Hotel occupancy rate in Bucharest sees strong recovery in Q1
The occupancy rate of hotels in Bucharest was 62% in the first quarter, up by 33% compared to the same period of last year, and only 5% below the pre-pandemic level of 2019, which places the Romanian capital on the second place in the region, after Warsaw, according to the data of the real estate consulting company Cushman & Wakefield.
According to the hotel owners in Bucharest, this year's performance is determined by a strong rebound in demand in the individual tourism segment, as well as by an improvement in the group and business tourism segments.
Also, the positive evolution of the indicators was supported by the increase in the quality of the hotel offer in Bucharest through the opening of Marmorosch Bucharest, Autograph Collection and the renovation of the Athenee Palace Intercontinental.
The average rate of hotels in Bucharest was EUR 92 in the first quarter, exceeding by almost 12% the levels of 2019 and being 35% above the value of the first quarter of last year, given that this year the VAT rate for the HORECA industry was increased from 5% to 9%, according to the data of the research firm STR Global, specialized in the hotel industry.
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