With 83 percent lower reservations in Spain many hotels go for sale

Due to the lack of tourists, Spanish hotel owners are desperate. As a result, more and more hotels have been sold in recent months, figures from Idealista, the Spanish equivalent of Funda, show Friday.

The number of hotels in sales rose by 19 percent in October compared to the start of the COVID-19 in March. A total of 557 hotels were for sale, of which 101 were in Catalonia.

Especially in the popular Spanish seaside resorts there are many signs for sale, according to Idealista. In the Balearic Islands (known from Ibiza and Mallorca), 84 percent more hotels were offered for sale compared to March and in Andalusia it was 45 percent more.

The desire to sell is fueled by the crisis. The Spanish economy relies heavily on tourists, but they can hardly come to Spain in pandemic time. Many hotels were also forced to close by government measures.

In October, almost one in three hotels were closed, according to figures from the Spanish National Statistical Office. The number of overnight stays booked was 83 percent lower compared to October last year.