Pressure expected on hotel property prices

Pressure expected on hotel property prices

An increasing number of hotel owners are finding it impossible to meet their obligations, pointing to the likelihood of a selling spree this year.

With the collapse of revenues in 2020 and despite the government’s support measures, dozens of hotels face sustainability issues.

Property market professionals say that, as a result, unless there is a dramatic improvement in forecasts for tourism in 2021, pressure over the first quarter on hotel property prices will be huge, coming alongside a spike in forced sales dues to overdue debts and ongoing obligations. They add that conditions in the sector are reminiscent of the 2011-2015 period.

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