Another record year for Balearics tourism. | Majorca Daily Bulletin reporter


The Balearics are forecast to lead the recovery of the hotel sector in Spain in 2023 and expects to attract 10.8 million hotel guests this year, according to the director of CBRE Hotels in Spain and Portugal, Jorge Ruiz, at the meeting organised by CaixaBank and CBRE with business people from the hotel sector in Palma.

The meeting, held at CaixaForum, brought together more than 50 business people from the sector to analyse the current situation and the outlook for 2023.

Ruiz highlighted that, of the total amount transacted in Spain in 2022, the Balearics accounted for 27 percent of the transactions, accumulating an investment of more than 800 million; or the fact that, of the Spanish tourist destinations with the highest RevPar (revenue per available room), 40 percent are located in the Balearics.

Related news

In addition, the Balearics is the second autonomous community in Spain that accumulated the most overnight stays in 2022 and the municipalities of Palma and Calvia are among the top five favourite holiday destinations in Spain.

“The Balearic market is very attractive,” said Ruiz. The consultancy firm expects the Balearics to continue to increase its demand in the coming years, given that “it has a higher level of development than other holiday destinations in Spain and will continue to improve its results in the coming years”.
According to CBRE forecasts, the ADR (average daily rate) in Spain will stand at 110 euros in 2025, while in the Balearics it is expected to be 20 percent higher, at 132 euros.

CaixaBank Research economist in charge of Tourism, Javier Ibáñez de Aldecoa, predicted a relatively positive outlook for the tourism industry in 2023, as the sector undertook price increases in 2022 to respond to high demand, which has allowed it to defend margins and prepare for cost increases to persist during 2023.

It also added that “tourism demand is resilient and still has room to grow with respect to 2022”.