Caldea, the largest spa in southern Europe, has announced an ambitious modernization plan that will transform its facilities over the next two and a half years.
The project, which includes a total investment of 32 million euros, will include the construction of a four-star hotel, the renovation of its thermal areas and the improvement of its infrastructure, with the aim of continuing to attract thousands of visitors and reaching the historic figure of 30 million euros in revenue by 2030.
The emblematic Andorran thermal center celebrates 30 years of activity not only with a new visual identity but with a new strategic plan and a revolution in its strategies that confirms the robustness of its growth.
Chaldea seeks to become a 360-degree wellness resort offering not only thermal and sports services, but a complete range of leisure options that will culminate in 2026 with the opening of a hotel in the emblematic tower that over the years has become a symbol of Andorra.
The director of the Andorran center, Miguel Pedregal, assured in an interview with Europa Press that the brand seeks to position itself not only as a wellness destination but also as a cultural ambassador and a tourist platform for the country.
The modernization works of the leisure and wellness center, which celebrates its 30th anniversary this year, include several phases that already began in the spring of this year. The resort’s iconic central lagoon has been renovated, located in Escaldes-Engordany, which occupies a total area of 30,000 square meters. In a more minimalist space, the principle of fluidity is reinforced by organic shapes.
The redevelopment project will not be limited to the central lagoon. In 2025, in a second phase, other areas of the complex will be renovated, such as the outdoor lagoon, which will be transformed into a lake in the middle of nature. In addition, A bridge will be built over the river that will connect the southern part of the building to the city center, integrate the complex into the city.
One of the most significant elements of this modernization will be the construction of a new activity: a 4-star superior hotel with 40 rooms in the 80-meter glass tower of the current building, designed by the famous French architect Jean-Claude Michel Ruols. This hotel, which is scheduled to open in 2026, will become a key element in deseasonalizing visitor demand, which is currently focusing on high seasons (summer and ski season).
The update will be carried out in phases while maintaining the operations of the center. According to the activity projections contained in its annual report, in 2027, Caldea could exceed 26 million euros in turnover with an EBITDA close to 8 million euros.
“The hotel will give us the opportunity to offer a complete service. “It will be a boutique hotel with a privileged view of the valley where thermal water plays an important role, especially in its bathrooms with bathtubs or hydromassage showers with aromatherapy or chromotherapy,” explained the director.
Financing and financial strength.
Caldea’s modernisation plan to adapt it to new generations has a total budget of 32 million euros, of which more than 50% will be financed with the company’s own resources. For the rest of the investment, approximately 15 million euros, Caldea will resort to bank financing.
Pedregal highlights the solvency of the company, which currently has no financial debt, and assures that the transformation plan will allow it to further increase its profitability for its shareholders. “We are approaching this construction process with a very solid and totally healthy foundation. The last ten years have been very successful, doubling our sales since 2013 and keeping us financially stable,” he noted.
The company closed fiscal 2023 as a record year. The thermal center reached 1.8 million euros in profit, 20% more than the 900,000 euros made in 2022 and triple the profits before the pandemic. This figure represents a turnover of 21.6 million, “the highest figure in history” and double that of the center ten years ago. The profit before tax (Ebitda) amounts to 5.5 million
Last year’s positive results include a 12% growth in sales compared to 2022, thanks to the growth in the number of customers (413,700) and the improvement of the average ticket price by 6%. In addition, A 10% increase in additional services was recorded (treatments and catering), also significantly increasing the number of members of the sports club.
August ended with a turnover of 3 million euros, 4% more than last year. The company justifies these favorable results by an increase in the average ticket price, higher sales of treatments and the “good performance” of the sports club. The profession has also reached “slightly higher” levels to those of last year.
Growth projections for 2030
With the modernisation completed and the opening of the new hotel, the “new Caldea” has ambitious goals for the future. The company plans to reach 30 million euros in turnover in 2030, which represents an increase of almost 40% compared to 2023 levels. expects gross operating profit (EBITDA) of EUR 10 million, double the current one.
The company’s new strategic plan is based on several pillars. On the one hand, the increase in the number of visitors, partly thanks to the construction of the hotel, which will attract more national and international tourists. In addition, an increase in the average ticket per visitor is expected thanks to the improvement of facilities and the offer of new complementary services, such as wellness treatments and restaurants.
Currently, spa ticket sales account for 70% of its turnover, complementary services (wellness treatments and restaurants) contribute 15% of revenue, while the sports club accounts for another 15%.
Scree is convinced that the diversification of supply and the deseasonalization of demand, which is currently focused on the most touristic periods of the year, will allow the company to maintain sustained growth in the years to come.
“Expectations for the end of the year are a turnover close to 22 million euros, with an EBITDA of 5.5 million euros,” according to the manager, who highlighted the high level of customer satisfaction, mostly Spanish (70%).
Solid company based in Andorra
Caldea is one of the most important companies in Andorra and one of its main economic drivers, not only because of its level of turnover, but also because of the number of shareholders it has in the country. It belongs to the Semtee company, a company that is the result of a public-private collaboration between private shareholders and the main Andorran banks.
In recent years, Andorra has experienced notable growth as a tourist destination and closed 2023 with 9.4 million visitors, 11.2% more than the previous year. Around four million of them stayed in a tourist establishment, a figure that demonstrates the strong competitiveness of the destination.
The director of Caldea hopes that this ““An exciting project” boosts tourism in Andorra At the same time, this allows the company’s turnover and profitability to multiply and consolidate the resort as an international reference in the wellness sector.
