The year 2019 was a record one for the Prague hospitality sector in terms of transactions: the amount of investments in hospitality properties exceeded €500 million. This is the highest figure in history and twice the average for the last five years. This is also the first time that the Czech Republic has made it to the Top 10 in the European hospitality investment chart – to number nine. In 2020, the volume of hospitality transactions could become twice as high – €1 billion, according to Cushman & Wakefield.
UAE business conglomerate Al Habtoor Group is set to open a regional office in the Hungarian capital of Budapest, to service its existing European operations and scout for new investment opportunities. The group, with its wide-ranging interests in the hospitality, real estate, automotive, education and vehicle leasing sectors, plans to expand its enterprise reach in new European markets.
Accor has committed to join the Global Tourism Plastics Initiative led by the United Nations Environment Programme (UNEP) and the World Tourism Organization, in collaboration with the Ellen MacArthur Foundation to remove all single-use plastic items in guest experience from its hotels by the end of 2022.
Christie & Co recently launched their new report focusing on the hostel markets in Vienna, Prague and Budapest. The report shows an overview of the business model itself, key characteristics, the evolution of the hostel concept and gives a deeper insight of the mentioned markets: Vienna, Prague and Budapest, in terms of demand, supply and especially branded supply.
Real estate developer Mulberry Development, controlled by businessman Ovidiu Șandor, has obtained the building permit for the Radisson Blu hotel in Timișoara. The 160-room hotel will be completed in 2021. The hotel will be operated by the Radisson Hotel Group.
With the checkout of the last guest on 4 November 2019 a new era has started in the story of the downtown building which in the past 20 years was known as the four-star Starlight Suiten Hotel Budapest. The new Mamaison Hotel will open its gates expectedly in mid-summer 2020. CPIPG also announced plans for a brand new 3-star property (located between the ex-Starlight and the Four Seasons Gresham Palace.
ibis Styles Budapest Genius in the 11th district of Budapest will welcome first guests in the fall of 2020. According to the recently signed agreement, Accor Pannonia Hotels Zrt. will manage the hotel.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.