PHUKET, 26 February 2026: A new joint report by C9 Hotelworks and Watson Farley & Williams provides a detailed examination of why Thailand continues to attract sustained international investment into its hotel and hospitality sector, even as global capital markets remain cautious and development risk rises across Asia.
The Thailand Hotel Investment Guide 2026 combines market intelligence, performance data, and legal structuring insight to position Thailand as one of the region’s most resilient and investable hospitality markets.
It highlights the continued interest in the country’s hotel market from global private equity, institutional investors, family offices, developers, and hotel operators, drawn by Thailand’s depth of tourism demand, diversified resort and urban markets, and attractive risk-adjusted returns relative to other regional destinations.
“Thailand has evolved into a highly institutionalised hospitality investment market,” said C9 Hotelworks. “International investors are increasingly focused on income-generating assets, platform strategies, and opportunities to enhance value through repositioning, rebranding, and operational optimisation rather than purely greenfield development.”
Key findings point to a shift away from trophy acquisitions toward yield-driven hotels, lifestyle resorts, and mixed-use hospitality projects, including branded residences and conversion-led opportunities. The report also examines how operating models are changing, with a growing preference for asset-light structures, third-party management, and brand affiliations that improve performance while preserving flexibility at exit.
From a legal and transactional perspective, the guide provides practical insight into how cross-border hotel investments are being structured in Thailand. Ownership frameworks, joint ventures, long-term control mechanisms, and risk allocation are analysed, providing clarity on how international investors navigate regulatory requirements and execution risk in live transactions.
“Hotel investment success in Thailand is increasingly determined by structure and governance, not just asset quality,” Watson Farley & Williams commented. “Well-advised international investors are using sophisticated joint venture and management frameworks to balance control, compliance, and long-term commercial objectives.”
Positioned within the broader context of global capital flows into Asia-Pacific hospitality, the report frames Thailand not as a short-term recovery story, but as a mature and adaptive investment platform. With established infrastructure, deep operating expertise, and a proven tourism base, Thailand continues to stand out as a core market for international investors seeking.
SINGAPORE, 26 February 2026: Airports worldwide are outperforming other industries in customer experience, with passenger satisfaction continuing to rise, according to the 2025 ASQ Customer Experience Awards announced on Tuesday by Airports Council International (ACI) World, in partnership with Gold sponsor SITA.
The results come amid continued traffic growth, with global passenger volumes reaching 9.8 billion in 2025 and projected to rise to 10.2 billion in 2026. High passenger expectations are placing increasing pressure on airports to deliver efficient, welcoming, and high-quality experiences at scale.
Best Airports for departures, Asia Pacific, 40 million passengers or more
ASQ is the only global benchmarking programme that measures passenger satisfaction while they are at the airport, when their experiences are live, providing the most accurate and timely picture of the passenger experience at each step of the journey.
Passengers are randomly selected at departure and arrival gates using a scientifically designed sampling methodology, with surveys collected across all operating hours, days, and months.
Each year, the ASQ Customer Experience Awards recognise airports worldwide that passengers have said performed best across multiple dimensions of the customer experience.
Photo credit: ACI World. Nearly 707,000 passengers surveyed worldwide, in real time.
Highlights and the latest findings
Passenger satisfaction increased globally despite continued traffic growth.
Nearly 707,000 passengers surveyed worldwide, in real time.
More than half of the world’s air travellers passed through an ASQ-rated airport.
Border and Passport Control recorded the largest satisfaction gains globally.
Airport ambience and cleanliness were the strongest drivers of overall satisfaction.
Several award categories feature more than 35% new winners.
“Airports are demonstrating that passenger satisfaction can continue to rise despite growing pressure,” said ACI World Director General Justin Erbacci. “These awards reflect the collective efforts of airport teams and stakeholders worldwide. As we celebrate the ASQ programme’s 20th Anniversary, we recognise two decades of trusted insights and recognition that have helped airports create better and more memorable journeys. Congratulations to all the ACI ASQ Customer Experience Award winners for their unwavering dedication to passenger experience.”
“Air travel is evolving at pace, with passengers expecting more seamless and rewarding experiences than ever before,” said SITA Senior Vice President of Borders, Pedro Alves.
What’s driving higher passenger satisfaction
The 2025 ASQ results show that passengers increasingly value clean, welcoming airport environments and smooth, human-centred interactions. Improvements in Border and Passport Control highlight the critical role of frontline staff in reducing stress and uncertainty at key moments of the journey. These findings align closely with insights from the ASQ 2026 Global Traveller Survey Report.
Recognising excellence worldwide
The winners announced this year represent the largest pool yet: 100 airports worldwide were recognised for excellence in passenger experience, with 195 awards presented across all categories and regions, including:
88 Best Airports at Departures
23 Best Airports: Most Dedicated Staff
26 Best Airports: Easiest Airport Journey
23 Best Airports: Most Enjoyable Airport
29 Best Airports: Cleanest Airport
6 Best Airports at Arrivals
In addition, eight airports were awarded the ACI World Director General’s Roll of Excellence, recognising their performance and consistency in delivering a high-quality passenger experience.
The 2025 ASQ Customer Experience Awards Ceremony
The 2025 ASQ Customer Experience Awards Ceremony will take place at the ACI World Airport Experience Summit in Istanbul, Türkiye, from 31 August to 4 September 2026. This prestigious annual gathering is the premier airport event dedicated to customer and employee experience. It will welcome over 800 airport executives, customer experience experts, and related professionals to learn about the latest strategies shaping the industry.
For more information on ACI World, visit: ACI World.
SEATTLE, 26 February 2026: Travellers looking to explore South America and Antarctica in 2027 and 2028 will have more opportunities with Holland America Line’s upcoming season of extended voyages.
Starting earlier than in past years, the 2027/2028 season offers additional sailings and more ways to experience the region. All itineraries are 14 days or longer and are designed to showcase iconic landmarks and remote destinations.
Photo credit: Holland America.
Nieuw Amsterdam will make her debut in South America during the season, sailing on voyages ranging up to 41 days from October 2027 through March 2028. Guests will be able to take in Antarctica’s icy landscapes, the Amazon River, the Chilean Fjords and many of South America’s most celebrated ports.
Nieuw Amsterdam debuts in South America
Nieuw Amsterdam’s arrival in South America brings added capacity and an enhanced onboard experience to the region for the 2027–2028 season. The ship replaces Oosterdam and offers guests more stateroom and suite options along with a range of popular dining and enrichment venues.
The season begins with Holland America Line’s 26‑Day Inca Coast: Mexico & Latin America Legendary Voyage, an extended journey from Vancouver, British Columbia, Canada, to San Antonio (Santiago), Chile, sailing 7 October 2027, aboard Nieuw Amsterdam. The itinerary features overnights in Manta (Quito), Ecuador, and Callao (Lima), Peru. It includes calls across California, Mexico, Guatemala, Costa Rica, Ecuador, Peru and Chile — providing rare opportunities such as crossing the Equator and visiting Machu Picchu, along with meaningful time in vibrant coastal cities.
Itinerary Highlights
28-Day Legendary Amazon Explorer (Zuiderdam, round-trip Fort Lauderdale, 6 January 2028): Sail deep into the heart of the Amazon rainforest, with overnight stays in Manaus and visits to Parintins, Alter do Chão, Santarém, Boca da Valeria and Caribbean gems like Martinique, Barbados and St. Lucia.
17-Day Inca & Panama Canal Discovery: Lima Overnight (Nieuw Amsterdam, 21 March 2028): Cruise between San Antonio (Santiago) and Fort Lauderdale, taking in the modern wonders of the Panama Canal and diving deeply into Fuerte Amador (Panama City) and Callao (Lima)’s unique cultures and distinctive local charm during overnight stays.
SINGAPORE, 26 February 2026: Zurich Cover‑More, a leading travel insurance and assistance provider and part of Zurich Insurance Group, has announced the appointment of Jon Ford as Head of Asia and Tricia Lim as Head of Commercial Operations and Delivery, Asia.
Ford, who is currently Head of Partnerships for Zurich APAC, will retain his existing role while taking on the additional responsibility of leading Zurich Cover-More’s Asia travel division.
Photo credit: Zurich Cover-More. Jon Ford as Head of Asia.
Based in Singapore, he will work with Matthew Reilly, Chief Operating Officer, Zurich APAC, and Donna Dorairajoo, Head of International, Zurich Cover‑More.
With more than 25 years of global business experience, Ford has held leadership roles across insurance, technology and consulting. He will lead Zurich Cover‑More’s sustainable growth agenda and partnership development across key Asian markets.
Previously, he was Vice President & Regional Head of Partnership Distribution with Chubb in Asia Pacific and, before that, led strategic regional partnerships for Accenture and Navitaire across Asia Pacific. He has worked with Zurich APAC since 2022.
Tricia Lim, Head of Commercial Operations and Delivery, Asia.
New Head of Commercial Operations and Delivery, Asia, Tricia Lim, will work with Ford to grow Zurich Cover-More’s travel business in Asia. She has more than 20 years of experience in the insurance and travel industry and has been with Travel Guard in Asia for the past two-plus years.
In this role, she will take on expanded responsibilities, focusing on operational excellence, regulatory compliance, and platform and partnerships delivery across the region. She will ensure the maintenance of high standards of customer service and business continuity, and the sustainable scaling of operations for future growth.
These appointments reflect Zurich Cover-More’s commitment to growing the group’s travel business in Asia following the establishment of Zurich Cover-More as Zurich Group’s global travel business in late 2024 after Zurich acquired AIG’s Travel Guard business.
Zurich Cover-More is one of the world’s largest travel insurance and assistance providers and part of Zurich Insurance Group, a leading multi-line insurer. Its family of customer-facing brands include Travel Guard, Cover-More Travel Insurance, Travelex Insurance, Universal Assistance, World Travel Protection, Freely and Blue Insurance.
HONG KONG, 26 February 2026: Cathay Pacific and HK Express carried a combined 3.3 million passengers in January 2026, an 11% increase compared with January 2025, while available seat kilometres (ASKs) increased by 14%, the Cathay Group reported in its latest traffic data for January released on Tuesday.
Cathay Chief Customer and Commercial Officer Lavinia Lau said: “As a Group, we have made a solid start to 2026 with momentum from the robust year-end travel peak sustaining into early January.
Photo credit: Cathay Group.
She added: “Our solid start to the year has continued in February. On 14 February 2026, both Cathay Pacific and the Cathay Group achieved new single-day passenger records. Cathay Pacific surpassed the 100,000 mark for the first time in its history, carrying 100,747 passengers onboard. Together with HK Express, we carried a combined total of around 128,000 passengers.”
Cathay Pacific
The airline saw robust demand in early January, driven by outbound student traffic and travellers returning from the year-end holiday season. This was followed by a strong rebound in business travel, with load factor for our premium cabins exceeding January 2025 levels. The airline also experienced a significant increase in transit traffic as it added frequencies across its network, further strengthening the connectivity of the Hong Kong international aviation hub.
“The Lunar New Year holidays in February have just passed, and we saw robust leisure traffic as customers across Asia took advantage of the extended holiday period. Looking ahead to Easter, travel demand remains robust. We anticipate bookings to accelerate as more customers book closer to their departure dates,” Lau commented on current traffic trends.
Cathay Cargo
Cathay Cargo carried 5% more cargo in January 2026 than in January 2025, while Available Freight Tonne Kilometres (AFTKs) increased by 3%.
“Looking ahead, we expect demand to pick up again in the rest of the first quarter after a softer period over the extended Lunar New Year holidays. Lau forecast.
HK Express
HK Express carried more than 710,000 passengers in January 2026, an increase of 8% year on year, while Available Seat Kilometres (ASKs) grew by 13%.
In January, HK Express continued to record passenger growth supported by solid load factors on its South Korea and Thailand routes. Looking at February and March, bookings remain healthy on the back of strong growth in travel demand to the Chinese Mainland and Southeast Asia.
“Notably, on 20 February 2026, HK Express achieved a new single-day record, surpassing 30,000 passengers carried onboard for the very first time,” Lau concluded.
SINGAPORE, 25 February 2026: Fusion Hotel Group has announced the signing of a long-term hotel management agreement with Tropical Corporation last week to develop a new full-service wellness‑focused resort on Phu Quoc Island in southern Vietnam.
Under this partnership, Tropical Corporation will develop its beachfront site under the Fusion Resort brand, featuring 51 villas and 158 rooms, along with a wide range of facilities which include an all‑day dining venue, speciality restaurants and bars, meeting and event facilities, a kids’ club, Maia spa, an infinity swimming pool and a dedicated beach club.
Photo credit: Fusion. Christopher Hur (left), Chief Executive Officer of Fusion Hotel Group, shakes hands with Tran Van Son, Chairman of Tropical Corporation.
Fusion Resort Phu Quoc is situated on Bai Truong beach, one of the island’s premier beachfront locations and close to Phu Quoc International Airport.
Scheduled to open in the fourth quarter of 2027, Fusion Resort Phu Quoc is poised to become a key destination for events, international gatherings, and wellness‑oriented travel, offering guests a balanced, rejuvenating experience by the sea.
At the signing ceremony, Tropical Corporation Chairman Tran Van Son said: “Both parties are united by a commitment to quality, sustainability, and the creation of lasting added value for the project.” He also noted the strong growth of the wellness resort segment in Phu Quoc, widely recognised as one of Southeast Asia’s leading resort destinations.
Fusion Hotel Group Chief Executive Officer Christopher Hur added: “We are delighted to partner with Tropical Corporation and to return to Phu Quoc with this landmark project. It represents an important milestone in Fusion’s expansion strategy and reaffirms our commitment to establishing a strong presence in wellness-oriented hospitality across Vietnam and other strategic tourism destinations.”
About Fusion Fusion is a leader of wellness-inspired hospitality brands in Vietnam, managing 23 properties in Vietnam and Thailand and expanding to open new hotels and resorts in the region.
DUBAI, 25 February 2026: In a successful first, the Emirates Airline Foundation and Emirates Auction have raised AED8.8 million (USD2.4 million) to advance humanitarian programmes for underprivileged children worldwide.
The two-month auction, which recently closed, generated over 900 bids from participants across 131 countries. Seven rare Emirates Skywards membership numbers with Platinum-tier status benefits were offered to bidders worldwide, with the highest single bid reaching AED1.6 million over the one-month bidding period. Two bidders secured 20-year Platinum memberships, while five others won 15-year memberships. Top bidders hailed from the UAE, UK, India, the US, Pakistan, France, Germany, Egypt and Thailand, among other countries.
Funds raised will enable the Foundation to launch new projects, while expanding support for the children and communities already benefiting from its existing programmes in collaboration with 14 NGOs across nine countries.
Following the success of the initiative, the Emirates Airline Foundation and Emirates Auction will continue to hold annual auction events, creating an ongoing opportunity for supporters worldwide to contribute to the Foundation’s mission.
Emirates Airline President and Chairman of the Emirates Airline Foundation, Sir Tim Clark, said: “When we brought this initiative to life in December, we were guided by a simple objective to look at new, innovative ways to grow the Foundation’s humanitarian work and impact. What made this initiative so compelling wasn’t just the exclusivity of the membership numbers, but the value and prestige that come with Platinum status. Bidders recognised that, and they showed up. The response was extraordinary and a testament to the generosity of our global community of Skywards members and bidders.
“The proceeds will allow us to do more, partner with more organisations, reach new communities, and strengthen the programmes already changing the lives of hundreds of children across India, the Philippines, Brazil, Kenya, South Africa, Zimbabwe, and beyond. For the children at the heart of our work, this generosity will make a real and lasting difference.
“We are proud to continue our partnership with Emirates Auction as an annual initiative, giving supporters around the world a meaningful way to contribute while receiving something of real value in return, proving that loyalty and generosity can work hand in hand.”
About the Emirates Airline Foundation
Operating under the patronage of His Highness Sheikh Ahmed bin Saeed Al Maktoum, the Emirates Airline Foundation is Emirates’ official charity arm, providing vulnerable children with housing, healthcare, nutrition, education, and vocational support.
Funded by Emirates customers and employees, the Foundation has completed more than 50 projects, with nearly all donations going directly to programmes.
Current Projects (14 NGOs across nine countries):
India: Emirates-CHES Home (37 children living with HIV/AIDS); IIMPACT Girls Education Project (5,000 girls across 11 states)
Sri Lanka: Prithipura Communities (250 individuals with disabilities receiving care, education, and vocational training)
Zimbabwe: St. Marcellin’s Children’s Village (56 orphaned children, including those with disabilities and HIV)
South Africa: Singakwenza Education and Health (1,000 children in early childhood education); Fikelela Children’s Centre (40 children affected by HIV/AIDS)
Kenya: Little Prince Nursery and Primary School (Kibera slums); Alfajiri Street Kids (200+ children in art therapy programs); Starehe Boys’ Centre (four-year scholarships for academically talented boys)
Philippines: Virlanie Foundation (housing and protection for abused, exploited, and orphaned children)
Brazil: Saint Rita de Cassia Orphanage (orphaned girls aged 4-12); Externato São Francisco de Assis (day school for underprivileged children)
UAE: SAFE Centre for Autism (innovative curriculum for students aged 4-18)
Bangladesh: Emirates Friendship Hospital (medical care to over 650,000 people in isolated areas)
About Emirates Auction
Emirates Auction LLC is the UAE’s leading auction house and a pioneer in the region’s asset auction industry. Established in 2004, the company has built a reputation for innovation, transparency, and operational excellence across a wide range of auction categories, including vehicles, real estate, distinctive number plates, exclusive watches, medical equipment, industrial assets, and charitable auctions.
Through its advanced digital platforms and extensive nationwide presence, Emirates Auction enables thousands of bidders to participate in real time from anywhere in the world. The company holds multiple Guinness World Records for record-breaking sales of high-value assets, real estate, and marine vessels, reinforcing its position as a global leader in premium and high-profile auctions.
Emirates Auction partners with leading government institutions, private sector organisations, and charitable foundations to advance initiatives that promote sustainability, innovation, and social development across the UAE.
With a shared commitment to excellence and social responsibility, Emirates Auction continues to collaborate with national institutions such as the Emirates Airline Foundation to create meaningful opportunities that benefit the wider community and reflect the UAE’s enduring spirit of leadership and generosity.
For more information on the airline: Tickets can be booked on emirates.com, the Emirates App, or via both online and offline travel agents, as well as Emirates’ retail stores. WeChat Pay is available on emirates.com.
SINGAPORE, 25 February 2026: Beyond Green, a global community of bold leaders advancing sustainable travel, today announced that it has joined the Travalyst Coalition as the newest accommodation industry partner.
Travalyst, an independent not‑for‑profit, mobilises the travel sector to deliver consistent, credible, and open‑access sustainability data that empowers travellers, businesses, and destinations to make more informed decisions.
Through multi‑stakeholder collaboration, the coalition works to accelerate impact‑led change and advance a shared vision for a net‑zero, equitable, and nature‑positive future.
Beyond Green joins the coalition as an accommodation partner, bringing the collective perspectives, leadership, and real‑world impact of its member hotels — each uniquely advancing sustainable travel within their destinations.
Representing a diverse portfolio of independently owned and operated properties, Beyond Green strengthens the accommodation sector’s voice within Travalyst, helping ensure that emerging tools, data models, and solutions reflect the realities of hotels across scales, regions, and operational contexts. Through this partnership, Beyond Green will also participate in Travalyst’s working groups, policy discussions, and knowledge‑sharing forums, helping shape industry‑wide solutions while keeping its member hotels informed of evolving sustainability guidance and regulatory trends.
“At Beyond Green, we believe that great travel experiences should also be good for the planet,” said Beyond Green President Philipp Weghmann. “By joining the Travalyst Coalition, we are strengthening our commitment to transparency and helping ensure that travellers everywhere have access to credible sustainability information. Together with Travalyst and our fellow partners, we look forward to shaping tools and frameworks that support hotels of all sizes while empowering travellers to make informed, responsible choices.”
“We are delighted to welcome Beyond Green to the Travalyst Coalition,” said Travalyst CEO Julie Cheetham. “Their ambition to empower travellers and the industry to make informed choices that benefit both people and planet aligns strongly with our mission at Travalyst. By working closely with Beyond Green and gaining valuable insight into the needs of their member properties, this partnership will support the work of our coalition to continue to scale credible, compliant and consistent sustainability data across the accommodation sector and beyond.”
Travalyst has recently launched its new Data Hub to bring greater consistency and transparency to sustainability data across the travel and tourism sector. Starting with accommodation, future iterations of the Data Hub will expand to rail, destinations, and data from other verticals in the industry.
Together, Beyond Green and the Travalyst Coalition are advancing the industry’s commitment to responsible tourism, creating pathways for travellers, accommodations, and destinations to contribute meaningfully to people and the planet.
About Beyond Green Beyond Green is a global community of bold leaders advancing sustainable travel. Operated by Preferred Travel Group, the brand includes Beyond Green Hotels, a portfolio of rigorously vetted member hotels, resorts, lodges, and unique accommodations evaluated against more than 100 sustainability indicators aligned with global standards and the United Nations Sustainable Development Goals, and Beyond Green Consulting, which provides strategic advisory services to destinations, hospitality brands, and mission-aligned organisations to build and scale sustainability frameworks, strengthen storytelling, and design regenerative travel experiences.
About Travalyst Travalyst is an independent not-for-profit entity working to change the way the world travels — for good. Founded in 2019 by Prince Harry, Duke of Sussex, Travalyst is a global coalition of some of the biggest brands in travel and technology: Amadeus, BCD, Booking.com, Expedia Group, Google, Mastercard, Pitchup.com, Sabre, Skyscanner, The Travel Corporation, Trip.com Group, Tripadvisor and Visa. Travalyst mobilises the industry to provide trusted information at scale, empowering better decision-making and accelerating impact-led change. For more information, visit: Travalyst.
BANGKOK, 25 February 2026: AirAsia brings back its ‘BIG SALE’ campaign featuring base fares for free*, alongside massive discounts of up to 80% across its extensive domestic and international network.
Promotional seats are on sale until 1 March 2026 for travel from 1 June 2026 until 27 March 2027, via the AirAsia website or MOVE app.
Photo credit: AirAsia. Big sale flies ZERO BAHT* fares.
The centrepiece of the ‘BIG SALE’ is the airline’s signature ZERO THB* base fare on Thai AirAsia (flight code FD). Domestically, guests can fly directly from Bangkok’s Don Mueang and Suvarnabhumi airports to cultural hubs and destinations such as Chiang Mai, Udon Thani, Surat Thani, and Nakhon Si Thammarat. It also includes convenient cross-regional routes connecting cities like Phuket and Udon Thani.
For international explorers, these zero-baht fares unlock some of Asia’s most vibrant cities. Travellers can enjoy direct flights from Don Mueang to exciting destinations such as Da Nang, Singapore, Taipei, Kathmandu, Macau, and Johor Bahru, making international travel more accessible than ever.
Beyond the zero-baht routes, the campaign slashes prices across all seats and flights for both Thai AirAsia and Thai AirAsia X (XJ). Travellers can discover discounts of up to 80% on flights to domestic destinations, including Khon Kaen and Roi Et, as well as the southern coastlines of Ranong and Narathiwat.
Those eyeing international getaways can enjoy up to 60% off flights to destinations like Nha Trang, Chongqing, and Vientiane. Meanwhile, long-haul dreamers can save up to 20% on flights to popular medium-haul destinations, including Tokyo, Osaka, Sendai, Shanghai, and the breathtaking landscapes of Almaty. To elevate the journey, guests who bundle their flights with a Value Pack — featuring a hot in-flight meal, travel insurance, and standard seat selection — will enjoy an additional 30% discount on those add-ons.
As AirAsia celebrates 25 years of operations — having flown nearly a billion guests worldwide — this network-wide promotion stands as a testament to the airline’s enduring mission: making air travel inclusive, affordable, and spectacular for all.
*Promotional fares are limited and may not be available on all flights or during public holidays and peak periods. The ZERO THB base fare excludes airport taxes, fuel surcharges, and other applicable fees.
SINGAPORE, 25 February 2026: The International Air Transport Association (IATA) and the Spanish Airline Association (ALA) have called for an annual reduction of 4.9% (excluding inflation) in Spanish airport charges over the next five years (2027–2031), a level compatible with maintaining an airport investment plan of nearly EUR10 billion over the same period, and enhancing Spain’s economic competitiveness.
AENA, the operator of most airports in Spain, has proposed an annual increase of 3.8% (excluding inflation) for the five years covered by the Third Airport Regulation Document (DORA III).
Airlines reject this proposal, citing AENA’s consistent underestimation of traffic growth and the excessive regulated returns it has earned during previous regulatory periods.
Between 2017 and 2025, excluding the two pandemic years, actual passenger traffic was on average 15.3% higher than the forecasts set out in DORA I and DORA II. This gap between forecasts and actual figures resulted in AENA earning EUR1.3 billion in excess regulated returns, costs that were ultimately borne by airlines and consumers. In the most recent year for which published data is available, AENA’s regulated return in 2024 reached 10.2%—four percentage points above its expected return—meaning that nearly EUR400 million was overpaid by airlines and passengers in that year alone.
“AENA has gamed the regulatory system for years, earning millions of euros more than it should have, at the expense of passengers, airlines, and the Spanish economy. This must stop. AENA has generated excessive returns through a creative approach to forecasting, and its request for further increases is absurd. If granted, it would deliver the highest regulated return of any comparable airport operator in Europe. This is unsustainable and unrealistic — we need to see a reduction in charges,” said IATA’s Regional Vice President for Europe, Rafael Schvartzman.
“Importantly, the proposed reductions in charges by IATA and ALA would not prevent AENA from delivering its planned EUR10 billion investment program during DORA III. According to separate studies commissioned from global consultancies Steer and CEPA, passenger traffic will grow by around 3.6% per year on average, compared with AENA’s forecast of just 1.3% annually. Under these assumptions, AENA would still be able to fully fund its investment plan while earning a return on capital of 6.35% — a more generous return than it was intended to earn under DORA II.
About ALA ALA, the Spanish Airline Association, is the leading association in the Spanish aviation sector. The 72 airlines that are members of ALA transported just over 273 million passengers out of a total of 321 million in 2025, representing 85% of all air travellers in Spain.
