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Warsaw, with its Old Town on the UNESCO World Heritage List, is the capital city of Poland. Having a population of more than 1.8 million (2023), the city spans an area of 517 km². As the economic centre of Poland, Warsaw is home to many national and international companies. Its economy is driven by a strong tertiary sector with key areas including retail and trade, business, transport, education and banking.

Warsaw is well connected to two airports and has direct rail and highway links to all major cities in Poland. Warsaw Chopin Airport is the largest airport in Poland, handling almost 50% of the country’s air passenger traffic (a record 18.8 million passengers in 2019, a 6% increase on the previous year). Warsaw Chopin Airport is the busiest airport of the newer EU member states and has become a major hub in Eastern Europe. In 2017, the government adopted a resolution outlining its €8 billion plans for a new airport, Solidarity Transport Hub, which will integrate air, rail and road transport and will be situated around 40 km from Warsaw. Construction began in the second half of 2023, and the planned opening is set for 2027. During the first stage, the airport is expected to handle 45 million passengers a year, with its target capacity being 100 million passengers a year.

Warsaw has the seasonality of a typical business-demand-driven destination, with peaks in April, May, September and October, whilst the summer and winter months are quieter. In the decade leading up to the pandemic, occupancy for this market increased from the high 60s to mid-to-high 70s. However, increased demand failed to result in increased rates, which stagnated over this period (in euro terms). The currency fluctuations of the Polish zloty played into this dynamic. The most important source market for Warsaw is the domestic market, constituting close to 65% of overall arrivals in 2019. The main international markets are the USA, the UK and Germany. Following the contraction in hotel trading in 2020, the second part of 2021 saw Warsaw experience a good pick-up in volume owing to robust domestic demand; this trend continued into 2022, owing also to the large numbers of refugees being hosted across multiple hotels. Additionally, hotels were busy with NGOs, diplomats, military personnel in training missions and other Ukraine-war-related sources of demand, which helped occupancy to recover. 2023 continued in the same direction with occupancy reaching 2019 levels, along with a 20% growth in average rate, which resulted in a RevPAR around 15% higher than 2022 and 7% higher than 2019, both in real terms.

In terms of new supply, Warsaw is expecting to see some 3,200 new rooms enter the market by the end of 2026, more than half of which will be in the midscale and upper-midscale categories. Some of the branded new hotel openings include the 264-room AC Hotels by Marriott Warsaw Reduta Poland (January 2025), the 200-room MOXY Wilanowska Warsaw (February 2025), the 103-room Tribute Portfolio (March 2025), and the 168-room Canopy by Hilton (April 2026).

In terms of investment, three hotels transacted in 2023: the 227-room Hotel Felix for an undisclosed sum in May, and a portfolio of two hotels, the 218-room Holiday Inn and the 212-room Crowne Plaza @ Warsaw HUB, for an allocated price of €160,000 per key, in December.

In 2023, hotel values in Warsaw increased by 5.3% in euro prices and 2.1% in Polish zloty, as indicated in our 2024 European Hotel Valuation Index.

ADR, Demand, Occupancy, RevPAR, and Supply Projections:

ADR Change
Market Demand Change
Hotel Occupancy Increase/Decrease
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Change In Value For Market: (€Euro)

Warsaw RevPAR Change (€Euro)

Warsaw RevPAR (€Euro)

For more information, please contact:

	Sophie Perret, MRICS, MBA Managing Director [email protected] +44 0 2078787722 (w) +44 0 7725781037 (m)
	Julia Dzerkach Associate [email protected] +44 0 2078787742 (w) +44 0 7912240964 (m)
	Clemence Sennavoine Senior Associate [email protected] ++44 0 7736273439 (m)