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The hotel market could begin recovery in the second half of 2021, fueled by a pick-up in international travel. Some hospitality projects continued

The hospitality industry was amongst the first industries affected by the coronavirus generated crisis, and it will be amongst the last sectors to recover. The road to recovery involves learning how to make the hotel experience a safer one and this year will bring fresh trends in the hospitality area - a concentration on minimizing food waste, care for green buildings and sustainability and locally produced products and a proactive interest for smart devices planned to diminish energy consumption are just a few trends intended to shape a more sustainable future starting 2021, shows the 2020 annual report released by Colliers.

Either way, the medium-term outlook remains challenging. Globally, tourism has fallen in 2020 to a 30-year low in terms of activity. In Europe, as per a World Tourism Organization survey, most tourism experts are seeing the return of activity to pre-pandemic levels of international travel no sooner than 2023. Furthermore, the survey also mentioned that a more material recovery in international travel should come in the second half of 2021 – likely dependent on vaccination, but quite a few see this as rather a 2022 event. We would expect Romania to follow suit and rebound at a similar pace to other European countries. And while Romania as a whole did not rely that much on foreign tourists (the country had one of the lower numbers of international visitors in CEE), Bucharest will suffer, as it did see an increasing amount of both business and leisure tourism in the run-up to the coronavirus pandemic”, explains Raluca Buciuc, Partner & Head of Valuation Services and Hospitality Advisory Services at Colliers.

In a normal year, at a 4-star hotel which allowed for private events, these services added around 40% of the annual revenue, while for the sought-after 5-star hotels, the share easily jumped the 50% threshold. Interestingly, newer and more flexible hotels may be somewhat more advantaged by this situation, as they tended to place a slightly lower emphasis on restaurants/events. We see 2021 as a good year for new international brands to enter the market or existing ones to expand their network, as long as the projects under discussions are well located and sizable enough to support the business model. 2022 is expected to be the year of a normalized activity and therefore we see the long-term players preparing the ground for it”, adds Anca Merdescu, Associate Director Investment Services at Colliers.

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Raluca Buciuc

Director | Partner | Romania


The 20 years in Colliers Bucharest Office offered me the chance to work in several departments as Office, Industrial and Valuation as assistant, junior or senior consultant and have a general look over the business. Since 2004 I have been working within the Valuation Department as specialist in residential mortgage valuation, development land and, in the last 10 years, in commercial properties. I have also get specialized in accommodation and leisure assets, as hotels, restaurants and spa centers. Today, as director I also coordonate the internal team in different projects as training, portfolio valuations or new business lines.

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Anca Merdescu

Director Investment & Debt Advisory


Anca  has more than 15 years’ experience in financial and real estate business. 

Before joining Colliers, at Raiffeisen Bank Romania she worked closely with major developers and players on the Romanian real estate market, being involved in various financing transactions.

Starting with May 2015 she joined Colliers as a Senior Associate for Debt Advisory within the Investment Services team, where she set up a new business line. 

Anca holds a Degree from the Doctoral School of Finance and Banking (DOFIN) from the Academy of Economic Studies in Bucharest and passed CFA Level 1. At present, Anca acts as Associate Director for Investment and Debt Advisory services:

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Silviu Pop



Before joining Colliers mid-2017 as Head of Research for Romania, Silviu Pop worked with ING Bank for close to three years as an economist, covering macroeconomic/financial market themes for Romania, Bulgaria, Serbia and Croatia. As of October 2022, he holds the position of Director for Research for the CEE and Romania. His previous professional experience includes working almost 7 years as a financial journalist at various media outlets in Romania, including the sole business-oriented TV station in Romania, where he hosted a daily show for a period of time; during this interval,  he won a number of scholarships, including a stint with Reuters. He holds a BSc in economics at the Bucharest University of Economic Studies.

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