Hotel Operator Beat H1 2023 - Czech Republic
Prague is the second most attractive market in CEE for hotel operators with a presence or interest in the region. Its popularity is backed up by H1 being a period of healthy recovery for Prague hotels which achieved the second-highest (after Budapest) RevPAR (revenue per available room) among the region’s capitals1. In this year’s first six months, it reached EUR 69, which is an increase of 57% versus H1 2022, and already a 5% increase versus the pre-Covid H1 2019. This was primarily driven by the strong ADR (average daily rate) growth, which surpassed 2019 levels by over 20%. Hotel operators are optimistic about the industry’s outlook and keen to expand across the CEE region. However, 28% of planned hotel projects in the region are facing delays or put on hold, mainly due to the increased development costs.