Market Trends of Hospitality Industry in Austria
This section covers the major market trends shaping the Austria Hospitality Market according to our research experts:
Increasing Investments in the Accommodation Sector is Going to Drive the Market
According to TOPHOTELPROJECTS GmbH, the Alpine nation of Austria is adapting to catch the growing demand, by adding more than 12,000 rooms to the accommodation industry in the coming years to accommodate the rising number of visitors. According to its online database, 90 hotel projects are currently in the development pipeline in Austria, 62% of which are categorized as either first-class or luxury segments. Around 29 hotels are slated to be opened in 2020, which will add more than 4,000 rooms to the supply chain. Another 21 openings are scheduled for 2021 whereas around 9 for 2022. Out of all the openings, 27 hotels alone are going to be added in Austria’s capital city, Vienna, adding more than 5,500 rooms.
The Rising Number of Overnight stays in Austria's Provincial Capitals Are Creating High Demand for More Hotels
According to Statistik Austria, the total number of overnight stays reached 149.8 million which indicated a 3.7% growth. Since 2000, the overall arrivals in Austrian cities have more than doubled, and 96% rise was recorded. Throughout the whole country, 70% growth in arrivals and 32% of overnight stays were recorded. The major tourist arrivals were observed to 9 cities and their share to the total arrivals to the cities was 5% more than that of in 2010 and the total number of overnight stays was increased to 16% in 2018 from 11% in 2010. Vienna attracted a total of 16.5 million overnight stays in 2018, of which 945,000 visited in February alone.
