Claire Wilson
SPANISH hotels and resorts are top of the buy list for one of the world’s biggest investors in real estate.
Apollo Global Management, a private equity firm, could invest a total €3 billion in Spain over the next three to five years.
It is currently in talks to buy a group of hotels, and aims to create a pan-Europe hotel group with Spain as a key component.
The tourism industry is widely being touted as a key escape route from economic turmoil in the country.
Roger Orf, head of European real estate at the firm, said the lodging industry needs capital, and as room rates can go up quickly over ensuing years such investments are attractive for investors.
What a joke,
tourism is only important to the Med coast – it means zero in the rest of Spain and most certainly will do little to cure Spain’s bankrupt economic situation.
There has been a steady growth in tourism away from the coast.
I’ve been reading everywhere that Spain is now undergoing an economic recovery. ‘happy for Spain.
Christine,
do you know what percentage of GDP tourism represents?
Christine, not form my experience and all those we speak to. They have the soup kitchens away from the coast.
Gentlemen, I was responding to the comment, tourism is only important to the coast, which is not true.
All tourism wherever it is accounts for less than 16% of Spanish GDP. So many expats who only live on or near the Med coast don’t even seem to know the rest of Spain exists at all.
Pais Vasco and Cataluyna are what keep Spain afloat, when they have got back their independance, both countries being invaded by alien Castillanos, the rest of Spain will collapse.