Spain Hotels Resist Foreign Buyers.
27 Apr 2021, 12:24
🏨Spain Hotels Resist Foreign Buyers
📌Spain has become a magnet for foreign real estate investors, providing a great opportunity to buy resort hotels at a discount after the covid crisis has ravaged the tourism industry.
📌However, thanks to support from the government, local hoteliers are holding onto their property.
📌In an effort to save the local market, the government is aiding the industry through incentive programs and subsidies.
📌In 2020 Spain suffered an 80% drop in profits from tourism, forcing most chain and family-owned hotels to close down. It used to be the second most visited country in the world. Dozens of international real estate funds saw this as a prime opportunity to buy up the local industry at a discount.
📌Thanks to vacation programs and government-backed loans, hotels managed to survive 2020 without changing hands too much. Nonetheless, there are sellers out there.
📌Italy is going through a similar situation, where real estate investors are seeking out opportunities to renovate hotels before mass tourism comes back, which is believed to happen sometime after 2023.
📌In Greece, large hotel chains, such as Four Seasons, opened their doors ahead of time, promoting renewed investor interest in the local market. Several dozen three to four-star hotels have been foreclosed and sold off to new owners.
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