Reports
MARKET REPORT ALBANIA
Albania 26th out of 185 countries for its travel and tourism long term growth prospects over the next 10 years whilst they suggest its contribution to Albania’s GDP is expected to grow by around six per cent annually.
Tere are a host of new hotel projects in the pipeline too. New building permits for hotels during 2017 reached 53 (five times more compared to 2016) and the total land to be used for the new hotels is around 89,000 sq.m. In the first quarter of 2018 there were 25 permits issued for hotels and accommodation buildings totalling 19,000sq.m.
In terms of new developments, the Hilton Garden Inn is due to open in October in Tirana and will have 141 rooms and suites plus meeting rooms, fitness centre and event space.
Meanwhile the longest established hotels, the Tirana International Hotel will add a 30 storey building next to its existing 15 storey hotel. Te new building will be used as an extension of the hotel and incorporate a shopping centre.
Te hotel was built in 1979 and at the time was the tallest building ever built in Albania. Since
P64 NEWSWIRE / INTERACTIVE / MARKET DATA
2011 the hotel has been owned by German company GECI Ltd, a civil engineering group and it was renovated in 2015 at a cost of €4.3m.
Te other tower building in the city is the Plaza Tirana which opened in 2016 and is a five star hotel on 23 floors with 190 rooms, three restaurants, spa and fitness and meeting rooms.
Another project, the 4EverGreen Tower which began in 2005 with 25 levels above ground remains unfinished and bankrupt whilst Te Pyramid, a city eyesore gets a remodel.
Te Pyramid is Tirana’s latest project and another of Rama’s plans to develop the city. Te Pyramid is a building from the communism era built in honour of former dictator Enver Hoxha and was designed by his daughter. It was inaugurated in 1988 and earned the name of the Enver Hoxha Mausoleum. In 1991 the space was converted into a convention centre and later television centre the building was eventually neglected, covered in graffiti and left to rot.
Despite some calls to demolish the building, there are now plans in place to transform the dilapidated building into a centre for technology,
art and culture. Te new design by Dutch firm MVRDV will open up the sides to fill it with light whilst the outer will be safe to climb up to access the top with views of the city.
Te company also created the Toptani Shopping Centre in the capital back in 2005 a huge building combining retail and offices. Tey were also behind the design for revamping Scanderbeg Square, the main plaza in Tirana which is part of Tirana’s upcoming cultural district and will also include the building of a new National Teatre which will replace the current iconic building. Te original Baroque buildings were destroyed during the communist era and there are now plans to modernise the space and make it completely pedestrianised.
Despite these new developments however Albania still has issues with hotel standards, corruption (particularly in the judicial system) and frequent legislative changes. If you scratch the surface things are not all rosy and bright.
Earlier this year Marriot International removed its Sheraton Hotel brand from Albania. Tis was the first five star hotel to open in Tirana back in 2003. Reports say financial difficulties and the
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