The average price of a hotel room in Prague climbed by EUR 6 in the first six months of this year to reach EUR 86 per night.
Hotel industry will manage to do even better than in 2007, the last year before the world economic downturn. Prague continues to lag some way behind Western Europe, where average room prices tend to exceed EUR 100 a night.
The head of the Olympik Hotels group and vice president of the Association of Hotels and Restaurants, Vlastislav Šos, says there is still significant room for price growth in Prague.
The number of foreign guests taking rooms in Prague hotels grew from 2.7 million in the first half of 2016 to 2.9 million in the same period this year.
Mr. Chour says the most profitable hotels are those whose managers keep vacant rooms for as long as possible and don’t attempt to secure bookings a long time in advance.
The growing hotel market is also attracting fresh investors.