The Rezidor Hotel Group announced the recent signings of six new hotels – expanding its momentum growth in capitals and primary strategic locations in Poland, Cameroon, Georgia, Saudi Arabia and Lebanon
Orbis is launching Aparthotels Adagio - a new aparthotel brand on the Eastern European market. Enlarging the brand portfolio by adding Aparthotels Adagio, Orbis Group is diversifying its network development and enters the city-centre apartment market as a development acceleration lever.
Hyatt Hotels Corporation announced plans for the Párisi Udvar Hotel in Budapest, joining Hôtel du Louvre in Paris as the second hotel in Europe for The Unbound Collection by Hyatt and third outside of the U.S. Hyatt has entered into a franchise agreement with Párizs Property Kft for the project, which will see Párisi Udvar in downtown Budapest converted into an upper-upscale 110-room hotel. The hotel will feature 18 suites, including 2 presidential suites. The Párisi Udvar Hotel is expected to open in 2018 and will be managed by Mellow Mood Hotels.
In recent years, Poland's hotel market has shown continuous overall growth and has seen extensive investment. The number of hotels has almost doubled in the past ten years, predominantly due to Poland's opportunity to co-host the UEFA Euro 2012 with Ukraine. Between 2012 and 2016 alone, the number of hotels increased from 2,014 to 2,463, a 22% increase. Hotel property adviser Christie & Co analysed the Polish hotel market.
Revetas Capital, an investment fund founded and managed by an American real estate broker Eric Assimakopoulos, is close to buying the Radisson Blu Bucharest hotel for €177.5 million, according to market sources. If completed, this will become the largest transaction on the Romanian property market in recent years.
The first Hilton Garden Inn hotel in Romania is to be opened by end-2017 in Bucharest. The 201-room hotel will be located within an historic listed building in the city centre. Hilton Garden Inn Bucharest Old Town will be administered by hotel management company Apex Alliance Hotel Management.
The hotel market in Romania could become more diverse throughout the next year as a result of new brands entering the market by means of leasing or partnership contracts with real estate developers as an alternative to the management or franchise contracts. Such a business model will lead to the relaunch of the hotel market and will offer, at the same time, the possibility for real estate developers to diversify their portfolio, according to Colliers International.
Polish hotel group Orbis, the CEE partner of French group AccorHotels, has signed a management contract with local company Constructii Erbasu S.A. for an ibis Styles hotel in the northern part Bucharest.
The volume of hotel transactions achieved in the first half of 2017 was more than €700 million with 34 transactions recorded in core CEE markets. In comparison, 2016 achieved just over €630 million with 20 transactions in the same period, which means an 11% yearly increase. To compare, the western markets experienced just 0.3%. Cushman & Wakefield predicts the year 2017 to outperform the strong results of 2016.
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