSalle Hotels. After phenomenal growth in 1999, many predicted an end to the good times enjoyed by Spains two most important hotel markets. However, these markets continue to enjoy growth. Barcelona, which ranked among Europes strongest growth markets during the past several years, posted a massive 22.7% increase in room yield during the first six months of the year. According to Arthur de Haast, managing director, Europe, at Jones Lang LaSalle Hotels, “The citys booming convention market has been the strongest driver of room yield.” However, new supply lurks in Barcelona 1,347 rooms are currently under construction and 3,793 additional rooms are planned to open by 2003. In Madrid, occupancy levels this year rose above 80% for the first time since the Spanish recession. Combined with strong average room rate growth, room yield reached US$118 during the first six months of 2000, an 18.5% increase over the same period last year. (8/24/00)
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