Madrid will break record in its luxury hotel offer at the end of the year with more than 2,700 rooms

The capital continues to capture investor appetite and add luxury hotels that land in the most exclusive areas of the city, which has established itself in 2023 as a premium tourism destination.

According to the consultancy JLL, Madrid will exceed 2,700 luxury rooms by the end of the year (it ended 2022 with some 2,400), the highest figure in the last decade, in which this type of establishment has increased by up to 50.8%.

In addition, the transformation of the capital in recent times has allowed a rapid recovery of the luxury hotel sector, with an ADR (average price paid by customers for a room) that exceeds by 46% the levels of 2019, according to the JLL report The Evolution of Global Luxury Hospitality.

This trend of growth of the segment in Madrid is also ratified by the consultancy CBRE, which expects that around 50% of the openings of new hotels in the next five years will be concentrated mainly in the capital and some coastal areas.

Marriott Hotel, in the center of Madrid.E. M.

In this sense, the latest operations endorse Madrid as the preferred location for this type of five-star and luxury hotels. The latest to announce an opening of these characteristics has been the prestigious firm Marriott, which, after a rehabilitation process, will convert the centenary Palace hotel in Madrid into a luxury hotel under its seal The Luxury Collection. Precisely, the American hotel group opened the doors of the JW Marriott Hotel Madrid, (the first with the JW Marriott brand of Spain) in a central building owned by Millenium Hospitality in the Canalejas area, axis of what is already known as the hotel golden mile of the capital.

This Socimi, chaired by Javier Illán, is one of the companies that are attracting some of the most important international hotel firms in the world to the capital. Thus, it has already confirmed that it will bring the first Nobu to the capital, the chain of luxury hotels owned by Robert de Niro and Meir Tepper, which will be located in Alcalá 26, and will also open a five-star hotel in its building on Calle Zorrilla 19, next to the Congress of Deputies. Openings that come after the consolidation of brands such as Rosewood (Villa Magna), Ritz (Mandarin) or the Four Seasons, which will soon have a new neighbor in Canalejas: the Pescaderías Coruñesas group will establish a luxury hotel complex after rehabilitating three buildings: the Reina Victoria Theater, the Meneses Building and the Casa Allende.

Operations in the capital of Spain that are also reflected in the average expenditure of foreign tourists in the city. According to the latest data from the INE Tourism Expenditure survey, so far this year, the total expenditure of tourists exceeds 3.6 million euros, and in the last month they have spent an average of 1,615 euros per person, 48.7% more than in the rest of the communities. In fact, JLL points out in its report that Madrid has become one of the most sought-after cities in Europe due to the constant demand from leisure and business travelers, as well as the continuous growth in the number of international visitors the city receives.

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