Taylor Swift is going to revolutionize Madrid with the two concerts she is going to offer on May 29 and 30 at the Santiago Bernabéu stadium. With all the tickets sold and with more than 130,000 confirmed attendees, hotel chains, bars and restaurants, both in the area near the Real Madrid stadium and in other neighborhoods, are rubbing their hands with the cash they are going to make in those 48 hours .
The injection to the Madrid economy is going to be much higher than that received in other mass events. And the main beneficiary will be the hotel industry, which before the two concerts is already experiencing the sweetest moment in its history, with reservations and prices at historic highs. The Madrid Hotel Business Association (AEHM) estimates that the hotels’ income on those two nights could be close to 20 million euros, which represents profits of 7,000 euros per minute, with average rates that could triple or quadruple normal prices. “These large-scale concerts have a significant impact on the Madrid hotel sector. Not only do they guarantee high occupancy for our hotels, but they also drive economic growth by energizing sectors such as restaurants, commerce and transportation, generating employment and thus strengthening the local economy,” highlights Mar de Miguel, executive vice president of AEHM.
A good example is Minor Hotels Europe & Americas (former NH), which has 23 hotels in the Madrid capital. Some of them, like the NH Collection Madrid Eurobuilding or the NH Madrid Paseo de la Habana, a few meters from the stadium. “The growth in hotel occupancy so far in May is 22%. Coinciding with the two Taylor Swift concerts, the increase is 50%. As it is Wednesday and Thursday, the expected demand would be for corporate and business tourism, so it seems evident that the increase is mainly due to concerts,” the company emphasizes. These same sources emphasize that this positive impact is not only limited to Madrid, since the singer is also going to perform in July in Amsterdam, Milan or Munich, cities in which the company also has assets.
Hotels far from the Bernabéu area are also benefiting from the Taylor Swift phenomenon. ANDThis is the case of the Balearic Palladium, with three assets (one from the Bless brand and two from Only You), which confirms occupancy rates that are around 80% for the days of the concert. “These are very positive figures that demonstrate the tourist relevance of Madrid as a cultural destination and that place the capital as a musical benchmark thanks to the hosting of important events like this one. Without a doubt, we believe that the organization of concerts at the New Bernabéu Stadium is having a positive impact on hotel occupancy in the city, which is great news,” they explain.
The footprint of concerts transcends beyond hotels and splashes into bars, restaurants, trains and road transport. The Madrid Hospitality Employer It is estimated that each concert attendee will spend on average about 20 euros per person in the hospitality establishments around the stadium. To get to Madrid, apart from air travel for foreigners, the most used modality will be transport by train and road. A report prepared by the Trainline app confirms that the number of passengers who have bought tickets to take the high-speed route from Seville has tripled, while it has doubled in the case of those from Valencia and Barcelona.
The ride-sharing platform BlaBlacar also foresees unusual business growth during the two days of the concert, with more than 20,000 car-sharing trips to Madrid during those two days. “The main places of origin are Valencia, Seville, Murcia, Granada and Zaragoza. The average price of these trips is 19 euros and the average distance traveled is 381 kilometers,” the company says.
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