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Hospitality MarketBeat

Hospitality MarketBeat report analyses quarterly Poland commercial property activity across hotel sector including supply, demand and pricing trends at the market and submarket levels.

Warsaw hotel market was leading the CEE-6 capitals in terms of recovery in 2023. 

After a period when the Warsaw hotel market was falling short of the European recovery from the impacts of the COVID-19 pandemic and war in Ukraine all of its performance indicators increased significantly in 2023. RevPAR (in EUR) ended 26% above the level recorded pre-covid in 2019, in December 2023 as much as 39% above December 2019. Occupancy reached 73% last year, in December 2023 with 65%, surpassing the level of December 2019. The average daily rate was EUR 94 in 2023, 25% higher than 2019. The investment transactions volume in Poland grew by 82% year on year, reaching EUR 83 million. The Warsaw hotel market continued to prove its strength, resilience and attractivity. 

Across the CEE-6 capitals, the average hotel occupancy level in 2023 lagged behind 2019 by 9%; however, the ADR surpassed it by 23%, resulting in a 12% RevPAR growth. The strongest RevPAR increase was recorded in Warsaw and Budapest. The positive trend is anticipated to persist in 2024, albeit at a more moderate pace. Increased cost of financing and ongoing economic and geopolitical headwinds in the region caused 2023 transaction volumes to drop by 18% compared to 2022. However, the volume invested by international buyers increased by 197% over the same period, illustrating the region’s rising attractiveness for inbound capital. Several significant deals are progressing since the year-end 2023, suggesting transaction volumes will rise in 2024. 


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