The trend of the hotel market of Bucharest and county capitals to centre on business tourists and particularly on foreigners became even more obvious last year.
Regional meetings and conferences will be the next step toward development and the third sector that may develop in parallel with the conference market would be that of weekend travel, spurred by foreign tourists' interest to see new destinations, say market players.
For the time being, though, 80% to 95% of Bucharest hotels' customers come from the business sector and most tourists coming to Bucharest are foreigners, with estimates in this regard pointing to 75-80% of overall arrivals in 2006. The conference and banqueting segment, generated by the same business sector, accounts for different shares in Bucharest five-star hotels' turnovers, from 30% to 50%.
Under the circumstances, the most profitable hotels of Romania, besides having the advantage of being the biggest, are also the most luxurious, mainly targeting those who do not pay for accommodation from their own incomes. Luxury hotels, represented by the six five-star hotels (Howard Johnson, Grand Plaza, JW Marriott, Intercontinental, Athenee Palace Hilton, Casa Capsa and Crowne Plaza) have around 1,467 available rooms together of the total 6,400 rooms on the market, reads a report on the Bucharest real estate market put together by CB Richard Ellis Romania (CBRE).
The high growth potential of the Bucharest and of the entire Romanian hotel market compared with other cities of Central and Eastern Europe is arousing the interest of international chains. Thus, Kempinsky, Hyatt, Four Seasons, Sheraton or Leading Hotels of the World hotel companies are expected to enter the market in 2007, both through their own investments and through affiliation or management contracts.
Hotel market
The hotel market in Bucharest and county capitals further focused on business tourists and foreigners in 2006
Regional meetings and conferences are the next step toward development
The high growth potential of the market compared with other cities of CEE stirs the interest of international chains
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