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.
AQUILA (BVB: AQ), the market leader in the field of integrated distribution and logistics services for consumer goods in Romania and the Republic of Moldova, reported an 11% increase in revenues in the first quarter of 2024 compared to the same period last year, to RON 624 million (EUR 125 mln). However, the company’s net […]
Emil Sâncrăian and Bogdan Haș, two former managers in top companies in the pharma and medical device industry, have started a business that will bring new perspectives to the medical industry in Romania. The two entrepreneurs have set up Global Med Care, a project that promises to redefine standards in the Romanian medical field. Focusing […]
Romanian prime minister Marcel Ciolacu stated during Thursday's government meeting that "some retailers have reduced product quantities but kept prices equally high.” He asked state authorities and regulators to conduct checks into the matter. The executive will also implement regulations following the French model, with visible indications of quantity reductions and modifications in terms of […]
New mortgage loans worth approximately EUR 1.1 billion were granted in the first three months of 2024, up about 29% compared to the level of Q1 2023, according to a market report released by financial consultant SVN Romania | Credit & Financial Solutions. Refinancings, conversions, transfers, and restructurings were excluded from this volume. In total, […]
The European Bank for Reconstruction and Development (EBRD) and the Bucharest Stock Exchange (BVB) will work together to review the Romanian market’s corporate governance code, aligning it with recent regulatory changes and updated global standards. The initiative is designed to help listed companies improve their governance and reporting quality. The reviewed Code will be aligning […]
Thing, the beloved character on Netflix’s hit show Wednesday, will be played by Romanian actor Victor Dorobanțu in season 2 as well. The first season of the show was shot in Romania, but production for the second season moved to Ireland. Thing was chosen by the production team to be the "influencer" sharing all the […]
