????“現在，酒店是盈利來源，辦公樓就談不上了。”巴迪亞表示。

????那么，此番投資激增對于未來幾年又意味著什么呢？像巴迪亞這樣的投資者認定，西班牙的旅游業繁榮（及其發展）將轉化為現今投資者的巨額利潤。

????“自上世紀90年代以來，西班牙旅游業就一直是持續穩定的收入源泉。”巴迪亞表示，“我們看到西班牙的旅游市場格局已經改變，隨之而來的是，受親睞的酒店類型，特別是城市地區的酒店類型也在改變。幾年前，巴塞羅那幾乎沒有國際豪華品牌酒店，如今人人都想要最好的酒店。”

????并不是所有人都這么樂觀。único Hotels的創始人及所有人波?戈丹斯認為，此番酒店投資繁榮在一定程度上是因為西班牙其他房地產板塊的投資收益不佳，以及SOCIMI法律修訂[即西班牙版的房地產信托基金（REIT）]，這吸引了數十億歐元的投資進入西班牙房地產市場。

????“（酒店）受到投資者青睞，并不意味著酒店就是極棒的投資。但它們比其他投資好。”戈丹斯表示。

????戈丹斯預計，投資激增將導致未來一些年酒店過剩，降低當前投資的盈利能力。

????“兩三年后，當所有這些投資項目都建成時，西班牙酒店市場將出現供大于求的局面。”他說，“巴塞羅那顯然是這樣，馬德里或沿海地區也可能出現這樣的狀況。”

????但戈丹斯表示，他正在馬德里尋找機會，這個地區的酒店投資少于巴塞羅那。但像巴迪亞這樣的投資者預計需求增長能趕上供應增長。

????“過去幾十年，西班牙一直都能夠消化酒店供應。即便是在危機時期，西班牙也一直吸引游客們前往。”巴迪亞說。（財富中文網）

????譯者：早稻米

????“These days, hotels are profitable sources of income, which can’t be said for offices,” says Badia.

????So, what will this investment surge mean in the coming years? Investors like Badia are betting that Spain’s tourism boom—and its evolution—will translate into large profits for those who invest now.

????“Since the 90s, tourism in Spain has been a recurring and stable source of revenue,” Badia says. “What we have seen is that the type of tourism to Spain has changed, and with it, the kind of hotels, especially in urban areas. A few years ago, in Barcelona, there were few international luxury brands, while today everyone is looking to have the best hotel in town.”

????Not everyone is so sanguine. Pau Guardans, founder and owner of único Hotels, says that much of the hotel investment boom can be traced to the poor profitability of other real estate investments in Spain, as well as revised laws for SOCIMIs (Spain’s version of REITs), which have attracted several billion euros into Spanish real estate.

????“That there is investor pressure [in hotels] doesn’t mean that hotels are great investments. But they are better than the rest,” says Guardans.

????Guardans expects the investment surge to lead to a glut of hotel space in the coming years, which would cut the profitability of investments being made today.

????“There will be more supply than demand in hotels in Spain when all these are built in two or three years,” he says. “Barcelona is a clear case. Madrid or the coast too.”

????Still, Guardans says he is looking at space in Madrid, which has seen less hotel investment than Barcelona. And investors like Badia expect demand to meet the supply.

????“Over the decades, Spain has shown that it is able to absorb the hotel supply. Even in the crisis years, tourists have continued to visit Spain,” Badia says.