Just days after announcing the addition of a historic Moscow hotel to the Radisson Collection, the Radisson Hotel Group is bringing another Eastern European property into the soft brand.
The Radisson Collection Basilica in Budapest, Hungary, is part of a landmark building on St. Stephen’s Square. When it opens in mid-2020, the property will have 71 guestrooms and suites, a fitness center, restaurant, lobby bar and a rooftop bar.
“Budapest is a fantastic city and one of Europe’ most booming markets,” said Elie Younes, EVP and CDO, Radisson Hotel Group, in a statement. “This is now our third property in the capital and we’re extremely excited about launching the first Radisson Collection hotel here and thankful to our partners. Facing the Basilica, this asset was carefully selected to become a prestige hotel and a true landmark.”
Radisson's interest in Budapest is understandable. According to the latest stats from STR, the city recently reported its highest absolute ADR and RevPAR levels for any September, thanks to rising inbound tourism.
Analysts attributed the Hungarian capital's strong performance to a continued lack of supply growth in the market and, with the pipeline growing and the sharing economy thriving in the city, Budapest was looking to attract more visitors to meet demand.
HVS said historically, visitation to Budapest had been made up of international travelers, which accounted for more than 85 percent of the total number of visitors in 2017. In 2009, an 8.8-percent drop in visitation due to the global financial crisis and a decrease in tourism marked the year. Since then, total visitation has shown signs of continuous recovery and in the past three years, Budapest has seen a significant 12-percent growth in visitation, surpassing pre-crisis levels.