Madrid’s hotel occupancy has witnessed a significant year-over-year growth of 5.6%, marking a robust recovery in the city’s tourism and hospitality sector. In November 2023, the number of tourists staying in Madrid’s hotels reached 841,894, a clear indication of the sector’s upward trajectory.
This increase in hotel occupancy is not just a standalone figure; it reflects a broader trend in the city’s appeal as a tourist destination. Over the past twelve months, overnight stays in Madrid have surged to 19,886,980, an 11.8% increase compared to the previous year. This growth outpaces the national average for Spain, which stands at 9.1%.
The rise in tourism is further underscored by the total number of travelers visiting Madrid. The cumulative count for the last year reached 9,802,975, representing a 14.9% increase year-over-year. This growth rate notably surpasses the overall Spanish figure, which saw a 9.6% increase in the same period. Interestingly, the number of non-resident travelers in Spain increased by 15.8%, while the count of resident travelers experienced a decline of 3.5%.
Another positive development for Madrid’s hospitality sector is the increase in the number of operational establishments. In November, the city saw an addition of 25 new establishments compared to the same month last year, bringing the total to 861. However, it’s worth noting that the available accommodation spaces slightly decreased by 0.4% year-over-year, totaling 90,042 places.
The hotel occupancy rate in Madrid has improved significantly, with a 3.6-point increase from the previous year, reaching 61.2%. Room occupancy saw an even greater rise, jumping 4.3 points to 78.4%. This growth is a testament to Madrid’s enduring appeal and the successful efforts of the city’s tourism sector to attract visitors.
Employment in the hotel industry has also seen a positive trend, growing by 5% year-over-year, with a total of 12,823 workers now employed in this sector. On an average annual basis, employment in the sector has increased by 11.6%, reflecting the industry’s recovery and expansion.
In conclusion, Madrid’s hotel occupancy rate’s 5.6% year-over-year growth is a clear indicator of the city’s thriving tourism industry. The increase in the number of tourists, both domestic and international, coupled with the rise in employment in the sector, paints a promising picture for Madrid’s hospitality industry. As the city continues to attract visitors with its unique blend of cultural heritage, vibrant nightlife, and culinary delights, the future looks bright for Madrid’s tourism and hotel sectors.
