Room00Hostels & Hotels, the platform specializing in hostels and boutique hotels in Spain and Portugal, expects to close the first half of 2024 with a total of 13 new openings, which translates into around 630 new rooms distributed between the two countries.
In the first quarter, the company opened four new establishments, adding around 400 new beds, resulting in a total of 128 new rooms. In Spain, the expansion has materialized with openings in the cities of Bilbao and Valencia, and in Portugal with two new establishments in Oporto.
The new presence in Porto was carried out through the acquisition of Room00 Oca Republik and Duerming Republik, which now operate as Room Select Porto and Room Select Porto Suits. These two new locations offer the public a total of 60 new, fully renovated rooms, 15 of which are suites.
The third opening in these months took place in Bilbao, with the inclusion of the Hotel Jardines with 35 updated rooms. Finally, in Valencia, the company launched its latest opening this quarter, providing 200 new beds in its 33 rooms. With these assets already in operation, there are currently three other establishments under development.
With respect to the forecasts for closing the first half of 2024, Room00Hostels & Hotels plans a significant expansion with the opening of nine additional establishments in Madrid, Cataluña and the Valencian Community.
These plans are part of an ambitious strategy that aims to generate 80 million euros in revenues by 2024. In addition, by the end of this year, Room00Hostels & Hotels is expected to have increased its number of establishments, which would mean ending the year with between 27 and 30 more establishments open, adding up to 2,500 rooms.