The Tourism Sector is crucial to post-pandemic recovery in the Balearic Islands and the hotel, tourist and economic situation in the Islands will be top of the agenda at the 'Open to the Future of the Hotel Sector' Conference, which will be opened today by BBVA Regional Director of Business & Corporate Banking, Carlos Rodríguez Escudero.
What is BBVA’s post-pandemic strategy for the Hotel Sector?
“The BBVA will focus on development and economic growth in Balearic Tourism and the Hotel Sector. Economic and mobility restrictions are getting back to normal and we have to support this Sector in order to recover its enormous capacity to generate wealth. After nearly two years with practically no activity at hotels, it is time to update and adapt hotel infrastructures for the recovery of tourism.”
Is BBVA making plans with the Tourism Sector?
“We have Tourism Sector specialists who are in close contact with clients to advise them on the best growth strategies and financial efficiency based on their particular characteristics.”
How key is the Tourism Industry in reactivating the Balearic economy?
“The Hotel Sector has suffered most from the crisis, but once borders are open and mobility is allowed, activity will pick up quickly and the Tourism Sector will return to pre-crisis levels. How quickly that happens depends on two factors: making sure that we are a safe country and that source markets are also safe. The Tourism Sector is key to the Balearic Islands recovering economic activity and jobs in the Hotel Sector and elsewhere."
How do you feel about the ICO credits offered to tourism companies?
“The public-private collaboration allowed Spain to provide fast liquidity support, which helped a lot of companies overcome the tensions caused by the pandemic and the lockdown and we supported this measure. The ICO funds and the ERTEs have been very effective temporary measures for maintaining employment and the productive fabric during the crisis.”
What type of financing does BBVA provide during the expansionary phase of hotel chains?
“We are accompanying our clients wherever they carry out their activity, mainly by financing the maintenance of their facilities with leasing lines and through confirming limits that allow them to make more efficient payments to suppliers."
Should the tourism industry be classified as a strategic Sector?
“The Tourism Industry is and always has been vital to the development of the Spanish economy, but there are big challenges ahead. The relaunch of tourism must be linked to value proposals related to the recovery of traveller's confidence, inclusive tourism and sustainability or digitisation. These are some of the priorities that we are making available to our clients so that the Hotel Sector continues to be the engine of the economy and a world leader in the Tourism Sector.”
What is your forecast for the evolution of tourism in 2022?
“The BBVA Research Service forecast is that the Balearic Islands will grow by 7.5% in 2021 and 8.4% in 2022, which is above the national average. The Next Generation funds that are coming will be used for investments that promote self-consumption and energy efficiency, installing charging points for electric vehicles, rehabilitating buildings and digital transformation. We have to promote the distribution of these funds and leverage investments so that companies in the Tourism Sector increase their productive capacity and become more efficient and sustainable.”
Is sustainability a key factor in positioning a tourist destination?
“BBVA believes that the way out of the Covid economic crisis must be anchored in sustainable and responsible growth. For this reason, we want to support all those companies that seek to enter the world of sustainable financing. In addition to the benefits that a sustainable hotel has on the environment, it also has a positive impact on customers and the company itself and all references that contain sustainability attributes tend to get higher ratings than others. The most frequently found indicators in guest reviews are biodiversity and sustainability.”
Tourism in Spain has been based on statistical figures, will BBVA have tochoose between quality and quantity?
“The Spanish Tourism Sector is at the forefront of adapting to its clients and has developed a wide range of hotels that allow it to seek excellence in terms of quantity and quality. Hotel facilities have taken a huge leap forward in improving both, to meet the needs and demands of tourists who want the best value for money. The real challenge for the Hotel Sector is to be at the forefront of the Sector and be the first and best option."
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