Recently, in UTANDE Real Estate Consultants, we were on the cover of idealista with one of the great hotels that we market since 2022. It is a 4-star hotel on the road to Leganés, just 14 minutes from Puerta de Atocha.
We know that, since 2018, the Gran Via in Madrid renewed its hotel offer and began to bet on luxury. By creating a greater commercial offer, the houses in the area have been revalued.
The OCU tells us that, “Madrid’s Gran Vía has undergone a profound transformation in recent years that has been especially noticeable in its hotel offer. The 1,360 meters of this road connecting Alcalá Street with Plaza de España are part of the obligatory route of most tourists visiting the Capital, welcoming more than 10 million passers-by every year”.
“The tourist attraction of the center of Madrid has boosted hotel investment in the area and while it was originally the area where large banks had their headquarters, we are now witnessing the growing presence of large international hotel chains,” explains Knight Frank.
The tourism sector has boosted investment in hotel renovations and hotels under construction throughout Spain. “Said investment was earmarked for the renovation or construction of 742 hotel establishments with a total of 127,400 rooms, which means that 17 percent of the hotel plant in Spain is new or has been modernized in this period,” according to the consulting firm Colliers.
Almost eight years ago, Ignasi Prosper, current director of the H10 Tribeca, was already saying that Madrid’s Gran Vía was destined to become a great avenue of hotels and stores, as HOSTELTUR reported, as has indeed happened. Moreover, not only the large chains, but also the medium-sized ones and other investors have also bet on the conversion of their buildings. The hotel expansion has not been limited to this central artery of the city, but has also inaugurated a new tourist axis in Plaza España, while the most traditional Madrid has become the new Golden Mile for luxury tourism. Gran Vía will now host two new establishments. According to the article published by the OCU.
Experts affirm that the arrival of large hotel chains in the luxury sector boosts the growth of new operators, investors and tourists, causing a “call effect” that offers more guarantees and security to those entering for the first time.