For a comprehensive review of the Europe market, click below:
HVS In-Depth Europe Hotel Valuation Index:
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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 more than 1.8 million residents (2024), 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, accounted for nearly 40% of the country’s air passenger traffic in 2024, welcoming 21.3 million passengers, a 15% year-on-year increase and 13% above its 2019 record. Top international source markets for the airport in 2024 included the UK, Italy and Spain. Additionally, Germany and Ukraine remained significant source markets, with many travellers arriving via road and rail rather than air.
To further boost connectivity, the Polish government is developing the Solidarity Transport Hub (STH), a major intermodal airport and transport project located approximately 40 km from Warsaw. Works began in late 2023, with the airport slated to open in 2032. The STH is expected to serve 40 million passengers by 2035, rising to 65 million by 2060, with a long-term target of 100 million annually.
Warsaw benefits from a balanced mix of leisure and business demand, with leisure travel peaking in the summer months (June to August) and corporate travel concentrated in the spring and autumn. In the years leading up to the pandemic, occupancy levels declined slightly (from percentages in the high 70s to the mid-70s) while average rate growth remained 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 2024, Warsaw’s hotel supply expanded by a further 10% (representing a 2% 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, pushing RevPAR to almost 10% above 2019 in real terms. However, in local currency, where inflation has been significantly higher, deflated 2024 RevPAR remained approximately 8% below 2019 levels.
Looking ahead, approximately 2,900 new hotel rooms are expected to enter Warsaw by the end of 2027, with more than half in the midscale and upper-midscale segments. Notable upcoming branded openings include the 113-room AC Hotel Warsaw Port Praski (July 2026), the 168-room Canopy by Hilton (June 2026), the 103-room Tribute Portfolio (January 2027) and the 264-room AC Hotels by Marriott Warsaw Reduta Poland (April 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.
In 2024, hotel values in Warsaw increased by 4.2% in euro prices, as indicated in our 2025 European Hotel Valuation Index.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
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