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  "documentTitle": "The Hotel Property Handbook 4.0 Investment & Financing Keys",
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      "text": "Spain's activity ratio is still below it's peers.",
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      "text": "There is an increasing appetite for both hotel development and refurbishment in Spain. Hotel properties projected pipeline from 2019 YTD to 2026, accounts for 242 hotels and c. 47,241 rooms. Based on the different types of works projected as at 2019YTD we estimate c.€5,117m CapEx investment. New Openings: c. €3,580m. Refurbishments: c. €1,537m. The strong commitment with refurbishments during 2015-2018 is expected to be counterbalanced by an increasing interest in full repositioning and new hotel projects for 2019-2026.",
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      "text": "Our CapEx investment approach has estimated based on the future hotel pipeline. The projected pipeline comprises: New projects, Use-change, total and partial refurbishment, upgrade, rebranding and minor refurbishments.",
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      "text": "Source: Deloitte",
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      "text": "#1 Deloitte Growth Driver: Who is playing the development game?",
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