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Boom in hotel building in Vienna

The hotel business in the Austrian capital is booming, with 23 hotel building projects either in action or planned.

The Ritz Carlton has already opened on Schubertring in Vienna's inner city and in mid December the next luxury hotel is already set to open its grand doors when Hotel Sans Souci behind the Volkstheater is unveiled. And insiders believe it will only be a matter of time until plans for hotels such as the Four Seasons or Kempinski are revealed.

Recent tourism figures have shown a rise in the number of overnight stays in the capital, with August seeing the highest figures for tourism. According to the Chamber of Commerce there are currently 56,000 hotel beds in Vienna and by the end of 2015 there will be almost 64,000 hotel beds. In recent years around 10,000 beds have been added.

Committee Chairman for Hotels at the Chamber of Commerce Martin Schick said: "In my opinion, the boat is already full. The luxury market in Vienna is already well catered for. So much has already been added and they need to sustain the current market before progressing."

The addition of further beds to the bed boom also depends greatly upon economical and political factors which could cause future problems. Of course, new luxury projects will be very good for a city because they bring with them regular guests and fans. "But all of these businesses will have to work alongside one another and this means that strong competition will develop", said Schick.

There is speculation over further hotel projects near Palais Schwarzenberg and Palais Auersperg. Schick said: "Luckily, we live in a country where such matters will alter the market and every investor has to decide whether it is a good or bad decision to go ahead with a project. I, for one, would not build any more."

Schick also commented on a developing trend in Vienna: building apartments in the upper level of hotels. He called this a "good and interesting change for investors" ans one can expect a square metre price of around 23,000 euros. Schick also commented that it would be a very interesting opportunity for investors to recover costs.

Vienna Times






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