Budapest Hotel Market Update
By Attila Radvánszki on March 16 2018
Attila Radvanszki, Senior Consultant at Horwath HTL in Hungary, has written our latest Budapest Hotel Market Update.
Extract of our Budapest Hotel Market Update
Budapest – the growing capital city of Hungary boasts 1.8 million inhabitants, one fifth of the close to 10 million overall country population. As the cultural and economic centre of the country Budapest leads the way in tourism and hotel development as well.
In such turbulent times in Europe, Budapest as an international tourist destination competes not only with cities located in the CEE (i.e.: Prague, Vienna, etc.) but at least with other 80 cities in Europe (e.g. Florence, Berlin, etc.) including the global tourism market as well.
Budapest Airport has generated significant growth from the expanding number of low-cost carriers. The airport set a new record in terms of total passenger numbers in 2015 (10 million passengers), also outperforming year-on-year growth rates of regional competitors such as Vienna, Prague, Bratislava and Warsaw.