Industry revenue of »hotels and similar accommodation« in Estonia 2011-2023

Over the past decade, the number of hotels and similar accommodation in Estonia have grown and so have revenues, from 231 million U.S. dollars in 2011 to over 341 million U.S. dollars in 2019. Amongst key drivers include the growth in the number of tourist arrivals, increasing expenditure of households on hotels and restaurants, and a rise in overnight stays. The Tallink Hotel, followed by Park Inn, and Radisson Blu, are some of the leading hotel groups in the country.

According to initial projections, revenues of the industry were projected to grow from 350 million in 2020 to 375 million by 2023. However, the outbreak of the corona virus pandemic has led to massive disruptions not only in the hotel industry but the entire hospitality sector. Therefore, it is unlikely that the industry will exhibit the projected growth in the short to medium term. Hotel occupancy rates in the country have already plummeted by as much as 70 percent, according to latest reports.

Industry revenue of »hotels and similar accommodation« in Estonia from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Estonia. The industry “hotels and similar accommodation“ has the code “I551“.

Details on the methodology can be found here.

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