Viewpoints with bite

Not much seems to have happened lately in the hotel scene in our part of the world (Central & Eastern Europe), but it is now exuding more optimism and feels confident of future growth Everyone remembers how during the pandemic the hospitality sector was hit harder than almost every other, apart from maybe retail. Indeed, no one even seemed to want to talk about hotels for many years after, preferring the promise of new niches, such as PRS and PBSA.

Before the COVID-19 pandemic, Poland exhibited robust GDP growth, outperforming many EU countries. However, the pandemic induced a significant economic downturn, with Poland’s GDP shrinking by 2% year-over-year, better than the EU average decline of 6.1%. Recovery began in 2022, bolstered by expansionary fiscal policies, a strong labour market, and an influx of Ukrainian citizens. Nevertheless, inflation surged to 10.3% in July 2023, among the highest in the EU, with energy prices contributing significantly. Poland’s GDP is expected to grow moderately at 0.7% in 2023 and 2.7% in 2024, with inflation projected to remain high at 12.6% in 2023 and 7.9% in 2024.

The 2023 edition of the “Poland Hotels & Chains Report” provides an in-depth look at the Polish hotel market, highlighting the continued expansion of branded hotels, the recovery from the COVID-19 pandemic, and the evolving business models within the industry. The report also covers the key players, market dynamics, and future development trends in Poland.

Poland’s economic landscape experienced significant growth throughout the 2010s, highlighted by a 4.7% GDP growth in 2019, one of the highest in the European Union. The onset of the COVID-19 pandemic in 2020, however, reversed this trend, resulting in a GDP contraction of -2.7%. Despite this downturn, Poland’s economy showed resilience, recording one of the shallowest recessions in the EU with a GDP drop far less severe than the EU-27 average of -6.1%.