The Majorcan Hotel Federation has decided to make a concerted effort to transform Majorca into a lucrative luxury destination by 2024.
Palma.—And, in order to do this, the Majorcan Hotel Federation has created a new body called Essentially Mallorca to drive this initiative forward.
The new platform already has the support and cooperation of 17 hotels, two marinas, two transport companies, eight spas, 13 restaurants and 12 attractions and the aim is to pitch and promote these products to wealthy and demanding clients.
The President of the Majorcan Hotel Federation, Aurelio Vazquez, said during the presentation of the new initiative yesterday that, over the period of the next ten years, income from luxury tourism could almost triple.
He went on to explain that, at the moment, revenue from the luxury tourism market accounts for about three percent of the total 10,000 million euros the tourism industry generates in the Balearics as a whole every year.
900 million euros
But, his aim is that, the 300 million euros luxury tourism currently generates, becomes 900 million euros, or more, within the next decade.
That said, in order to triple the income, Vazquez said that the island will have to triple what is has to offer the luxury market.
At the moment, five star hotels account for just a three to four percent share of the overall hotel sector and for the federation’s plan to work, at least ten percent of the island’s hotel sector is going to have to be dominated by luxury five star hotels.
However, Vazquez also stressed that the luxury market is not just about five star hotels.