New investors, led by Partners Group, have acquired the Hoxton Poblenou in Barcelona
Key among those tailwinds is a restriction on further hotel development in Barcelona. The city’s authorities have paid attention to complaints from local residents that their city was seeing a negative impact from too many tourist visitors.
As a result, new hotels cannot be developed, while there has also been a clamp down on short term rentals such as those listed by Airbnb. These have been blamed for creating a shortage of affordable long term rental homes in the city.
According to research by Partners, this has resulted in a compound annual growth rate in Barcelona hotel rooms, of just 1% per year, over the last decade. Set this against demand growth of 3%, and it appears that hotel operators in the city have leverage to increase rates in real terms, over the medium term.
The hotel, officially Hoxton Poblenou, opened in April 2022, after being created by the imaginative conversion of existing properties in the city district. It is within walking distance of the beach and other city landmarks such as the Sagrada Familia.
The property features 240 rooms across five different categories, including some suited to families and others designed for long stay guests. There is a rooftop bar and cafe, alongside an open air pool, all providing guests with a great place to view the city of Barcelona across its rooftops.
by Chris Bown