Romanian hotel market expects full recovery by 2024

Hotel market expects to reach a full recovery by 2024. In Romania, the net occupancy rate for 2020 was 11.3% smaller than the one recorded in 2019.

2020 has seen a decline in numbers on the hotel market, both in terms of supply (-17% yoy) and occupancy (-11.3%).

It was registered a drop in the average net salaries for industries like hospitality and air transportation, which have registered a decrease in the average salary of 12.9% and 28.38% respectively.

According to INS data, over 200.000 people (3% of the total working population) were employed in the industry in 2018 and 2019. In 2020 the number of employees dropped to 150.000.

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.

The new deliveries include the reconversion and refurbishment of historic buildings, such as the reconversion of Marmorosch Blank Bank and the full refurbishment of Athenee Palace Hilton.

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