Malaga Hotel Market Review September 2015: Market Summary: The city of Malaga has become a key urban destination in Spain. RevPAR grew 16.1% in 2014 up to 51.1€ (largest growth of all major Spanish cities). The number of visitors and overnights has more than doubled in the last decade, and even tripled in the case of international tourists. Thanks to cultural tourism, the city has become a much more international urban tourism destination. New hotel supply is quite limited, helping to shape a very interesting market potential for hotel brands.

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Visitors and overnights
Throughout the last decade, the city of Malaga has been one of
the fastest-growing urban destinations in Spain. The number of
visitors and hotel nights sold has more than doubled in the
period 2005-2015(E). Aninver projects a growth of 5% for the
number of visitors and 3% for overnights in 2015 vs. 2014.
The relevant growth has been achieved mainly through a
significant increase in the number of international visitors which
has exploded from 188,000 in 2005 to a projected figure of
564,000 for 2015 (threefold). The city’s current number of
international visitors is larger than the total number of tourists ten
years ago.
Demand vs. Supply
“With the weight of international tourists in
overnights increasing from 41% up to 57% in the last
decade, the city of Malaga has become a much more
international destination. In the coming years,
Malaga will be a key city for urban hotel
development in Spain given its large market
potential and solid fundamentals”
456,494
1,087,403
972,466
2,209,542
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E
Total viajeros Total pernoctaciones
268
524 577
941188
564 395
1268
2005 E2015 2005 E2015
Spanish Nationals International
x 2.3
x 2.4
Visitors (000) Overnights
(000)
456
1,088 972
2,209
41%
Evolution of visitors and overnights. 2005-E2015 Relevance of international tourists. 2005-E2015
52% 41%
57%
100
151
113
129
90
110
130
150
170
2009 2010 2011 2012 2013 2014
Overnights No. Hotel beds Avg Occupancy
Evolution of overnights, hotel beds and occupancy
2009-2014. Base 100 = 2009
Malaga
Hotel
Market
ReviewSeptember 2015
Research Report
Aninver Hospitality Advisors
Market Summary
The city of Malaga has become a key urban destination in Spain.
RevPAR grew 16.1% in 2014 up to 51.1€ (largest growth of all
major Spanish cities). The number of visitors and overnights has
more than doubled in the last decade, and even tripled in the
case of international tourists. Thanks to cultural tourism, the city
has become a much more international urban tourism
destination. New hotel supply is quite limited, helping to shape
a very interesting market potential for hotel brands.
Source: Aninver’s analysis of data from INE
Source: Aninver’s analysis of data from INE
Visitors Overnights

2. September 2015
Research Report
Aninver Hospitality Advisors
2 of 3
Projects
Profitability 2014 Figures. 3 to 5 star hotels only
Current hotel supply
Current hotel supply consists of 104 hotels and 9,823 hotel beds.
Over the past few years, the number of hotel beds has increased
steadily (+2.4% annually in the period 2009-14). 3* and 4* hotels
represent 63% of all hotel beds. Major hotel chains with
presence in the city are: Accor (3 hotels/417 rooms), Melia
(2/329), Barcelo (1/221), AC by Marriott (1/214), Vincci (2/208),
Hoteles Monte (1/170), and NH (1/133).
Barcelona 109,6 Palma de Mallorca 75,7 Barcelona 80,7 Malaga 16,1
Madrid 79,2 Barcelona 73,6 Palma de Mallorca 58,2 Alicante 14,3
Palma de Mallorca 77,0 Malaga 71,0 Madrid 52,9 Palma de Mallorca 11,4
Sevilla 74,6 Las Palmas 67,5 Malaga 51,1 Sevilla 10,2
Bilbao 73,0 Madrid 66,8 Sevilla 46,3 Madrid 10,0
Malaga 72,0 Bilbao 63,5 Bilbao 46,3 Las Palmas 9,6
Valencia 66,5 Alicante 63,0 Las Palmas 44,5 Santiago de Compostela 9,5
Las Palmas 65,9 Sevilla 62,1 Valencia 40,6 Valencia 7,8
Alicante 63,3 Valencia 61,1 Alicante 39,8 Bilbao 4,3
Santiago de Compostela 63,3 Santiago de Compostela 45,1 Santiago de Compostela 28,5 Barcelona 1,1
ADR (€) Occupancy (%) RevPar (€) Var. RevPar 2014/13 (%)
Project/loca+on Hotel
operator
No.
Rooms
Cate-­‐
gory
Calle
Vendeja
(Hurar) Room Mate 60 4*
Palacio
Miramar Hoteles Santos 200 5*GL
Braser Vincci 137 4*
La
Equita;va Potential project 100/150 n/a
Puerto
de
Malaga Potential project 400-450 n/a
Plaza
del
Teatro Potential project 126 n/a
Hotel projects and potential locations
Vincci Posada del Patio 5*
Room Mate Larios 4*
AC Malaga Palacio 4*
Gallery Molina Larios 4*
Petit Palace Plaza 4*
Barcelo Malaga 4*
Silken Puerta Malaga 4*
Guadalmedina 4*
NH Malaga 4*
Ibis Malaga 2*
Suite Novotel Malaga 4*
Tryp Alameda 4*
Room Mate Lola 4*
Monte Malaga 4*
Tribuna Malaga 3*
Salles Malaga Centrum 4*
Don Curro 3*
Atarazanas 3*
OLD CITY
“Malaga has become a key urban destination in
Spain: fourth in RevPAR only after Barcelona, Palma
and Madrid with the largest growth in RevPAR in
2014: 16.1% . The presence of major Spanish hotel
chains is limited. There is a clear shortage of
locations suitable for large international branded
hotels. New supply will have to focus on smaller
boutique-type assets or unlock the potential of
certain selected sites”
Maestranza 4*
Parador Gibralfaro 4*
Los Naranjos 3*
Las Vegas 3*
Other hotels
East Malaga
Hilton Garden Inn 4*
Campanile 3*
Ibis aeropuerto 2*
Vincci Malaga 4*
Other hotels
West Malaga
IGH Eliseos 3*
Source: Aninver’s analysis
Source: Aninver’s analysis
Source: Aninver’s analysis of data from Exceltur

3. Contacts
3 of 3
Jose de la Maza
Managing Partner
jm@aninver.com
+34 639 90 63 48
Alvaro de la Maza
Partner
ama@aninver.com
+34 661 24 97 63
Marina Ruiz
Business Analyst
marinars@aninver.com
OFFICE
C/ Puerto 14 2-5 Malaga
29016 (Spain)
aninver@aninver.com
+34 951767973
About us
Key project: new Hotel Miramar 5*GL
Cultural tourism: a differential growth
lever
Apartments’growth shows strong
market opportunity
September 2015
Research Report
Aninver Hospitality Advisors
Currently, Malaga only boasts one five star hotel (Vincci Posada del Patio).
However, the situation will change in 2016 with the opening of the new Gran
Hotel Miramar 5 star Gran Lujo. Developed by Hoteles Santos, a family-run
Spanish hotel chain with 14 hotels in its portfolio, the hotel will help satisfy the
current deficit of hotel beds in the luxury sector. Mr Israel Martinez will be the
General Manager. With 200 rooms, exceptional common areas (meeting space,
gardens, outdoor swimming pools) and located right on the coast, the Gran
Hotel Miramar will be the most iconic hotel in the city of Malaga.
• Aninver Hospitality Advisors is a boutique advisory firm working for institutional investors, hotel chains and independent
hotel owners on multiple kinds of consulting assignments: strategy, international expansion/business development, asset
and project management, special projects and asset divestments.
• We are part of Aninver InfraPPP Partners, a business advisory and market intelligence group based in Malaga but working
globally for relevant public and private clients.
• If you are interested in discussing this market report or any potential business opportunity please contact our team.
495.417 410.568
150.747 250.000 150.000
CAC Malaga Museo Picasso Museo
Carmen
Thyssen
Centro
Pompidou
Colección
Museo Ruso
Over the past years, Malaga has clearly positioned itself as a
cultural destination. Since the opening of the Picasso
Museum in 2003, the number of museums has grown
significantly. Centro Pompidou and Museo Ruso, both
opened in 2015, are the latest additions.
18.907
23.119
28.763
40.319
137.196
Sevilla
Palma
Málaga
Madrid
Barcelona
Behind Barcelona and Madrid, Malaga holds third place in
Spain regarding the number of private beds offered on P2P
platforms (28,763 vs. almost 10,000 hotel beds). Given the
lack of supply of new hotel beds, alternative
accommodation has skyrocketed in recent years.
Number of beds in apartments/houses in P2P*
platforms
* Peer to Peer platforms: Airbnb, Wimdu, Rentalia, Homeaway, and others
Source: Exceltur’s study“Alojamiento turistico en viviendas de alquiler”(EY, Tourism&Law)
Annual attendance of Malaga’s main museums
Source: press clippings. 2014 figures for CAC, Picasso and Thyssen. Forecasted figures for first
complete year for Pompidou and Museo Ruso