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Bucharest hotel operators, 2nd in Europe at occupancy rate drops

New room supply flooding Bucharest during a year affected by the financial crisis has led to a 14.2 per cent drop in hotel occupancy to 61.2 per cent, the Romanian capital thus experiencing the second largest occupancy decline in Europe after Reykjavik (-24,9 per cent), according to the "Hospitality Vision" Deloitte study covering the year-to-September performance.

Bucharest has suffered significantly from limited supply over the past few years, while demand on the hotel market kept rising. New supply came in 2008 with the opening of Ramada Plaza, Radisson SAS and the RIN Grand Hotel extension. "Bucharest is mostly a destination for business travel and this is more than evident from the latest Deloitte study. Since the business environment is currently reducing costs, including the travel ones, occupancy rates and hotel revenues are both affected," explains George Mucibabici, Deloitte Romania Chairman.

According to the study, average room rate in Bucharest is EUR 120, while revenues per room (revPAR) - EUR 73. Over the analyzed period, this index has dropped 8.2 per cent.

 

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Tags: bucharest hotel occupancy

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