Europe’s largest privately owned hostel chain, a&o is set to open its first property in Budapest. The company has been searching for suitable properties for a year and found the right building in the vibrant part of the 7th district, at Csengery street, with the help of Cresa
In 2020 Poland’s first NYX Hotel will open in the middle of the three Varso Place buildings HB Reavis is developing. It will occupy almost 20,000 sqm of space on fifteen floors. The four-star hotel will offer 331 rooms.
DVM group signed a contract with German developer B&L group to build a hotel next to Keleti Railway Station in Budapest. This mandate is one of the largest instructions DVM group has won on the Hungarian market to date. Planning and preparations already started early November. The scheduled delivery date of the building is 2020.
Park Inn by Radisson announced the opening of a 166-room hotel in Poznan, Poland. This brings the group's Polish portfolio to 16 hotels and more than 3,500 rooms in operation or under development. Radisson Hotel Group's international brands are represented in almost all key cities of Poland - including Warsaw, Krakow, Katowice, Gdansk, Wroclaw, Szczecin, Swinoujscie, and now also in Poznan.
The Central and Eastern European (CEE) hospitality market is showing a positive evolution, with all the performance indicators higher than in the previous year. Between 2013 and 2017, Bucharest stands out with an average increase of overnight stays of 10.1% per year, the highest in the region, according to Cushman & Wakefield’s latest report.
In Central and Eastern Europe, hotel owners are experiencing record months in terms of average daily rates which was the primary driver of the double-digit RevPAR (Revenue per available room) growth recorded by central European cities in 2017. The growing trend was also seen in the first half of this year (H1 2018). The only exception was Warsaw where RevPAR dropped slightly due to declining occupancy, yet the prices of rooms increased as in other capitals. The higher room rates translated to notable gains in hotels’ profitability which brought significant interests from investors. The lack of hotel properties available for sale and shortage of development sites in prime locations is turning attention to conversions of existing buildings into hotels. As the demand continues to grow and the development pipeline remains limited in most markets (except for Warsaw and Vienna), profitability is expected to stay strong also in the coming years.
In line with its development strategy for AccorHotels branded hotels in Eastern Europe, in particular on the very promising Romanian market, Orbis signed 3 new agreements in recent weeks for a total of 370 hotel rooms.
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