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CEE region Hotels count the pandemic cost

Hotels
In 2020, EUR 370 mln was transacted in the hotel sector in Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia, according to the third CEE hotel investment report published by CMS and Cushman & Wakefield.

This figure was far below initial projections of EUR 1.8 bln and represents a 74.2 pct fall from the record-breaking EUR 1.4 bln recorded for 2019. Around 87.6 pct of these deals had been negotiated before the outbreak of the pandemic. Nonetheless, transaction activity in 2020 remained considerably higher than that seen during the financial crisis of 2009, when the investment volume shrank to EUR 209 mln. In 2021 investors have become active again and transactions worth around EUR 140 mln have already closed.

The decline in transaction activity was driven by a combination of factors, the most prominent being the temporary lack of visibility on when and how the market was to recover. But the clock is ticking, and some owners may soon face financial challenges, especially as government subsidies taper off or their loans come to term. Similarly, on the investor side, significant capital has been raised, and this will need to be deployed sooner rather than later to deliver the required returns. These factors, combined with improving cashflow when the market starts to recover should help bridge the gap in expectations between buyers and sellers and lead to more transaction activity perhaps without any sign of distressed sales.
Frederic Le Fichoux, head of hotel transactions for the CEE at Cushman & Wakefield.

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schedule 01 July 2021

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schedule 09 June 2021

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