NEWS Topic of ThE moNTh markETiNg oN-liNE pulS Spa
Vip iNTErViEW rEporT coNcEpT & DESigN TEchNology & EquipmENT
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rEPort
Hotels Central and Eastern Europe
MarketView Update
September 2009
From as early as March 2008 hotel performance figures started decreasing across
the region, generally following periods of growth in 2006 - 2007. Over this period
of time, corporate and leisure travel have decreased significantly, resulting in year
to date (YTD) August 2009 revenue per available room (RevPAR) across the region
decreasing in excess of 23% compared to 2008.
Regional Overview development expected in 2009 and 2010.
There are tentative references to Such markets may have to wait longer for
‘green shoots’ of recovery in Western Econ- any recovery as this additional supply cre-
omies, although opinion remains divided ates further downward pressure on aver-
on whether or not the economic down- age daily rate (ADR) and occupancy.
turn in this region is reaching the bottom of Budapest, Prague and Vienna are prime
the curve or about to experience a further examples, as are the regional cities in Po-
downturn. In the coming months, the per- land and Romania for the ongoing interest
formance of hotels will be under close scru- of developers and operators.
tiny. September – November are tradition- For developers who remain commit- taken place in Krakow. Both assets were hotel performance since early 2008. As a
ally strong corporate months and hotels’ ted to hotels, the availability of finance re- purchased by German Open Ended Funds, result of decreasing passenger numbers
trading figures may give some indication as mains extremely scarce. A renowned op- with the vendors being creative in their ap- through the airport, YTD August occupan-
to whether this market is bouncing back in erator and a secure lease agreement or proach to securing a buyer. cy figures have decreased by 26.1% year-
a positive fashion. element of guaranteed return are essential on-year (y-o-y). The traditional spring peak
Some cities in the region have expe- in sourcing any finance. Bratislava season was insignificant compared to pre-
rienced additions to supply during this de- We are seeing few transactions, al- Bratislava’s emerging hotel market vious years. August 2009 RevPAR showed a
pressed period of performance, with further though two significant deals have recently has endured a progressive weakening in record low €31.48. YTD August occupancy
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