Central and Eastern European hotels have potential
Hungary ranks third in the region after Poland and the Czech Republic concerning the money traffic of Central and Eastern European hotels.
Austrian magazine Immobilien concluded a comprehensive statistic about the investments related to hotels in Central and Eastern Europe. The magazine drew the conclusion that this area still holds great potentials in this field.
About 700 million euros worth of transactions occurred in the first half of the year on the accommodation market of this region’s larger cities. Several additional projects are about to be launched.
Poland took the lead with 16 transactions that meant 350 million euros of investment all together.
The Czech Republic ranks second on the list with 165 million euros worth of investment, followed by Hungary with 99.3 million euros.
The analysis also included other factors of the branch, which also show favorable results. The Czech Republic, Bulgaria, Slovakia and Hungary all produced a two-digit measure of increase this year in the field of REVPAR. The greatest REVPAR rate is from Prague (63.6 euros), followed by Budapest (58.8) and Warsaw (57.5). Warsaw produced a 23% increase compared to last year’s data.
Only Prague has higher average room prices (86.1 euros) than Budapest (79.7) in the Central and Eastern European region, as GD Consulting’s manager Balázs Kovács highlighted. Warsaw ranks third with 75.4 euros per room for one night. The average room price in the region is approximately 79.5 euros, which is far behind the overall European average of 108.