Spain’s Parador hotels €7.8 million in the red despite government cash injection

SPAIN’S iconic Paradors are symbols of decadence, history and legacy, transforming some of the country’s most treasured buildings into luxury hotels.

But they have not been paying their way, ending 2014 €7.8 million in the red.

In spite of this improvement on €19.7 million the year before, it marks six consecutive years without profit.

The government injected €40 million into Paradors last year alone but overall occupation remains low at 53.5% on average.

But there is some good news: Paradors are expected to be in the black by €1 million at the end of this year.