Despite the disruption caused by Covid-19 and its «drastic» effects on the segment, experts consider that «Spain will recover in 2021, as one of the main tourist destinations in the world».
This optimism is mainly caused by the highly anticipated arrival of the vaccine against Covid-19, which is imminent. «Recovery expectations depend on a sanitary solution which is now very close with the announcement of a new vaccine», revealed Savills Aguirre Newman, organiser of the initiative. As soon as mobility restrictions start to be raised, the hotel segment will be able to breathe and start its path towards recovery, which is expected to arrive by the Spring/Summer of 2021.
«When we think about 2021, there is a key element which truly changes the whole scenario: the vaccine. We have already seen several vaccines about to be approved and that vaccination will start during the first half of 2021, and this, obviously, will change the entire scenario in terms of the European economies», revealed Antonio Espasa, head economist for Europe at Banco Santander.
Despite a pessimistic forecast about this year results concerning the rest of Europe, the Spanish economy is currently «perfectly positioned to generate a sustainable growth, thanks to the tax and cash packages boosted by the European Union», added Antonio Espasa.
The recovery towards 2019 levels, however, should only take place within the 2 or 3 years following the sanitary solution, which is expected for the first semester of 2021, the experts agreed.
Companies need unified financing
This path will not tread without challenges, alerted the experts at the meeting. The key for overcoming them is the management and reinforcement of the pre-existent trends, such as sustainability, environment integration and continuity of the tax aids.
In order to have a streamlined recovery, José Antonio Fernández Gallar, OHL’s vice-president and junior managing director considered that «the most important thing is to create value so as to generate interest on our investors. Besides, we should generate long-term employment and boost the economy», he added.
Although the light at the end of the tunnel can already be perceived by the hotel segment, «companies need a unified financing strategy both in the short and the long-term». The international real estate consultant directors also highlighted that, once the market is reactivated, there will be new opportunities for investors of different profiles and with a more specialised focus.