Special Market Reports Issue 42 - BARCELONA

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Special Market Reports
Issue 42 - BARCELONA
July 2015
Issue 42 - Barcelona
INTRODUCTION
Barcelona is the capital of both the province and
the autonomous community of Catalonia. With a
population of 1.6 million inhabitants, which
amounts to 5 million when including its
metropolitan area, Barcelona is the second largest
city in Spain after Madrid and the eleventh largest
city in the European Union.
With its 4.6km of beach and its singular
architecture influenced by the well-known Catalan
architect Autoni Gaudí, the city is a renowned
international tourist destination. In terms of the
number of tourist arrivals, Barcelona is the fifth
most visited city in Europe after London, Paris,
Berlin and Rome, and ranks within the top ten most
visited cities of the world.
Source: Ministerio de Fomento
Currently 73% of the passenger arrivals at the El
Prat airport are international, with the EU countries
being the major emitters.
Airport Connections
Barcelona’s airport - El Prat, located 15km away from
the city center, is the second largest airport in Spain
and the ninth largest airport in Europe in terms of
passengers. In 2009, the airport completed an
expansion project and built the new terminal T1
(500,000 m2), which gave the airport the needed
infrastructures and capacities to become one of the
most important of the Mediterranean.
As an important European center in terms of air traffic,
the El Prat airport hosts 84 airlines and operates as a
hub for Vueling, the low cost-airline. During recent
years, the airport’s passenger traffic has been
continuously increasing.
Railway Connections - Ave
Barcelona has several conventional and highspeed railway connections, which link the Catalan
capital with several major cities in Spain such as
Madrid, Lleida, Murcia, Sevilla, among others, as
well as foreign cities such as Paris (the BarcelonaParis route has been operating since December
2013 in collaboration with TGV).
The following chart shows the evolution of passenger
traffic for the last seven years. We notice a decline in
the number of national arrivals since 2011, due to the
consequences of the economic crisis and to the
growing number of national tourists who choose AVE
(high-speed train) as mean of transportation.
www.horwathhtl.com
TM
Maritime Connectoins - Cruise and Ferry
Regarding the number of overnight stays from 2010,
Barcelona shows a growth of 15% and a CAGR of
The port of Barcelona is one of the busiest ports in
2.8%, with 17.4 million overnight stays in 2014.
the world, with 3.5 million passengers in 2014.
During this past year, 68% of the passengers that
arrived to the port did so in a cruise ship.
Source: Instituto Nacional de Estadística
Barcelona has a high and consistent occupation
throughout the year. The seasonality in the city is
DEMAND
mainly influenced by international demand, which
reaches its maximum level during the summer months.
Barcelona has registered an increasing tendency
concerning demand since the 1992 Olympic
Games. The Catalan capital has registered more
than 7.8 million tourists (+4% more than in 2013)
in 2014, and has been confirmed as the most visited
city in Spain. National demand represents now one
fifth of the total market (+6.6% compared to 2013).
Analyzing the countries of origin of foreign tourists,
France is the main source country, followed by the
UK, the US and Germany, in that order.
A factor that influences demand in a positive way, is
the important and growing role of the MICE
(Meetings, Incentives, Conferences and Exhibitions)
segment in the tourism industry of Barcelona. In
recent years, the constant increase in the number of
events being held, has helped Barcelona to rank
among the top cities in the world in terms of events
and congresses hosted.
www.horwathhtl.com
One of the major events is the Mobile World
Congress GSMA, which is held at the Fira de
Barcelona at the end of February and which results
in an increase in the number of overnight stays of
more than 8% during that month.
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SUPPLY
The hotel supply in Barcelona as of December 2014
consisted of a total of 373 hotels, 34,689 rooms and
68,036 beds.
Regarding the development of hotels by category, it is
important to emphasize the high annual growth rate
Source: Institut d'Estadística de Catalunya
of the 5 star hotel supply between 2008 and 2014
(+5.1%). During this period, the number of 5 star
hotels has increased from 19 to 27 establishments.
Most of the hotels are 4-star establishments,
representing 41% of the total supply. The sample
shows a constant annual growth rate of 4% going
from 120 hotels in 2008 to 158 presently.
When performing an analysis by hotel category, we
observe that the 5-star establishments have obtained
the greatest increase in turnover. The increase in the
occupancy rate by seven points and an increase of
more than 40€ in the average daily rate, has led to a
rise in the RevPAR greater than 37%.
Moreover, in the last two years, the 3-star segment
has suffered a slight decline in supply, reaching the
current number of 115 establishments and 8,095
rooms.
Taking into consideration the recent and future
openings planned, we can estimate that the hotel
supply will continue to expand in the 4- and 5-star
categories.
Source: Exceltur
Source: Exceltur
(*) Estimation
Source: Institut d'Estadística de Catalunya
www.horwathhtl.com
Source: Exceltur
TM
Moreover, the increase in the number of private
residences available for tourism use (some not
regulated), has affected the 3-star category, which
has suffered a decline in terms of the average daily
rate and RevPAR in the last year.
HOTEL AREAS
Barcelona consists of three main areas: the main
area, the secondary area and the new
construction area.
MAIN AREA: Ciutat Vella and central
area of Eixample
In this area we find the main tourist attractions, as well
as the main commerce and business centers. It is the
most popular area for tourists and investors, and
experiences high occupancy rates with a favorable
impact on profitability.
Unlike most European cities, the hospitality sector in
Barcelona is characterized by a strong presence of
independent hotels and national chains of small and
medium size that together represent 94% of the hotel
market. The remaining hotels (6%) belong to
international chains, as can be observed in the
following chart.
Some of the main streets within the area are Paseo de
Gracia, Avenida Diagonal and Rambla de Cataluña. It
also includes some of the main areas of the city center,
as well as traditional touristic neighborhoods such as
the Barrio Gótico.
SECONDARY AREA: Gracia, Les Corts
and peripheral areas of Eixample
The secondary area includes residential and business
districts, as well as commercial hubs. It is not well
connected to the historical center and it is outside of
the usual touristic route.
NEW CONSTRUCTION AREA: Sant
Martí, Sants-Montjuic
Source: Horwath HTL
The leading national operators are Catalonia Hotels &
Resorts, Grupo Hotusa, NH Hotels and H10. In this
matter, Barcelona has become one of the most
attractive destinations for international brands.
This area covers zones and surroundings such
as the 22@ neighborhood (considered as the
future technological district), the new poles of
development and the municipalities such as
Hospitalet de Llobregat.
www.horwathhtl.com
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Eixample is, by far, the district that has experienced
the highest number of openings in the analyzed
period, registering 8 openings from the 12 analyzed:
Source: Horwath HTL
Currently, the international groups with greater
presence in the Catalan capital are Marriott (under
the brands AC Hotels, Ritz Carlton, Renaissance and
Autograph Collection, with the recently oppened
Cotton House Hotel), and the French chain Accor,
with most of the supply under the brands Mercure,
Novotel and Ibis.
We can see in the chart below the international
operators who are already present in the city with 4and 5-star hotels, as well as serviced apartments.
Source: Horwath HTL
Analyzing recent openings, we notice that three of
them are hotels belonging to international chains.
Fairmont has opened their first hotel in Barcelona (Rey
Juan Carlos I), Hilton has increased their presence with
the Hotel Alexandra, and Marriot has recently opened
their first hotel under Autograph Collection (the
Cotton House hotel).
www.horwathhtl.com
After analyzing the openings that took place during
2014 we notice that some of the hotels in the list
position themselves differently in the market,
differentiating themselves with different hotel
concepts, such as (Praktik), by an affiliation with an
international Brand like (Doubletree, Fairmont, Cotton
House), or by their design like (Catalonia, H10).
TOURIST APARTMENTS AND RESICENCES
FOR TOURISM USE
Ciutat Vella
In 2005, in the district of Ciutat Vella, the high
number of tourist apartments started attracting
the attention of local authorities and the need of
introducing regulation appeared. This lead to the
design of a Use Plan of the touristic apartments in
this district by the Barcelona City Council.
TM
It is important to distinguish the two different
CONCLUSION
kinds of tourist products: the residences for
tourism use and the tourist apartments.
On the one hand, the houses for tourism use are
apartments located in mixed-use buildings where
The tourist sector in Barcelona has suffered the
consequences of the crisis with less intensity
compared to other sectors. On the one hand, the
pace of demand growth has slowed in 2014.
there is one or more apartments being used as shortstay accommodations combined with residential
housing. On the other hand, tourist apartments are
each of the units in a building that is entirely
devoted to tourist rentals.
The Use Plan of 2013 established that both
properties could operate until July 2019. After that
date, the houses for tourism use would have to
abandon their operation and only the operation of
tourism apartments will be allowed in Ciutat Vella.
In the described period, the owners of the buildings
will have to obtain as many licenses as units owned
(apartments) to complete the transfer from houses
of tourism use into tourist apartments. If they have
not acquired all the licenses by July 2019, the right
of operation will extinguish.
In recent years, the number of illegal apartments
has proliferated mainly due to the inability to
obtain operating licenses and consequently some
establishments have been closed for acting without
a license.
In Barcelona
In October 2014, the Barcelona City Council decided
to not grant more licenses for tourist apartments in
any of the districts of the city.
The City Council has extended the suspension of
permits for this activity previously approved only in
some areas, limiting the number of tourist
apartments in Barcelona to 9,606 establishments.
In the specific case of the Ciutat Vella district, no
changes have been made and the criteria defined by
the Use Plan of 2013 is still the applicable law.
www.horwathhtl.com
On the other hand, the supply continues to grow in 4and 5-star categories; and the main challenge that
Barcelona has to manage is the number of beds,
accentuated by the accelerated growth of touristic
apartments.
The high competition in the market, particularly
between the 3- and 4-star segments, can affect
especially the independent hotels.
The high concentration of hotels, together with the
established and growing positioning of national chains
can represent an obstacle for independent hotels in
terms of positioning and differentiation.
The recent openings of unique hotels such as the H10
Plaza Cataluña, the Praktik Hotels and the Cotton
House, and the affiliation between existent hotels and
international brands through franchised agreements,
show the need to adopt differentiation factors.
The slight decrease in occupancy of 5 star hotels in
2014, after a strong increase in 2013, demonstrates a
high level of competition and technical specialization
in commercialization and distribution. The decline of
the Russian market has had an important impact,
however, in the medium term it is to be expected that
the current Euro weakness will help compensate this
decline with the growth of markets outside the Euro
area (United States, Great Britain and middle East
Countries).
All factors indicate that Barcelona is and will remain
one of the most profitable hospitality destinations,
comparable to the main European cities. The keys to
obtaining optimum results are the differentiation, the
commercialization, and the operational excellence
that should be reflected in online reviews indicators.
TM
THE AUTHOR
REINHARD WALL
Director de Asset Management
Email: [email protected]
Tel: +34 91 598 43 44
Reinhard Wall is the Asset Management Director of Horwath
HTL in Spain, Andorra and Portugal. Reinhard brings a wide
multinational experience in all the aspects of the hotel
management. Prior to his arrival in Horwath HTL, he worked
for Intercontinental Hotel Group in Europe and Latin
America. Subsequently, he took over the operational
management of an 11 hotel portfolio of Gestión T3 in Spain,
Portugal and Russia.
HORWATH HTL
Andorra
Bonaventura Armengol, 10, 4
Horwath HTL is the world’s largest consulting
organization specialized in hospitality, tourism and
leisure.
AD500, Andorra la Vella Andorra
Horwath HTL is member of Crowe Horwath
International, a professional association of
accounting and management consulting firms
founded in New York in 1915 and ranked among the
top ten international professional service groups.
Crowe Horwath International has offices closet o 700
cities in 125 countries.
Barcelona
+376 861 430
www.horwathhtl.ad
Av. Diagonal 429, 5
08036 Barcelona
Spain
+34 93 240 28 20
www.horwathhtl.es
Madrid
Paseo de la Castellana 130, 7
28046 Madrid
Spain
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Lisbon
Av. Miguel Bombarga 21, 3
1050-161 Lisbon
Portugal
+351 21 319 00 90
www.horwathhtl.com.pt
www.horwathhtl.com
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TM
ASIA PACIFIC
AUCKLAND, NEW ZEALAND
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EUROPE
AMSTERDAM, NETHERLANDS
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LATIN AMERICA
BUENOS AIRES, ARGENTINA
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BANGKOK, THAILAND
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ANDORRA LA VELLA, ANDORRA
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SÃO PAULO, BRAZIL
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BEIJING, CHINA
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BARCELONA, SPAIN
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MEXICO CITY, MEXICO
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HONG KONG, SAR
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BUDAPEST, HUNGARY
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DOMINICAN REPUBLIC
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JAKARTA, INDONESIA
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DUBLIN, IRELAND
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SANTIAGO, CHILE
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KUALA LUMPUR, MALAYSIA
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FRANKFURT, GERMANY
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BOGOTA, COLOMBIA
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MUMBAI, INDIA
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ISTANBUL, TURKEY
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SHANGHAI, CHINA
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LISBON, PORTUGAL
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NORTH AMERICA
ATLANTA, USA
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SINGAPORE, SINGAPORE
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LIMASSOL, CYPRUS
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CHICAGO, USA
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SYDNEY, AUSTRALIA
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LONDON, UK
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TORONTO, CANADA
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Special Market Reports Issue 42 - BARCELONA

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