June 14th, 2024 | 4:45

Bilbao

Bilbao experiences a notable increase in hotel prices in 2024

Bilbao experiences a notable increase in hotel prices in 2024

Jeickson Sulbaran

May 21, 2024 | 1:49 p.m.

From January to March, the average daily price per room reached 91,5 euros

El hotel sector in Bilbao has experienced significant growth, standing out not only in the supply of rooms but also in the constant increase in prices for overnight stays. According to him Barometer of the Hotel Sector, prepared by STR and Cushman & Wakefield, Bilbao is positioned as the second city in the State where the average daily price (ADR) of hotels has grown the most in the first quarter of 2024 compared to the same period in 2023.

En In general terms, the average increase in cost in Spain was 11,7%, reaching 134,6 euros, with an occupancy rate of 68,5% (an increase of 4,9%).. In Bilbao, the increase was 18,8%, placing itself only behind Málaga, which leads with almost a 22% increase. This percentage reflects a price increase from 77,11 euros in the first quarter of last year to 91,59 euros in the same period of this year. In third place is the Canary Islands hotel sector with an increase of 16,7%.

Tourism and hotel activity continues to rise throughout the State

The study confirms that tourism and hotel activity continues to grow throughout the State, with exceptional results in all indicators compared to the first three months of last year. Alicante and Marbella recorded the highest percentage growth in occupancy during the first quarter of 2024 compared to 2023, with an increase of 15,3%. Bilbao and Córdoba They followed with increases of 9,4% and 8,7% respectively. Only Granada (-4%) and Balearic Islands (-1,1%) They experienced slight decreases in occupancy.

Bilbao experiences a notable increase in hotel prices in 2024

Albert Grau, partner and co-director of Cushman & Wakefield Hospitality in Spain, points out that “the evolution of the first quarter and the reserves for the summer campaign allow us to be optimistic about the 2024 financial year.”

Record revenue per available room and growing demand point to a promising year

Revenue per available room also reached record figures for a first quarter, reaching 92,1 euros, 17,1% more than the 78,7 euros in the same period last year. This growth was especially notable in destinations such as Marbella (+31,4%), Bilbao (+30%) and Alicante (+26,1%).

This report also highlighted that Bilbao led the highest growth last year compared to 2022, with an increase of 11%, followed by Córdoba (+10,7%) and Barcelona (+10%). Bruno Hallé, partner and co-director of Cushman & Wakefield Hospitality in Spain, adds that “prices may continue to increase during 2024 due to strong demand, although a moderation is likely to be observed in this quarter, without the Easter effect.” Furthermore, he highlighted that “The clear improvement in the low seasons confirms the trend to reduce seasonality in many destinations”.

El Growth of the hotel sector in Bilbao reflects a positive trend in tourism and hotel activity in the State, with significant increases in prices and occupancy. The record revenue figures per available room and the strength of demand predict a promising year for the sector, although a moderation in prices is expected in the coming quarters. The improvement in low seasons also suggests a reduction in seasonality, benefiting destinations such as Bilbao.

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