Corridors in shabby burgundy velvet, dark, cracked walls, nostalgic discos with broken glass mirrors, terraces with charred canopies, and wedding and communion halls with white lace. These are remnants of what was once the cream of the Galician hotel sector. A print reminiscent of the “happy 90s” and brick Spain. There was no crisis, no pandemic, no Airbnb. But everything has changed.
According to the Galician Federation of Real Estate Companies (Fegein), in the first quarter of the year, Galicia broke a historic record for the number of hotels available for sale, rent or transfer. The upbeat messages from hotel chains and regional authorities in downtown Xacobeo contrast with the sector's performance, with the region becoming the sixth community to have more hotels hung a “for sale” sign on their doors recently, Idealista points out. The platform is selling 44 Galician hotels ready to move into new hands, compared to 27 announced just a year ago. “The impact of the pandemic is still being felt in the hospitality sector. While the tourism sector seems to be enjoying a better summer than registered in 2020, the number of hotels for sale on the platform at the beginning of this August is 30% higher than a year ago.”
Real estate is concentrated on the coast, especially in Pontevedra, where the number of complexes has increased from 14 to 29, becoming the eighth province in Spain where the number of hotels for sale has grown the most, behind a few places such as the Balearic Islands, Barcelona or Malaga.
A Coruña remains stable with seven complexes for sale. They are followed by Lugo (5) and Ourense (3). However, the country's major hotel chains are also dumping buildings in a more cautious manner so as not to harm their image.