Deal Climate is Still Hot

On the heels of a record 2005 where we witnessed over $17.1 billion in upscale and luxury lodging transactions, 2006 has already surpassed that level, reaching $17.4 billion through the first three quarters. While fewer assets have changed hands this year, the price per room has increased significantly, rising 70% year over year through the third quarter.

High profit levels and a rosy outlook for the next two to three years, coupled with the glut of funds targeting the lodging industry, have produced a record level of deal volume in the upscale and luxury lodging sectors over the past twelve months. During the period, over $22.5 billion in transactions occurred. The average price per room over the trailing twelve months was $239,000, a sizeable jump from the $169,000 level achieved in 2005.

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When visiting Barcelona, staying in a hotel is the first thing most people think of. However, there are other options which often make more sense. Firstly, they generally offer more privacy than a hotel – you can come and go as you please without having to leave your keys with a concierge.

Most apartments come fully furnished, including a full kitchen. This enables you to dramatically cut down on costs by preparing some of your meals in your Barcelona apartment, perhaps using ingredients from one of the great food markets, to be found in most neighbourhoods. Many have a terrace, so you can while away a pleasant evening with a bottle of wine, eating “al fresco”.

If you are travelling as a family or a group to Barcelona, the cost per person per night for your vacation rental can be significantly less than in a hotel. There are also usually discounts for stays of 7 nights or more. It can work out even cheaper if some of your group do not mind sleeping in a sofa bed.

When searching for vacation rentals in Barcelona, it is best to used an established agency rather than direct with the owner, as there are horror stories of people being scammed or left stranded, or put in low quality accommodation far from the city center. With an agency you have a lot more security and you will have someone to turn to should there be a problem. There are some good vacation rental agencies in Barcelona that have been around for a few years, and generally offer good service, with high quality, well maintained apartments and dedicated check in service.

Booking your vacation online is simple, the best sites have up to date availability, and you are able to book directly online, paying a deposit with your credit/debit card. The rest is usually payable on arrival, with an additional refundable security deposit to cover any damage.

The location of your vacation rental in Barcelona is important. The most popular areas to stay are around the Ramblas – the Gothic quarter and el Raval. Here, you are close to most of the tourist attractions and well connected to the rest of the city and to the airport. However, the center of Barcelona can get very busy and crowded in peak season, with some noise at night. If you are looking for something a little quieter, try the Eixample areas, Gracia and el Borne.

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