Hotel occupancy increased to 66% in 2023 from 61% in 2022

The hotel market in Bucharest continued in 2023 to recover the decreases from the pandemic, especially from the point of view of the average rate, but also of the degree of occupancy, the level of which still remained below the level before the pandemic.

According to an analysis carried out by the real estate consulting company Cushman & Wakefield the occupancy rate of hotels in Bucharest increased last year to 66 percent compared to 61 percent in 2022, but remains below the level of 2019 (73 percent).

At the same time, the average rate of hotels in Bucharest was 96 euros in 2023, up by 12 percent compared to 2022 and above the level of 2019 (EUR 86), given that last year the VAT rate for the HORECA industry was increased from 5 percent to 9 percent, thus underlining the market's resistance to fiscal changes but also the strategy of hoteliers focused on rates.