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Budapest hotels still expanding

Anna Pakulniewicz 10 September 2018

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

HUNGARY The CEE hotel market has been expanding rapidly over the last three years both in terms of hotel performance and transaction volumes due to growing numbers of tourists. Within the region, the Budapest hotel market has seen exceptional growth, with its RevPAR growth [revenue per available room] outpacing the other large capital cities in the region, according to Colliers International's latest hotel market study.

Additionally, Budapest has a large hotel pipeline with 2,500 hotel rooms expected to be handed over in the next three years. In 2017, a record 8.9 mln guest nights were registered in the city, up by 6.9 pct y-o-y. The capital is still the most popular destination for foreign guests, with 90 pct of overnight stays in Budapest attributed to foreign guests in 2017.

The Colliers’ study also looked at RevPAR, ADR and occupancy rates in Prague, Bratislava and Warsaw. Among these cities Budapest has the second highest ADR and RevPAR, and held third place in terms of occupancy after Prague and Warsaw.

“Budapest’s fast growth in recent years was achieved despite a large accompanying expansion of the city’s Airbnb market. According to our research, Budapest can be considered a mature market in terms of Airbnb supply, with a ratio of Airbnb listings to hotel rooms almost as high as that of London. Even though the hoteliers in each segment are aware of Airbnb’s presence, this kind of accommodation is still considered mainly a competitor for budget/economy hotels in the city centre. However, it is expected that Airbnb’s impact in the upscale/luxury segment will be more significant when it launches its new premium services - Airbnb Plus and Airbnb Beyond,” says Tamás Steinfeld, the head of research for Colliers International Hungary.
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