Romania hotel market expects full recovery by 2024
Hotel market was by far one of the most affected by COVID-19 pandemic and is expected a to reach a full recovery, in this context, by 2024. In Romania, the net occupancy rate for 2020 was 11.3 percent smaller than the one recorded in 2019.
Although the hotel segment has been the most affected by the restrictive measures imposed by the health crisis, very few projects have been abandoned. Delays and postponements in new hotel deliveries were recorded but developers and operators seem to have an optimistic perspective on the future.
For 2021-2023, 17 new hotels with over 2,000 rooms are expected to be delivered in Romania, with almost half of them located in the capital city. “Furthermore, the new stock is mostly comprised of 4 and 5 star hotels. The new deliveries include the reconversion and refurbishment of historic buildings, such as the reconversion of Marmorosch Blank Bank building into a luxury 5* hotel (Autograph Hotel by Marriott) and the full refurbishment of Athenee Palace Hilton and Corinthia Grand Hotel du Boulevard, all located in central Bucharest”, said Ilinca Timofte says, Research Analyst, Crosspoint Real Estate.