Warsaw, October 1st 2012
The Polish hospitality market is changing, according to the participants of the inaugural panel at the Property forum 2012, the biggest conference on the commercial real estate market in Poland. The panel, hosted by Janusz Mitulski, Partner at Horwath HTL Poland, found that although affected by the economic crisis, the best was still to come in this sector, not least because of the boost given by the European Championships.
The representatives of investors and hotels discussed the impact of UEFA EURO 2012® into the Polish hotel and tourism industry as well as the balance of costs and benefits. According to participants, the organization of Euro 2012 Poland is a potential that should be exploited.
The panel found that hotel supply had increased steadily in the years building up to the event, but there were signs that the new supply was slowing down as access to capital and loan to value ratios were more challenging. However, there were still gaps in several market segments that were ready to be exploited, not least in the congress meeting and event space.
Janusz Mitulski said, ” There has been a dramatic increase in the number of new hotel facilities. In years 2008 – 2010 the increase amounted to nearly 10% per annum, slowing down only in 2011. We estimate the number of hotel openings in 2012 to be slightly higher than in 2011, as UEFA EURO 2012® was a strong motivator for the investors. However, we can see signs of a slowdown. It is mainly the result of more strict requirements that banks are posing to the investors. It involves not only rising the equity ratio, but also a very insightful analysis of the project”.
He also added that “One of the issues which should be changed is the shortage of places in Poland, especially in Warsaw, where a big business events, like a congress for 3 to 10 thousands persons, could be organized”.
Horwath HTL (Hotels Tourism and Leisure) is one of the world’s pre-eminent consulting specialists in the Hotel, tourism and leisure industries, providing unequalled experience and expertise for client projects around the world through a combination of detailed local knowledge and international understanding. Horwath HTL is currently the world’s largest consulting organisation specialised in hospitality, with 50 offices in 39 countries.
Horwath HTL is a member of Crowe Horwath International, a professional association of accounting and management consulting firms founded in New York in 1915. Crowe Horwath International is currently ranked among the top ten international professional service groups with offices in close to 586 cities in 108 countries.
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