Saturday, 23 August 2025
CBRE reported a year of strong activity for its Hotels Central and Eastern Europe (CEE) team, advising on close to €1 billion in hotel transactions across the CEE and SEE regions, alongside around 20 operator search and selection processes. Among the most significant transactions was the sale of Hilton Prague, one of the largest single-asset hotel deals recorded in the region.
The firm’s activity also included advisory work, valuations, and operator search mandates in major regional capitals and leisure destinations, linking local opportunities with international investors and hotel brands.
According to CBRE data, Romania’s hotel market recorded 20 million overnight stays in 2024, an increase of 2% compared to the previous year. Bucharest was the main driver of growth, with overnight stays rising 8% and international arrivals up by 12%. Air traffic also supported growth, with Romanian airports handling 26 million passengers in 2024, a 6% increase year-on-year.
Leisure tourism remained resilient, with Constanța on the Black Sea coast and mountain resorts in Brașov and Prahova among the strongest performers. Hotel investment has accounted for between 4% and 8% of total real estate activity in recent years, and the proportion continues to trend upward.
Local investors remain most active, particularly in mid-sized transactions and hotel conversions. International investors tend to focus on prime assets in Bucharest and established leisure markets, often seeking branded hotels and institutional-grade properties.
With over 13 million passengers in 2024, Bucharest’s air traffic remains below that of Warsaw, Prague, and Budapest, but the capital has seen stronger relative growth, driven by limited branded hotel supply and rising international demand. New branded projects in the upscale and lifestyle categories are expected to help narrow the gap with other CEE capitals within the next three to five years.
“Romania’s hotel market is entering a new growth cycle, supported by healthy demand and a clear shift towards branded projects that raise the bar for quality,” said Iulia Szabo, Consultant, Investment Properties & Hotels, CBRE Romania. “Interest from both domestic and international investors is rising, with Bucharest leading the way and regional leisure destinations increasingly on the radar. The next few years will bring significant opportunities for those ready to invest in upgrading assets and introducing fresh concepts to the market.”
Currently, unbranded hotels dominate the Romanian market, many of which require substantial investment to meet international standards. Developers also face lengthy permitting and urban planning processes, while market liquidity remains lower than in more mature CEE countries.
Growth over the next three to five years is expected to be supported by rising international arrivals, infrastructure improvements, and the opening of new branded hotels in Bucharest and regional cities. Resort areas on the Black Sea coast and in the Carpathian Mountains are also seen as having untapped potential. CBRE is currently advising on projects in Bucharest, Brașov, and other leisure markets, including both new developments and repositioning of existing hotels.
Photo: Iulia Szabo, Consultant, Investment Properties & Hotels, CBRE Romania
