Recovery of Hotel Industry in Prague Expected in 2024
The latest figures show that the Prague hotel market has borne the brunt of the coronavirus crisis in Europe. Hotel industry in Prague recorded the steepest decline in average revenue per room in 2020, down 84.6% on the previous year, with only Barcelona, Rome, and Lisbon being impaired on a similar scale. Even so, confidence in the Prague hotel market and its long-term potential is hardly waning, as underscored by the unflagging interest not only among investors, who are always on the lookout for good opportunities to buy but also among hotel operators, who have identified Prague as the main target of their activities. “The Czech authorities did not follow the example set by many other countries in using local hotels to accommodate health professionals or as makeshift hospitals. All this hastened Prague’s status as one of the most devastated hotel markets in Europe. Having said that, we must remember that these are temporary factors not directly related to the tourism market, which should recover quickly once the virus has been brought under control,” said Bořivoj Vokřínek, Strategic Advisory, Head of Hospitality Research EMEA, Cushman & Wakefield. Results reported for last summer, when rules were eased for a while, signalled...
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