Spain stands out in post-Covid European hotel market recovery says BofA
** Bank of America Global Research says that the European hotel market benefited the most from the post-Covid global tourism recovery, noting that Southern Europe ranks even higher in that recovery
** BofA notes that Spain is the top tourism investment destination in Europe, with 25% of the total European transaction volume in 2023
** The broker says that the Spanish hotel market stands out thanks to a large supply/demand imbalance, with supply struggling to recover from Covid lows
** Demand for overnight stays increased 12% in Spain over the 2015-23 period while the number of beds only increased 7% over the same period, as the number of hotels mostly remained unchanged, says the broker
** But BofA believes supply in Spain is poised for growth with new capacity expected at +4% in number of rooms and +270 new hotels over 2024-26
** The countries that benefited the most from the strong inflow of international tourists in 2023 were Spain with 85 million, Greece with 33 million and France with 100 million, up 2%, 5% and 10% vs 2019 respectively, says BofA
Reporting by Joao Manuel Mauricio
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