Following the recent events in Albania, the next phenomenon is the booming luxury hotel market! An article published by Monitor lists all the new buildings and complexes expected to join other luxury hotels in the capital.
Just a few weeks ago, "ACCOR Hotels", international hotel brand announced that it will enter the Albanian market through a hotel called Novotel, which is expected to open in 2021. Within this 7,000 m² hotel, it is expected to have 130 different rooms and services of high European standards.
The capital is expected to be joined by a building (which has begun to be built on Elbasan Street, near the Lake Hills) that is expected to have hotel services as a primary function. This complex will be spread over three buildings that have 6, 8 and 9 floors respectively.
Also, near New Boulevard, it is said that the project to build a 30-storey tower that will serve as a hotel is about to begin after the Tirana Municipality has opened the race.
In addition to new construction, existing hotels are also investing in expanding or upgrading them. Hotel Tirana is expanding with a new 30-storey five-star hotel in central Tirana, while the former Sheraton will be expanded with small villas. Alongside Skanderbeg Square is a tower that will serve as a five-star hotel and will be operated by the Spanish group Melia.
The new tower at Air Albania Stadium is expected to be operated by Marriott under a deal signed with Albstar.
As the market boom in hotel catering continues, experts in the field say there's something going on. This market is expanding much faster than its demand for this service. So the question arises: Do Albanians need / afford hotels of these levels?
Increasing capacity beyond demand is driving hotel prices down, thereby risking a return on investment in these facilities.
Currently in Tirana one night accommodation in four-star hotels costs 70-80 euros while in five-star hotels 90-140 euros.
In Tirana, currently four-star hotels cost 70-80 euros a night, while 5-star hotels cost 90-140 euros / night.
Source: Monitor
