In August 2021, Tranio joined forces with the IHIF to conduct a joint survey on the impact the global COVID-19 pandemic has had on the hospitality sector since March 2020, and to zero in on what we can expect from the market going forward.
Most of the survey participants (59%) were real estate or hospitality professionals, 16% were hotel operators, 13% identified themselves as investors.
Key takeaways from the survey:
- 52% of the respondents believe the hotel market will recover by 2024.
- Hotel operators appeared to be the most optimistic about their predictions. Investors, on the other hand, were more cautious.
- 35% believe the German market will bounce back more quickly than others. Some 30% believe that the Spanish market will also recover quickly.
- Among investors, 69% expressed the most confidence in the UK market.
- Purchase prices of hotels have remained unchanged or have fallen by 5% or less, according to a substantial majority (78.6%) of our respondents.
- 32% said hotels were converted to coworking spaces, 17% - opened ghost kitchens or dark stores, 10% - were converted to retirement homes.
- According to 71%, improved vaccination ratios will drive the market economy.