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30 percent more rooms

Rafał Ostrowski 01 February 2018

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

POLAND According to Emmerson Evaluation report, the number of hotel rooms in Poland is to increase by 30 pct until 2019.

An increase of 30 pct is to occur in relation to the number of rooms available at the end of 2016. The increase will even reach 50 pct in some locations. The analysts expect such dynamics in the coastal area (+53 pct) and Tri-City (+48 pct). Investors will be attracted to the market by the high demand for hotel services and profitability, which could exceed 40 pct in the best-managed facilities. The Coast is the leader of the locations where the most new hotel rooms are to be built in 2017-2019. It is followed by Łódź, where the supply is to increase by 43 pct according to calculations of Emmerson Evaluation, Poznań and Warsaw with an increase of 36 pct and 31 pct respectively. The smallest increase will be observed in the south of Poland – Kraków, Katowice and the mountain strip (Zakopane, Karpacz, Beskidy Mountains: Wisła, Ustroń, Szczyrk), where the supply is to increase by less than 11 pct. “In terms of the number of new hotel rooms, the leader is invariably Warsaw, where almost 13,000 beds available in the database at the end of 2016 is to be joined by the following 3,900 by 2019. The increase of hotel investments on the Coast will bring 2,700 rooms in the Tri-City and 1,800 in the coastal strip including such resorts as Kołobrzeg, Świnoujście, Jurata, Jastarnia and Chałupy. Some of the new facilities have already hit the market, but others are still under construction and will be put into operation in the next few months. When planning new projects, investors should try to analyze the potential of the current and emerging hotel base in individual locations. In popular resorts such as the Tri-City the market is already saturated and subsequent projects may lead to oversupply,” comments Dariusz Książak, president of the management board at Emmerson Evaluation. The growing demand for hotel services and a high rate of return stimulate investments in this segment of the real estate market. According to calculations of Emmerson Evaluation, the EBITDA profitability ratio for three, four and five-star category, measured by the relation to total income, varies from about 20 pct to 40 pct. The highest standard facilities exhibit the highest business efficiency. In their case the profitability ratio ranges from 29 pct to 42 pct for the best-managed ones. The average for three- and four-star facilities was 29 pct and 33 pct respectively Analysts from Emmerson Evaluation also analyzed the costs of building three-, four- and five-star hotel facilities in Poland. The amounts were established for individual categories, which results from the varied equipment, finishing standard and functionality of the facilities. In the case of three-star hotels, the cost of building one room starts from PLN 160,000 but it could reach up to PLN 360,000. In the case of four-star facilities, the discrepancies in costs are even greater and they range from PLN 250,000 to PLN 600,000. An investment in top-class five-star hotels requires expenditures ranging from PLN 350,000 to 730,000 per one room. Emmerson Evaluation has been operating since 2008 and it provides valuation services for residential and commercial real estate (offices, retail trade, warehouses and hotels) as well as development projects.

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