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“Today, we are witness to the development of new hotel concepts which are aiming to become millennial generation friendly. Countries such as Czech Republic, Hungary, Austria, Poland are gaining popularity over Gen Y. Thus, with the growth of Airbnb in the CEE region, and the lack of regularization law, hoteliers have to become more attractive if they want to remain competitive into this sector. As an example, Mama Shelter will open its first complex in Prague, spring 2018. Motel One is already present with hotels in Prague, Salzburg and Vienna. The development of lifestyle and accessible hotels will remain strong in the upcoming years.

Hotel performance in Central and Eastern Europe outperformed every expectations in 2017. The major capital cities such as Prague, Budapest, Warsaw and Sofia recorded a RevPAR growth above 10.0%, when comparing to YTD Oct 2016. Budapest’s market profited from the highest growth during the year, with 12.4% and 16.2% rise, respectively for ADR and RevPAR. Prague’s performance has been driven by an increase of 8.2% of the ADR, which reach EUR 88.5 and resulted in a RevPAR increase of 12.5%. Warsaw and Sofia continued their positive trend and registered a growth of respectively 11.2% and 9.4% of their ADR. As a result, both of the city’s ADR are above EUR 75.0, which results in a 14.0% and 14.8% RevPAR increase. In the meantime, Vienna’s pace of growth is lower due to a stable ADR. Within ten months, the average rate increase is 0.5%.

For the current year, the country that has been through the biggest transaction’s volume is Poland. With more than EUR 365 million worth of transactions, this region is creating a rise in investor interest. Poland’s strength is due to having several attractive cities besides its capital, Warsaw. Municipality such as Wroclaw, Gdansk, Krakow are regarded as being robust secondary markets with strong economies followed by upcoming markets such as Lodz and Lublin for example. There is no doubt that so far this year Poland has been the top performing country in the CEE region both in terms of investment volume and number of transactions. With the hotel industry continuing to perform strongly, generating high income returns, the appetite for hotel investment among both international and local investors Is set to grow. The investors are eyeing well-located internationally-branded hotel products.

For the past decade we have seen an increase in hotel investment in the CEE region. This has been firstly impacted by market saturation in the western European countries, such as United Kingdom, Germany, France and Spain. Moreover, due to a lack of development area available and a strong hotel concentration in the strategic cities (i.e. Paris, London, and Berlin), investors have had to reconsider their targets. Baltic countries (Latvia, Estonia and Lithuania) and the SEE region are growing markets but there is still some trepidation with regards to the sustainability and attractiveness for tourists. Thus, the CEE area has turned out to be great potential for investors. Thanks to stable, but growing arrivals, high-yields and strong-portfolio opportunities in Czech Republic, Poland, Hungary and Austria, these regions attract increasingly institutional and opportunistic investors. To conclude, we are seeing an increase in large, mixed-use developments, in which hotels are beginning to become a substantial part of these complex’s, which has allowed the creation and establishment of a new concept”

David Nath, Head of CEE Hospitality Team at Cushman & Wakefield

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