Paradores de Turismo de Espana S.A. - Introduction

Introduction

Requena 3
Madrid E-28013
Spain
Telephone: +34 91 516 67 00
Fax: +34 91 516 66 53
Web site: http://www.parador.es

State-Owned Company
Incorporated: 1928
Employees: 4,086
Sales: $318 million (2004 est.)
NAIC: 721110 Hotels (Except Casino Hotels) and Motels

Paradores de Turismo de Espana S.A. operates one of the world's most unique collections of hotels. Owned by the Spanish government, Paradores oversees more than 90 hotels established almost exclusively in historical locations, such as former castles, monasteries, fortresses, and the like; some of the group's sites date back as far as the ninth century. Paradores was originally formed in 1928 as a means of rescuing and restoring landmark sites in Spain, as well as helping to establish the country's tourism infrastructure, especially in noncoastal areas. Although the company operates a number of hotels on the country's coasts, Spain's primary tourism zones, the bulk of the company's hotels are situated inland. Whereas most of the company's sites are located in landmark buildings, a number of the hotels in its portfolio are modern hotels. These, however, are generally located on sites of historic interest. Paradores functions as a hotel management company; the majority of its locations are owned by Spain's National Heritage Service. The company also takes charge of the renovation and restoration of the sites, which is paid for through the site's hotel operations. Since the early 2000s, Paradores has been in an extensive restructuring and renovation of its hotels, spending more than EUR 150 million per year. The company also has continued adding new properties, including seven slated to open starting in 2005. In 2004, Paradores's revenues were expected to top EUR 350 million. Ana Isabel Marino Ortega serves as the company's chairman of the board.