Spain 08 hotel occupancy to fall by 4.5 pct-study

MADRID, Sept 23 (Reuters) - Spanish hotels occupancy rate will fall by about 4.5 percent in 2008 due to falling domestic demand and fewer foreign tourists, consultancy Aguirre Newman said on Tuesday.

"The hotel occupany rate fell by 2.1 percent in the first quarter and although this rate has stabilised during the high season, the last quarter will be difficult," said Paloma Boceta, head of the consultancy's hotels division during a presentation.

In the first half of 2008, the average hotel occupancy rate stood at 49.63 percent.

"The economic crisis and the lack of consumer confidence has resulted in a drop in spending in the leisure sector," Aguirre Newman's report said.

Lower tourism growth, the global financial crisis and property sector slump will also lead to a decline in new hotel openings and a sharp drop in sector investment.

"We estimate investment will fall 45 percent this year to around 630 million euros ($930.4 million)," the consultancy said in its report.

Investment will fall despite the wide range of hotels on offer from the leading property groups, many of which have put up their hotel portfolios up for sale to increase their liquidity, the report said. (Reporting by Robert Hetz; Written by Judy MacInnes; Editing by Paul Bolding)