PL

Demand for hotels picks up in the provinces

Hotels
POLAND The demand for hotels continues to grow in Poland, according to CBRE’s recent ‘Hotel market in Poland in Q2 2019’ report.

In spite of increasing construction costs, the sector has been growing rapidly in terms of the number of projects planned and those under construction, while international hotel chains are paying more and more attention to regional markets. The most significant deals are still taking place in the largest cities, such as Warsaw and Kraków, but the dynamic growth in cities such as Gdańsk, Katowice and Łódź is now also attracting domestic and foreign capital, claims the report.

The hotel market in the largest Polish cities has a limited supply of buildings worth more than EUR 20 mln, and it is these that are arousing the greatest interest among foreign investors. Furthermore, Warsaw, which was recently a priority location for international chains, is already regarded as a saturated market, thus opening up new opportunities for regional cities where the range of hotels is not so developed and investors with less resources can expect a greater return on investment.

Increasing demand can be seen in most Polish cities; however, it was in Gdańsk that the demand for accommodation services has grown the fastest over the last five years (+12.7 pct). This will undoubtedly have a positive impact on the absorption of the latest supply of beds being created on Wyspa Spichrzów [Granary Island], among other locations in the city. According to CBRE, the rapid growth in the demand in Gdańsk is the result primarily of the longer high season for individual guests and the increase in the number of international events – and thus also the number of business clients.

Katowice is the next major city of investor interest. In 2012–2017 the average annual increase in demand amounted to +10.7 pct for the city. The UN climate summit, which was also held there, as well as the takeover of the management of Spodek and MCK by a private company, contributed greatly to these figures. The demand in this and other large Polish cities, such as Łódź, Poznań and Wrocław, is primarily being driven by business clients, as a direct consequence of the development of companies, increasing activity in the regional office sector and the major international fairs and conferences held at these locations.

Between 2013 and 2018, the supply of hotel beds has grown by an average of 5.5 pct per year in Warsaw. According to CBRE, this growth rate will jump to a level of 6.3 pct over the next years due to planned and ongoing investment. However, in the near future the number of beds will continue to grow the fastest in Gdańsk, where the Radisson Hotel & Suites and Holiday Inn Gdansk City Centre hotels have recently opened. Meanwhile, the Łódź market, which up to now has been developing the slowest of the cities mentioned, will grow in terms of the number of bed available by 5.6 pct beds on average over each of the next five years.

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