19 new hotels to open this year in Hungary
Despite the effects of the Covid-19 crisis, we can expect an economic boost in the hotel market soon.
According to Pénzcentrum, tourism in Europe is showing a quicker recovery than expected. While there had been discouraging data from 2021, those can be attributed to travel restrictions, which are no longer in effect. Data from Q1 2022 shows much more positive results already.
This can be explained by the fact that, after two years of being closed up, travelling has become a number one priority for many.
Turizmus.com reports on the current state of the hotel market. They write that the hotels that did not send away their employees during the pandemic have it easier now because of the ongoing labour shortage others are struggling with, and on top of that, all hotels have to account for the threefold rise in maintenance costs.
The difficulties make their mark on the prices. In several cases, rooms are more expensive than before covid hit. And soon, hotels that accepted the loan moratorium offered by the government will feel the downside of the moratorium, which will cause even more problems for them. However, Hungary’s tourism is quite an open one in the market; it is also open to solutions like long-term apartment renting or student hotels, but these ideas still need some improvement.
Domestic tourism is getting more and more prominent, and the significant sports events and festivals that Hungary is hosting during the summer will boost it even more.
The only sector where a boost is not expected during the summer is conference tourism, but the same phenomenon will happen in this sector probably in the autumn.
Since 2020, despite covid, there has been continuous development in the hotel market – the number of new hotels opening is on the rise, with two 4-star hotels with 286 rooms that have already opened in 2022, and 19 new hotels with 1,750 rooms planned for the remainder of the year. It seems that investors are aligning their plans with pre-covid goals. Pénzcentrum expects these goals to be reached already by the end of 2023.
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Source: Pénzcentrum, Turizmus.com
2 Comments
Once again, no perspective in an article here. Sure, 19 new hotels to open. Good. But how many closed due to the closures and from in trade due to Covid? Is it too much to ask for a bit of proper journalism? Or is that not the function of this portal?
“If you Build it He or they May Come”.
POSSIBLE – but there will be – as is at present, and in FACT has been for serious time period – accept the destruction of post February 2020 – Novel Virus – but there is a Glut of them, plus apartments and flats – to choose and STAY – in Budapest, Hungary.
We have a “Raging” war on our Boarders.
We have BOTH – our FRIENDS – being Russia at War and GLOBALLY economically & financially being Dismantled – and China – in the process, far from it’s ZENITH – being Ravaged by the Novel Corona Virus – that economically & financially – will be Cataclysmic.
The list of ongoing times of uncertainty – FACTORS that are going to exist – Do in FACT exist – the list is LONG, and made of numurous variations – or what if.
Hungary – our economic & finacial current and into the short, medium and long term – at present trending downward – that indicates challenges ahead are GOING to be Massive, and our Future – Unstable.
This article centers on Hotels – but bring into the discussion – published in FACT – the Property Market – the broadsheet Property Market of Budapest, Hungary – is a “Carnage” building and will HAPPEN.
WHY – just not the economy BUT a Saturated market – over supply and we Build on – that sees – SELLERS over Buyers ratio, that is SCARY – and will drive large % variations downward of the property values in Budapest, Hungary.
WHAT – is GOING to HOLD the Economy of Hungary to-gether ???