Hotel developer Warimpex, listed on the Vienna and Warsaw stock exchanges, posted a 38 per cent increase in sales in the first quarter of 2010, pushing revenues to €20.4m.
The sales growth was primarily due to revenues from the new hotels that opened in Berlin and Łódź in 2009 and that had a very good start, but revenues at hotels in Poland, Germany and France also improved. However, it will be some time before Prague and Bucharest see a significant recovery.
“The hotel industry in Poland benefits from a high level of domestic demand, and over half of the guests at these hotels are from Poland. Thanks to this, the decline in international business on the Polish market did not have as significant an impact as was seen in the Czech Republic, for example,” said Warimpex’s CEO Franz Jurkowitsch.
The company notes that development financing has again become available at reasonable terms and will allow to move forward with the planned projects.