Crosspoint Real Estate has issued its latest market snapshot- Romanian Hotel Market, a perspective upon of the facts and trends for this industry.
In 2019, there has been a 3% increase in the number of tourists compared to the previous year. The demand was still mainly driven by Romanian tourists (10.5 million arrivals of Romanian tourists versus 2.67 million foreign tourists). It is estimated that the hotel industry’s turnover for 2019 has been around 1.3B €.
The most important international brands operating in Romania are JW Marriott, Sheraton, Ramada, Pullman, Radisson, Crowne Plaza, ibis, K+K, Intercontinental. 2019 registered new deliveries such as Courtyard by Marriott and Hilton Garden Inn Airport in Bucharest, and Mercure hotels in Sibiu and Timisoara.
In the past 5 years, there has been an 8% increase in the number of tourist compounds in Romania. Rural tourism and affordable accommodation such as hostels and vacation houselets have registered the highest evolution.
The hospitality industry recorded one of the highest growths in 2018 among non-residential building permits, after a drop of 26% registered in 2015-2016.
Romania is still underdeveloped on the business hotels segment in large cities, and the leisure segment has a big potential for rehabilitation/renovation works.
Given the rising popularity of short term apartment rental throughout the world, the industry has seen a surge in demand for this type of accommodation in Romania as well, in Bucharest having a 30% share in total accommodation demand in 2019. The number of listings more than doubled in size compared to 2017.
Download the attached report for full information.