Romania's hotel industry followed global trends of growth in 2022 in terms of hotel occupancy, with arrivals across the country reaching 84% of pre-pandemic levels, according to the annual report published by Colliers.
Romania would have easily surpassed 90% of pre-pandemic arrivals had international tourism recovered faster, in line with local tourism, Colliers consultants estimate.
According to the research, Bucharest and other major cities in the country performed better compared to the national average, with major hotels in the capital recording occupancy levels in the last three months of 2022 that were more or less comparable to those in 2019, mainly due to the fact that both leisure and business travel have recovered significantly.
"Given the robust nature of the economy, it is no surprise that leisure tourism has rebounded, but business travel is a significant result of the year, particularly given that other aspects of the business environment, such as work patterns and office attendance, are still affected by the aftermath of the COVID-19 pandemic. A strong sign of recovery in local business travel, not taking into account foreign tourists arriving for leisure purposes in numbers still probably lower than the pre-pandemic potential, has been the dynamics recorded by hotels, especially towards the end of the year, boosted by the intense activity in the area of public events," Colliers Valuation and Advisory Services Director and Partner Raluca Buciuc said.
Looking at the Bucharest hospitality industry in more detail, 4-star hotels remained the most active segment in 2022, with occupancy at 68% towards the end of the year, up from around 72% in 2019, and an average rate of EUR 80/night, as against EUR 87/night shortly before the pandemic. Central locations in the Capital performed even better, with occupancy at 72% and an average rate exceeding EUR 100/night in the final months of 2022.
According to the source, the medium-term outlook remains challenging. 2023 looks like a tough year to forecast for any business as uncertainties over consumption remain, Colliers consultants assess.
Colliers is one of the leading global real estate advisory and investment management services.
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