Romania's hotel sector has continued to recover, with sustained growth in leisure tourism, shows a Colliers analysis published Tuesday.The number of Romanian tourists staying in Romania's hotel establishments reached nearly 7 million in 2023, very close to record levels and above the average of the pre-pandemic years, Colliers said.However, in the summer of 2023, air passenger traffic levels surpassed those of 2019, setting new records both in Bucharest and other major cities in the country.Colliers consultants point out, however, that the recovery of international tourism in Romania has not been as rapid as that of domestic tourism, with the number of foreign tourists arriving in the country remaining about 25% below the pre-pandemic level.At the same time, there has been a significant increase in the number and variety of hotel brands seeking to enter the local market, from luxury to more affordable ones.According to the source, in Bucharest, four and five-star hotels remained the most active segment in 2023. Thus, the average daily revenue per available room (ADR) increased by 15% -20% throughout the year, in addition to the 57% increase recorded in 2022, up to 126 euro/room/night in central areas and 82 euro/room/night in the north of Bucharest. Occupancy rates in competitive hotels in the capital have also increased by around 10% in the summer months, but in annual terms remain slightly below pre-pandemic levels."Even without taking into account economic uncertainties, local hotels are facing increasing obstacles, from labour shortages (more than 10% of employees in Bucharest's central hotels are from abroad, especially South Asia) to significant changes in operating costs, such as those in 2022 amid rising energy prices. But, in general, the long-term future looks promising, which explains the surge in new projects," according to the research.
The corporate branch in Romania of PKO Bank Polski, the leader of the Polish banking system, will begin its operational activity on the local market in 2025, according to Ziarul Financiar. The Romanian daily announced in October 2023 that PKO Bank, the largest bank in Poland, with assets equivalent to 70%...
The Romanian Ministry of Energy announced that it notified the Foreign Direct Investment Review Commission (CEISD) regarding the transaction through which Hungary's state-owned energy group MVM intends to acquire the gas and electricity supply division of E.ON Energie Romania,...
At the monetary policy meeting of January 15, Romania’s central bank (BNR) maintained the monetary policy interest rate at 6.5%, which was in line with expectations. Amid persistent inflation risks and with no budget plan drafted by the government, the monetary authority thus prioritized a cautious stance over the need to encourage economic growth. “We […]
Ford Transit & Tourneo Courier, Ford Puma, and the new Dacia Duster led Romanian car production to a record volume of over 560,000 cars, according to calculations by Ziarul Financiar based on information from the car market and Ford Otosan's stock exchange report. The volume thus brings a 10% increase...
Romania's industrial output in the 12 months to November 2024 contracted by 2% y/y, according to data published by the statistics office INS. The contraction was slightly softer (-1.6% y/y) in the core manufacturing sector, with the segment of utilities (-4.4% y/y) dragging down the overall performance. Most likely, the industrial output in Romania ended […]
A film festival presenting films awarded by ecumenical juries of international festivals and an exhibition centering on the book as an art object are among the options on the Bucharest agenda. In Bucharest: Filmikon January 18 – January 24 The second edition of the event screens a selection of films awarded over the years by […]
