Santa Cruz de Tenerife, 14 Feb. (Europa Press) –
CaixaBank Hotels & Tourism, the business division through which the institution leads the tourism sector, provided support to the hotel industry and tourist accommodations in the Canary Islands with 473 million euros last year, representing a growth of 119% compared to the previous year.
Overall in Spain, it achieved a record 4,000 million euros in credit allocated to the sector, an increase of 40% compared to 2023, marking the highest amount of new financing that the institution has directed to the sector within a single year.
This volume of credit strengthens the growth trajectory of Hotels & Tourism in recent years, during which substantial financing figures have been recorded: 2.5 billion in 2020, 2.6 billion in 2021, 2.8 billion in 2022, leading up to 2,850 million in 2023.
Last year, CaixaBank Hotels & Tourism executed a total of 3,600 credit concession operations throughout Spain, approximately 1,000 more than the year prior, reflecting a growth of 36%, as detailed in a statement by the institution.
In the Canary Islands, the number of operations increased by 23%, totalling around 200 transactions, making it one of the regions with the highest volume of credit granted.
The majority of this new financing has been directed towards refurbishment projects for tourist accommodations; acquisition of hotels; development of initiatives focused on innovation and sustainability, as well as supporting the daily operations of companies through circulating financial products.
CaixaBank Hotels & Tourism currently manages a credit portfolio that surpassed 8.3 billion euros by the end of 2024 for the tourist accommodation sector, serving over 12,600 clients.
This positioning cements the institution as a reference point within this business segment.
Support for the sector is provided by a team comprising more than 30 specialists in the hotel market, alongside approximately 2,200 business advisors, spread across over 200 centres and offices focusing on companies and SMEs throughout all autonomous communities.
These statistics highlight CaixaBank’s confidence in the tourism industry and its firm dedication to remain a crucial pillar for these enterprises, not just via credit provision, but also by addressing their everyday requirements and backing their strategic priorities, such as the green transition.
CaixaBank Hotels & Tourism has a particular emphasis on sustainable projects, for instance, those incorporating enhancements in energy efficiency, accessibility, water management and waste, or that foster the inclusion of individuals at risk of social exclusion.
Furthermore, the entity promotes social impact initiatives accessible to sector companies, such as the ‘Reuseme’ programme, which channels excess materials from hotel companies to social organisations, or ‘Incorporates’, which facilitates access to employment for those facing social exclusion.
Hotels & Tourism has collaborations with over 40 federations and hotel associations and regularly organises meetings with entrepreneurs linked to the sector throughout Spain.
The financial institution also partakes in major international tourism fairs (Fitur, WTM, ITB); actively participates in the most significant sector events held in Spain, and is a member of the UN Tourism, the United Nations agency responsible for promoting sustainable, responsible, and accessible tourism for all.
Positive outlook for an expanding sector
The latest Sectorial Tourism Report from CaixaBank Research, released recently, presents a tourism sector that experienced robust growth in 2024 and continues to progress at a rapid pace, with no indications of cyclical slowdown.
According to official international tourism data, 93.8 million foreign visitors arrived in Spain last year, reflecting an increase of nearly 9 million, which is a 10% rise compared to 2023, fuelled by the recovery of British tourism and long-haul travel.
The contribution of domestic tourists, as per CaixaBank Research, has been less influential in this trend, as they have been moderating their travels within the country, while increasing their visits to international destinations.
Consequently, in 2024, the number of trips made abroad by residents in Spain surpassed those from 2019 for the first time.
Looking towards 2025, CaixaBank Research anticipates that the Spanish tourism sector will grow at a slightly more tempered rate, but it retains significant opportunities for further expansion.
Specifically, it is projected that the Gross Domestic Product (GDP) will increase by 3.6% in real terms in 2025, following an estimated growth of 6% in 2024, continuing to exceed the overall growth of the Spanish economy.
Thus, the tourism GDP is expected to account for 13.2% of the total economy, up from 12.9% estimated for 2024.
CaixaBank Research affirms that this growth in the tourism sector is founded on solid grounds.
Specifically, it assesses the elasticity of international tourism demand in Spain regarding the GDP of key tourist origin countries.
This analysis enables conclusions that the sector’s growth in 2025 will bolster the economic progress of the primary issuing countries, alongside sustaining the competitive pricing of the Spanish tourism sector.
