Polish hotel industry in 2013 tough competition ahead

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1 Ministry of Treasury Źródło: d.html Wygenerowano: Thursday, 29 December 2016, 00:50 Polish hotel industry in 2013 tough competition ahead Published: a booming market - The number of hotels in Poland grows rapidly every year. In 2012 there were 2014 hotels against 1877 in 2011, Central Statistical Office data show. Such an annual increase in the number of hotels is similar to the growth recorded in the previous record high period of Such a strong supply of new hotels poses a challenge for hotel operators, who have to deal with increasing competition. It is hard to find in such situation a point of balance or rather: finding a high level of profitability is certainly not easy and requires the owners and hotel operators to undertake costly efforts, says Jerzy Miklewski, the owner of Hotelon company, in a June report published by Świat Hoteli magazine on the hotel market in Poland in The number of hotel rooms in 2012 has exceeded 100,000 units, having increased by 7,000 against Such a big growth was previously recorded only in An average new hotel built in 2012 had 50 hotel rooms.. Putting these numbers together, Miklewski estimates 2012 investments in the hotel market in Poland at over PLN 2.3 bln. Such an investment boom in the hotel industry occurred mainly due to the anticipated wave of tourists attending UEFA EURO Cup 2012 co-hosted by Poland. Analysts point out that increased investment spending was also recorded in 2009 and 2011, already in anticipation of future profits connected to the European Championships. The 2012 growth trend in new hotels continues well into During the first two quarters of 2013, 80 hotels were opened with the highest number recorded in Mazovia (12 hotels), Greater Poland (8 hotels) and Lower Silesia (7 hotels) regions.

2 The data shows the continuation of the relatively high growth rate from the last couple of years in Poland s hotel infrastructure. Curiously, the biggest growth in the number of hotels happens in the regions where their supply is already the highest. The regional capitals, where the most hotels were opened, are also the strongest business hubs (Warsaw, Poznan, Wroclaw), which have in addition been promoted intensively during the EURO Cup 2012, said Dorota Malinowska, a partner at Pro value, in the same report by Świat Hoteli. Polish banks more eager to finance hotels In comparison to Western European banks, the Polish ones are ready to finance hotel projects with loan-to-value at maximum 65%. It s easier to finance projects of budget hotels, which can prepare professionally feasibility studies, says Adam Konieczny, Manager Business Development Poland & Ukraine at Christie + Co, in the Świat Hoteli report. The activity on the investment market stays low, although there is a chance to close some significant deals in Warsaw and

3 Krakow are of biggest interest among foreign investors. Some add Wroclaw and Gdansk to the list, concluded Konieczny high supply, low demand, more optimism for 2014 Some analysts suggest that 2013 will be a tough year for hotels, full of challenges and obstacles. According to the estimates of the Tourism Institute (Instytut Turystyki), the number of overall foreign visits to Poland will decrease this year from 14.8 mln in 2012 to 14.7 mln. Polish hotel market will face stagnation in 2013 PMR analysts claim in company s August publication on the HoReCa market in Poland. The second half of the year will bring an economic recovery, which should have some positive influence on the hospitality industry, but market growth will not exceed 1% yoy, the PMR report reads. Acquiring foreign investors for hotel projects might also be problematic. German funds often require that hotels be run on the basis of lease contract, which is not a very popular choice in Poland. Another obstacle (in obtaining investment funds) is insufficient value of the project very seldom funds would consider projects below the value of EUR 20 mln, said Konieczny.

4 Given the high base of 2012 and the movement generated by the EURO Cup 2012, this year lacks any significant events, which would attract bigger crowds of foreign tourists. Apart from the UN Climate Summit in Warsaw, there are no hints to forecast a good year for hotel managers. The times of cost-cutting and competition for customers will come back. Many smaller privately-run hotels will be put on sale. We also forecast a change in ownership of some of the chain hotels in major cities, said Alex Kloszewski, the head of hospitality department at Colliers International Poland in the April report on 2013 HoReCa market in Poland, published by Hotelarz magazine. Regardless of how the EU s economy is doing and whether or not the banks will be brought back to health, people will still need to travel and rest in 2013, Kloszewski concluded. However, the 2013 decline will be followed by growth in the following years as the Institute of Tourism forecasts that the number of foreign visits in 2014 is supposed to reach 15 mln and will steadily grow by an average of 400,000 a year each year thereafter. Also PMR claims 2014 should record a more discernible growth in the industry. In addition, Kloszewski from Colliers noted that a

5 positive aspect of this and the following year s hotel market will be lower costs of construction, stemming from a weakened construction industry in Poland. Source - Polish Press Agency, Economic Service Published by: Łukasz Sawa Author: Public Relaions Office Last change: Łukasz Sawa Register of changes

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