14 September 2020
The effects of ongoing Covid-19 pandemic have been steep and immediate for hotels globally, with no exception in the Baltic markets. With most of the hotel rooms in the capitals of the Baltic States (Tallinn, Riga and Vilnius) being closed in April, the recorded occupancy levels dropped below 5% mark in all three markets. The effects of such a steep demand drop on hotel performance have been unparalleled; RevPAR declined by almost 2/3 in March compared to the previous year before almost fully collapsing in April.
Since the steep drop in March and April, the arrival of the holiday season combined with pandemic related safety measures being relaxed, the hotel markets across all three capitals have demonstrated some signs of recovery.
While the recorded RevPAR levels are still nowhere near the previous year’s levels, the RevPAR direction, encouragingly, is upward trending.
Read Christie & Co's report on how the Covid-19 pandemic has impacted the Baltic hotel market.