Industry revenue of »hotels and similar accommodation« in Czechia 2011-2023
Revenue of hotels and similar accommodation in Czechia grew from 1.5 billion U.S. dollars in 2011 to 2.2 billion U.S. dollars in 2019, fuelled majorly by growing tourist arrivals and overnight stays. In fact, the city of Prague witnessed a record number of international tourists in 2018, and was the tenth largest hotel market in Europe in 2017, according to a report by Cushman & Wakefield. Moreover, various hotel chains such as the CPI group have expanded in the country over the years, which has further boosted growth.
Initial projections for the medium term demonstrated a 17 percent growth in industry revenues, owing to the continued growth in tourist arrivals and commencement of new hotel projects, such as the Andaz Prague. However, the outbreak of the Covid-19 virus has had a particularly detrimental impact on travel and hospitality and as a result the sector is likely to go through a recessionary phase, at least over the short term. A month long state of emergency has currently been declared in the country which has resulted in all operations being stalled in hotels and restaurants until the first week of June.
Initial projections for the medium term demonstrated a 17 percent growth in industry revenues, owing to the continued growth in tourist arrivals and commencement of new hotel projects, such as the Andaz Prague. However, the outbreak of the Covid-19 virus has had a particularly detrimental impact on travel and hospitality and as a result the sector is likely to go through a recessionary phase, at least over the short term. A month long state of emergency has currently been declared in the country which has resulted in all operations being stalled in hotels and restaurants until the first week of June.
