For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:   2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001

Warsaw, the capital of Poland, stands as the country’s leading economic hub and a key centre for business in Central and Eastern Europe. Warsaw is projected to maintain a strong economic growth trajectory, with forecasts indicating it will be among the fastest-growing economies in Europe. Home to 1.9 million residents (2025), the city spans 517 km² and features a rich cultural heritage, including its UNESCO-listed Old Town, reconstructed after World War II.

Warsaw is known for its wealth of historical and cultural institutions, such as the Warsaw Uprising Museum; the POLIN Museum of the History of Polish Jews; the National Museum, which houses a vast collection of Polish and international art; and the Fryderyk Chopin Museum, dedicated to the life and work of Poland’s most renowned composer.

Accessibility is one of Warsaw’s key strengths. The city is served by two airports and benefits from excellent road and rail links to all major Polish cities. Warsaw Chopin Airport, the largest in Poland, welcomed 24.1 million passengers in 2025, a 13% year-on-year increase and close to 30% above its previous 2019 record. The largest destination markets by passenger volume in 2025 were London (Heathrow, Gatwick and Luton), Paris (Charles de Gaulle and Orly) and Amsterdam. Key international source markets included the UK, the USA, Germany, Ukraine and France.

To further enhance connectivity, the Polish government is developing the Solidarity Transport Hub (STH), a major intermodal airport and transport project located approximately 40 km west of Warsaw. Designs were finalised in 2024 and construction planned to commence in 2026, with the airport slated to open in 2032. The STH is expected to accommodate 34 million passengers annually in its initial phase, with future investment stages increasing the capacity to 44 million annually. The CPK (Solidarity Transport Hub) rail programme will create a high-speed rail hub at the new airport, connecting Warsaw, Lódz, Poznan and Wroclaw with journey times of roughly 100 minutes or less to the airport, while also integrating regional, national and future international rail services.

Warsaw benefits from a balanced mix of leisure and business demand. Leisure travel typically peaks in the summer months (June to August), and corporate travel is concentrated in the spring and autumn. In the years leading up to the pandemic, occupancy levels declined slightly from the high 70% range to the mid-70% range, while average rate growth remained relatively subdued. This trend was partly driven by a notable increase in hotel supply, with the city’s inventory expanding by nearly 20% between 2016 and 2019 (a compound annual growth rate (CAGR) of 6%), outpacing demand growth.

Between 2019 and 2025, Warsaw’s hotel supply expanded further by more than 15% (representing a 2.5% CAGR). Despite this, the market experienced a solid recovery in demand post-pandemic, driven by strong domestic travel and a significant influx of refugees accommodated in hotels following the outbreak of the war in Ukraine in 2022. Hotels also benefitted from ongoing demand related to NGOs, diplomatic missions, military personnel in training and other war-related activities, all of which supported a rebound in occupancy. Room rates in euro caught up with euro inflation by 2023 and continued to rise in 2024 and 2025, pushing RevPAR to around 20% above 2019 in real terms (based on euro inflation). However, in local currency, where inflation has been significantly higher, deflated 2025 RevPAR remains a few percentage points below 2019 levels.

Looking ahead, approximately 2,900 new hotel rooms are expected to enter Warsaw by the end of 2028, almost all in the upper-midscale and upscale segments. Notable upcoming branded openings include the 113-room AC Hotel Warsaw Port Praski (October 2026) and the 169-room Canopy by Hilton (February 2027).

Investment activity in Warsaw remains limited, with three hotel transactions recorded in 2023 and another two in 2024. The latter included the 148-room Holiday Inn Resort Warsaw Jozefow (May 2024) and the 154-room B&B Warsaw sold as part of a portfolio of four hotels. No transaction activity was recorded in 2025.

In 2025, hotel values in Warsaw increased by 2.7% in euro prices, as indicated in our 2026 European Hotel Valuation Index.

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

ADR Change
Market Demand Change
Hotel Occupancy Increase/Decrease
RevPAR Change
Market Supply Growth

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 7725781037 (m)
	Maxime Gauthier Senior Associate [email protected] +44 0 7593572865 (m)