Hotel puncture in Madrid: 70% occupancy despite Formula 1
Match Hospitality, the event's official agency, released thousands of beds it had booked two weeks ago and hotels have been unable to resell them in a scenario where rates double or triple those of last year.
The Formula 1 Grand Prix is returning to Madrid this weekend, 45 years after its last appearance. According to a study by PwC, cited by El Pais Economia, the event is expected to generate 467 million euros in revenue and create 8,850 jobs, primarily in the hospitality, transportation, and commerce sectors.
Madrid's hotel occupancy rate is 70 percent, as reported. The event is anticipated to draw over 350,000 spectators. Expansion ES reports that the new Madrid circuit, called Madring, will host its first Formula 1 race, with two Spanish drivers participating.
The event marks a significant return for Formula 1 to Madrid, with the last Grand Prix held in the city in 1981, won by Gilles Villeneuve of Ferrari.
Brief written by urgent.news from El Pais Economia, Expansion ES — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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