With luxury hotels closed for several months in 2020 due to COVID-19 and with only a tiny number of foreign visitors over the whole year, luxury hotels had a disastrous year in 2020, with absolute value sales almost halved. Even when the strict lockdown ended, there was no significant increase in value sales, as the majority of luxury hotel guests in Ukraine are foreign visitors and foreign visitor numbers did not pick up at all in 2020.
Luxury hotels in Ukraine is comprised of international chains. The capital city Kiev has the highest concentration of luxury hotels.
A significant increase in the number of luxury hotel rooms is unlikely in the short to medium term. The high-income population remains small, with the middle class still strongly affected by the Russia/Ukraine conflict earlier in the review period and now having to contend with the economic fallout from COVID-19.
Once the threat of COVID-19 subsides and infection rates start to fall as a result of vaccinations, global travel should start up again. Consequently, inbound travel into Ukraine should increase and as a result, value sales in luxury hotels should return to positive growth.
Though luxury hotels are expected to return to value growth over the forecast period, it will be from a relatively small base, with luxury hotels continuing to remain small in terms of value sales when compared with other similar countries. There is not expected to be a significant number of luxury hotels opening over the forecast period, and current operators will concentrate on providing unique experiences, in order to stand out from the increasing competition from cheaper hotels.
All the leading players are international chains and seek to attract visitors by offering exceptional levels of service that meet international standards. As demand from domestic consumers is low, these players leverage their international names to appeal to wealthy foreign visitors.
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This report originates from Passport, our Luxury Hotels (5-star plus) research and analysis database.
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