Tourism Trends

Despite growing security concerns across the continent, tourism here remains strong, with just over nine million visitors in 2016, up almost 2 percent over the previous year. Brands such as Hyatt, W and Four Seasons are set to open hotels in the next two years, while recent city-center launches include properties from the likes of OnlyYou, Melia and NH Hotels.

Monica Torres is general manager of the 83-room NH Collection Palacio de Tepa, which is housed in an 19th-century palace that was once home to the last viceroy of Spain in Mexico.“The next few years are going to be quite challenging with the gling. This summer, a revised version of the project was finally approved and when work begins late next year it will be one of the largest urban regeneration projects in Europe, with proposed funding in the region of $7 billion.

“We have studied other projects in Europe to decide which features to replicate and errors to avoid,”says a project spokesperson.“Several studies indicate that there is a lack of high-quality offices here. We want big companies to choose Madrid as their headquarters. All companies will be welcome.”Although in its early stages, the project has allocated 368 of the 662 acres to commercial use, and expects to build close to 11,000 new homes.

Invest in Madrid’s Rocio Guemes says that the Madrid Nuevo Norte development will be one of the most advanced business zones in Europe. “We are perceiving interest in the project from foreign companies and once it is launched there will be excellent opportunities for investment,”she says. Having weathered the storm, it’s clear that Madrid is now open for business. BT