The Spanish capital was one of the European cities hit the hardest by the crisis. With the brutal drop in OR, in 2009 its business segment entered a price war that was disastrous for results. But the months to come appear to mark a progressive return to business. The city’s tourism appeal –with the Prado Museum in the lead–holds strong. Madrid remains a short stay destination with a bright future that the leaders of the world’s hospitality industry are all trying to join.
How could the economic and political heart of a Spain in crisis resist the surrounding malaise? Madrid’s hotel market was logically affected –and hit hard at that– by the brutal slump in business. The RevPAR began to show signs of weakness from October 2008. “The first three quarters were excellent...
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