Costa del Sol News

Costa del Sol among the most popular for hotel investors

MALAGA has been named Spain’s fifth most popular destination for hotel investors.

The country’s hotel industry attracted 83 per cent more investment in 2017 than in 2016, at around €3.750 billion.

The Canary Islands’ hotels attracted the most investment at around 21 per cent of the market, followed by the Balearics at 18 per cent and Madrid on 17 per cent.

The news comes after Mijas Council last year granted 1,900 construction licences. The building boom saw 300 more licences granted in 2017 than in 2016, totalling €150 million worth of investment in the municipality.

Andres Ruiz, Councillor for Urbanism, explained the increase showed, “investors feel safe in Mijas.

If the pace remains the same, at the end of the year we will have a large number, and we must balance growth with respect for land and a commitment to sustainable development.” Of the figure, 300 licences were for major works and 1,600 were for minor ones.

Councillor Ruiz explained of the smaller projects, “this fact is very significant because they generate enormous activity for the self-employed and the small entrepreneur who are key to the development of the local economy.”

Earlier this year, the council announced it expects to receive around €200 million of investment from Britons buying up property locally in the next 10 years following Brexit.

The building growth also included substantial investment in Mijas’ hotel industry.

Juan Carlos Maldonado announced the council approved a building permit to refurbish luxury hotel, Byblos, with works begun after last summer.

Maldonado commented, “the deadlines are being met and, if everything continues to go to plan, once the summer season ends, this tourist attraction will have a green light to start refurbishments.”

He added, “Byblos is a year-round quality attraction which draws in crowds in the golfing sector and most importantly boosts our town’s economy and generates employment.”

The hotel is located on a plot of 50,873 square metres in the Mijas Golf urbanisation, offering sports equipment rental, a private green, hotel and small public green.

Works will include adding 300 parking spaces below ground and 230 rooms. The hotel’s spa takes up an impressive 5,293 square metres, the hotel 35,424, the private green 15,056 and the private sports area 1,915 square metres, with costs expected to reach €60 million to buy and refurbish the huge space.

The investment will involve employing 200 staff directly, and 500 others indirectly.

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