Marbella Hotel Market Review

Marbella
Hotel
Market
Review
Research Report
Aninver Hospitality Advisors
November 2015
Market Summary
Marbella is one of the leading leisure tourism destinations in
Spain: its average daily rate (125.9 € per night in 2014) is the
highest among leisure destinations (excluding urban) and is fifth
in RevPAR (76.5 € in 2014). International tourists accounted for
77% of hotel nights sold in 2014. Hotel supply has decreased 4%
in the last five years and current new supply is quite limited and
uncertain. Given the strong levels of international demand we
foresee very good results for operators in the short term.
Visitors and overnights
Relevance of international tourists. 2005-E2015
Evolution of visitors and overnights. 2005-E2015
Overnights
Visitors
X
Avg stay (days)
Visitors (000)
4.000.000
3.000.000
2.000.000
2,879,166
2,862,224
758,205
758
4.2
3.8
1.000.000
0
62% 1,777
2,159,290
3.8
574,860
686,056
2005
+25% 2,225 77%
686
55% 415 +11% 458 67%
344
228
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 E2015
E2015
Spanish Nationals
In 2015, Marbella will once again reach the number of overnights
sold in 2005. The last decade has been tough, especially due to
cases of corruption and the radical decrease in the number of
Spanish tourists. Despite that, Marbella has been growing
strongly since 2013, with a significant extension of the average
stay. Aninver projects a growth of 13% for the number of visitors
and 12% for overnights in 2015 vs. 2014.
Overnights
(000)
2,879
2,862
1,086
2005
654
E2015
International
The number of visitors today still falls below the figures seen in
2005, however the number of international visitors has increased
11% over the past decade. International tourist overnights have
increased much more significantly (25%), representing almost four
out of five hotel nights sold in Marbella today.
Source: Aninver’s analysis of data from INE. Aninver’s forecast for 2015
Demand vs. Supply
Evolution of overnights, hotel beds and occupancy
2009-2014. Basis 100 = 2009
130
123
120
119
110
100
100
96
90
2009
2010
Overnights
2011
2012
No. Hotel beds
2013
2014
Avg Occupancy
“The weight of international tourists in overnights
has increased from 62% up to 77% in the last
decade, transforming Marbella into a much more
international destination. The reduction in hotel
supply since 2009 (-4%) has allowed existing hotels
to significantly increase their occupancy (+23% in
2009-E2015)”.
Source: Aninver’s analysis of data from INE
1 of 3
Research Report
Aninver Hospitality Advisors
November 2015
Profitability – Top Spanish Leisure destinations
ADR (€)
Marbella (Malaga)
Sitges (Barcelona)
Chiclana de la Frontera (Cadiz)
Tarifa (Cadiz)
Eivissa (Ibiza)
Sant Josep de Sa Talaia (Ibiza)
San Bartolomé de Tirajana (Las Palmas)
Estepona (Malaga)
Conil de la Frontera (Cadiz)
Santa Eulalia des Rius (Ibiza)
Occupancy (%)
Yaiza (Lanzarote)
Arona (Tenerife)
Adeje (Tenerife)
Teguise (Lanzarote)
Tías (Lanzarote)
Muro (Mallorca)
Llucmajor (Mallorca)
Mogán (Las Palmas)
Santanyi (Mallorca)
La Oliva (Fuerteventura)
125.9
113.2
108.4
108.2
107.5
102.9
97.4
97.3
95.8
94.3
2014 Figures. 3 to 5 star hotels only
88.7
87.4
86.2
86.0
85.5
84.4
83.5
82.8
82.7
82.6
RevPar (€)
Eivissa (Ibiza)
Adeje (Tenerife)
San Bartolomé de Tirajana (Las Palmas)
Sant Josep de Sa Talaia (Ibiza)
Marbella (Malaga)
La Oliva (Fuerteventura)
Arona (Tenerife)
Chiclana de la Frontera (Cadiz)
Muro (Mallorca)
Santa Eulalia des Rius (Ibiza)
84.1
80.6
79.4
78.0
76.5
75.5
74.6
74.5
74.0
71.9
Source: Aninver’s analysis of data from Exceltur
Current hotel supply
Current hotel supply in Marbella consists of 79 hotels and 16,578 hotel beds (in low-season the number of open hotels falls to 59 with
approx. 9,200 hotel beds). Over the past few years, the number of hotel beds has decreased (-4% in the period 2009-14). Main hotel chains
with presence in the city are: Playa Senator (3 hotels / 656 hotel rooms), Hoteles Globales (2/563), Fuerte Hoteles (2/489), Melia (2/422),
H10 Hotels (1/400), Roc Hotels (1/332 – new opening), Bluebay (1/315) and Marriott (1/288).
Tryp Alameda 4*
Salles Malaga Centrum 4*
San Cristobal 3*
Gran Melia Don Pepe
5*
Ibis Malaga
2*
Suite Novotel
Malaga
4*
Senator Marbella 4*
Hotel del
Golf
La Quinta 5*
Barcelo Malaga 4*
Monarque El Rodeo 3*
Tribuna Malaga 3*
Vincci Posada del Patio 5*
NH Malaga 4*
NH Marbella 4*
Amare 4*
Room Mate Larios 4*
Alanda 4*
Palacio del Sol 3*
Atarazanas
3*
Marbella Club 5*
Guadalmedina 4*
Petit Palace Plaza 4*
H10 Andalucia Plaza 4*
Marbella
Los
Monteros
5*
Alanda Club
Puente Romano 5*
Playa
Don CurroPrincesa
3*
Bluebay Banus 4*
Gallery
Molina
Larios
4*
Iberostar Coral Beach 4*
Fuerte MarbellaAC
4* Malaga Palacio 4* Vincci Estrella del Mar 5*
Room Mate
Lola
Sisu Boutique 5*
Melia Marbella
Banus
4* 4*
El Faro 3*
Don Carlos 5*
NH San
PYR Marbella
Oh Marbella Inn 3*
Pedro 3*
Park Plaza Suites
Marriott Marbella Beach 4*
Silken Puerta Malaga 4*
Guadalpin Banus 5*
Barcelo
Marbella 4*
Globales Pueblo Andaluz 3*
Globales Cortijo Blanco 3*
Guadalmina 5*
Source: Aninver’s analysis
Projects
Hotel projects and potential locations
“New supply is very limited with a high degree of
uncertainty on new and potential projects, especially
No.
Rooms
Category
Magna H&R
373
5*GL
LaBajadilla
Bluebay
200
5*GL
Guadalmina*
Unknown
178
5*
proving to be a safer investment and current levels of
hotel transactions will surely foster new operator
RocLasChapas*
Roc Hotels
330
4*
changes and major refurbishments. The development of
ExIncosol
Potential project
≈200
n/a
GuadalpinBanusland
Potential project
Unk.
n/a
Project/loca+on
Hoteloperator
ExDonMiguel
given the constant changes in urban planning
regulations. The refurbishment of existing hotels is
the “Golden Triangle” (Marbella-Estepona-Benahavis) is
presenting new development opportunities”.
* Refurbishment
Source: Aninver’s analysis
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Research Report
Aninver Hospitality Advisors
November 2015
Marbella as a luxury tourism brand
There are 16 5* and 5*GL
hotels in the Marbella area
Marbella has a long tradition of
being a luxury tourism
destination on a global scale.
The so-called “Golden Triangle”
area, comprised of the
Marbella, Estepona and
Benahavis municipalities, hosts
16 5-star and 5-star GL (“gran
lujo”) hotels. Assets such as
Finca Cortesin or Villa Padierna,
although not located in
Marbella itself, show in practice
how the “Marbella” brand is
expanding to cover a larger
territory.
Marbella Club
Melia La
Quinta
Villa
Padierna
Vincci Estrella
del Mar
H
H
Guadalpin
Banus
H
H
H
H
Finca
Cortesín
Guadalpin
H
H
H
H
H
H
H
Marbella
H
H
H
Don Carlos
Elba
Senator
Banus
Kempinski
Healthouse
Las Dunas
Puente
Romano
Melia Marbella
Banus
Los Monteros
Melia Don Pepe
Key project: new Magna Palace Hotel
Source: Magna Hotels&Resorts website
In 2012, Foundation Magna Invest, based in Luxembourg,
acquired the 550-room 5-star Don Miguel resort in
Marbella. The group is working on the refurbishment of the
asset which will open its doors as “Magna Palace 5*GL”. The
new hotel will have 300 deluxe rooms and 73 sea-view
suites. Several restaurants, a business center, a 5,000 sqm
spa, a shopping center and a new 62,000 sqm aquatic park
will complete the range of services provided by the new
complex. Construction work has yet to begin.
About us
•  Aninver Hospitality Advisors is a boutique advisory firm working for institutional investors, hotel chains and independent
hotel owners on multiple kinds of consulting assignments: strategy, international expansion/business development, asset
and project management, special projects and asset divestments.
•  We are part of Aninver InfraPPP Partners, a business advisory and market intelligence group based in Malaga but working
globally for relevant public and private clients.
•  If you are interested in discussing this market report or any potential business opportunity please contact our team.
Contacts
Jose de la Maza
Managing Partner
[email protected]
+34 639 90 63 48
Alvaro de la Maza
Partner
[email protected]
+34 661 24 97 63
Marina Ruiz
Business Analyst
[email protected]
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OFFICE
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29016 (Spain)
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