News Article Bucharest Crosspoint Real Estate hotel Ilinca Timofte INS Romania
by Property Forum | Hotel

Up to 20 new hotels are slated for delivery across the country by the end of 2023, of which six projects will be completed in Bucharest, according to a report by real estate consultancy Crosspoint Real Estate.

The biggest delivery expected this year will be Nordis Mamaia, a 5-star hotel project that will have 712 rooms, while next year the largest project will be Nordis Sinia with 240 rooms. 

“Two important and somewhat divergent trends have emerged in the hotel market this year. Firstly, the Russia-Ukraine conflict has caused an influx of refugees into neighboring countries, leading to a rapid increase in hotel occupancy rates across the CEE, particularly in Poland and Romania. However, this increase was offset by a decline in domestic tourism, a consequence of the lifting of international travel restrictions. As a result, occupancy, although higher than in 2020-2021, remained below pre-pandemic levels,” said Ilinca Timofte, Head of Research, Crosspoint Real Estate. 

Last year, the occupancy rate in the hospitality sector stood at 26.5%, up 3.6% compared to 2020, but still below pre-pandemic levels, according to the National Institute of Statistics (INS).