Unsurprisingly weak 2020 with a conciliatory finish for Austria’s hotel market
After the record-breaking year 2019, when hotels worth more than €1.25 billion changed owners in Austria, the signs for the first quarter of 2020 were still very positive. But then everything turned out differently. After a significant drop in transaction volume due to Covid-19 in the first half of 2020 with a hotel investment volume of just over €60 million, there was more movement in the second half of the year. Eventually, the hotel investment year ended with a stable transactional volume of around €280 million, according to the hotel real estate specialist Christie & Co. The effects of Covid-19 on the hotel industry and the hotel real estate sector cannot be denied. “Particularly in the first half of 2020, there was a deep uncertainty on the market and among investors,” says Simon Kronberger, Director Austria & CEE at Christie & Co. Since April, only a few transactions have been recorded, and especially transactions in city locations have failed to…
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