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40 projects blocked by Barcelona's moratorium
The freezing of authorizations to open new hotels imposed by Barcelona's new mayor Ada Colau, has consequences on the city's hotel market, and is making the sales prices of hotels with operating licenses skyrocket and slowing new developments.
This temporary moratorium has a direct impact on Barcelona's hotel industry. In addition to boosting sales prices of properties that have operating licenses by close to 15%, the gel would also freeze the development of forty or so projects that were on hold until the administrative fog cleared, according to a study by Bric Consulting. On the whole, thirty or so were for the four and five star segments.
This figure is higher than that revealed by the town hall of Barcelona upon the announcement of the moratorium. That figure was 28, and does not take into account the projects that had not yet officially applied for a hotel operating license. This is the case for Torre Agbar and the Deutsche Bank building (read our article).
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