Cushman & Wakefield Sees Slowdown in Hotel Inaugurations

13 October 2020 – The number of planned hotel openings in Portugal is expected to be revised downwards due to the impact of the novel coronavirus pandemic on the country’s tourism sector. There are currently 220 projects in the pipeline for completion by 2023, totalling  18,150 rooms.

Of that, 35% of the projects are planned for the Lisbon Metropolitan Area, 31% for the North and the rest are spread across the rest of the country. Cushman & Wakefield, however, has advised that there is “a high probability” that that figure will fall.

Eighteen new hotels, with a total 1,390 rooms, have already opened in Portugal this year. Andreia Almeida, head of research at Cushman & Wakefield, noted that there was a 65% drop in the number of guests from January to July and a decrease of 68% in overnight stays in the same period, leading to a 71% decrease in income.

Original Story: Dinheiro Vivo – Sónia Santos Pereira

Translation/Summary: Richard D. Turner