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CaixaBank to lend €3B to hotel sector in next 2 years

CaixaBank SA said March 14 that it will lend €3 billion to the Spanish hotel sector over the next two years after reaching an agreement with the Spanish Confederation of Hotels and Tourist Accommodation.

Through its CaixaBank Hotels & Tourism unit, which was created at the end of 2017, the bank said it would lend the money to 13,000 tourism establishments in Spain.

CaixaBank said it had lent €1.5 billion in 2017 to the hotel sector where it has 14,000 clients and €5 billion in business volume. Through its hotel unit, it plans to increase lending to the sector by 20% in 2018.