According to Srpski Ekonomist, several top international brands – InterContinental, Swissotel and Ritz-Carlton – are entering the Belgrade hotel market, amid expectations of increased demand in connection with preparations for EXPO 2027 and plans to expand the room stock in the capital.
According to estimates cited by market participants, in 2027, during the EXPO period, Belgrade could receive about 4 million guests in just three months, while Serbia as a whole had about 4 million tourists in 11 months of 2025. In this logic, the acceleration of hotel projects is perceived as an infrastructural necessity, but there is already a question whether the market after the EXPO will be able to sustainably “digest” the growth of supply, especially in the segment of high categories.
InterContinental returns to Serbia in partnership with Delta Holding: IHG reported that InterContinental Belgrade is planned to open by the end of 2026. The project is part of the Delta District mixed-use complex in Belgrade’s business and financial center; 203 rooms are announced, and features include a sky pool, rooftop restaurant and bar, spa and conference infrastructure.
Swissotel is planned in the EXPO zone in Surcin. Euro KB Rent will receive state aid in the amount of EUR 15.986 million, which will be paid in two tranches in 2026 and 2027. The minimum investment for the project is estimated at EUR 79.9 million; the materials also indicate that the hotel will include a congress center and spa/wellness with two swimming pools, and a room stock of 378 rooms.
The Ritz-Carlton in Belgrade is planned as part of the redevelopment of the former Hotel Jugoslavija site on the Danube waterfront. Marriott International reported that the property is envisioned with 193 rooms and more than 1,700 square meters of event space, while the project itself also includes residential and office towers, a conference center, a marina and a promenade area. Millennium Team, associated with the project through Danube Riverside, estimates the total investment in the complex at almost 500 million euros, with the hotel opening announced for 2027.
EXPO-2027 in Belgrade will take place from May 15 to August 15, 2027, with more than 130 countries having already officially confirmed their participation, according to the organizing committee’s data
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Tourists spent a total of 3.08 billion nights in hotels, hostels, and rented apartments in the European Union in 2025, according to preliminary data from the EU statistical office.
This is 2% (61.5 million) higher than in 2024 and is a record. Compared to pre-pandemic 2019, the growth was 7.2%.
At the same time, the number of overnight stays by foreign guests increased by 46.1 million last year, while for EU residents this figure rose by 15.4 million. The former account for 48.6% of the total, while the latter account for 51.4%.
An increase in tourist activity was observed in all EU countries except two. The most significant growth in tourist numbers was recorded in Malta (+9.9%) and Poland (+7%), while the number of overnight stays in Romania fell by 1.4% and in Ireland by 1.8%.
The most popular tourist destinations for foreigners were Spain (330 million overnight stays), Italy (264 million), France (150 million), and Greece (131 million).
Hotel occupancy in the Carpathians in winter 2026 is expected to be 85-95%, and in cities — 50-65%, according to a study by the Ribas Hotels Group.
According to analysts, an increase in average hotel occupancy is expected in mountainous regions. With normal snow cover, peak occupancy in Bukovel will be 85-95%.
In cities, according to Ribas Hotels Group forecasts, hotel occupancy will be approximately 50-65%. Winter hotel occupancy in Odesa will reach 45-65% depending on the concept of the enterprise.
According to a survey conducted by the company, this year people prefer aparthotels and cottages that satisfy their need for privacy and autonomy. City business hotels are also in stable demand, allowing guests to work comfortably thanks to quiet areas and uninterrupted internet.
Among the trends is an increase in group bookings among different population groups. Stable demand in December and February comes from corporate groups. An increase in interest among families and friends is expected, with the number of family bookings likely to grow by 10–15% and the size of “groups of friends” from 4–6 to 6–8 people. This is why there is a growing need for family rooms, two-room apartments, and cottages, which necessitates booking rooms for groups in advance during peak dates. In 2026, a significant increase in the “booking window” is predicted — from 7–14 days to 21–35 days.
“Guests are taking vacation planning more seriously. In search of more favorable offers, they prefer early bookings with a fixed price,” the company’s analytics note.
This winter, there has been a 25-30% increase in direct bookings through the website. At the same time, although OTA platforms such as Booking, Expedia, etc. provide stable demand, their share is declining to 10-20% this winter season. The most effective booking channels are currently social networks (especially Instagram/Telegram) and quick sales through administrators and chatbots (up to 60%). This is due to their convenience, transparent special offers, more active advertising, and bonuses for repeat guests.
“For the first half of 2026, we predict the rise of major trends: guests’ desire for comfort and privacy, hyper-personalization of service, and the workation format (combining leisure with work). Due to affordability, people are traveling more often within Ukraine and spending more time on travel. A partial return of deferred demand is expected this winter season,” the study notes.
A number of factors influence the dynamics of domestic tourism: transportation prices, stability of energy supply in hotels, and healthy lifestyle trends. That is why the number of wellness hotels is actively growing in Ukraine.
Ribas Hotels Group is an international management company founded in 2014 in Odesa, whose flagship service is the operational management of hotel and restaurant complexes. The company also provides services in concept development, design, support for all stages of project implementation, consulting, and franchising for developers.
The company comprehensively manages and exclusively books 28 city, beach, and ski hotels under the Ribas Hotels, Ribas Rooms, WOL home + hotel, and Mandra Glampings brands. The operator’s total room capacity is over 1,000 rooms. In total, the portfolio includes more than 50 projects, including those in the design and construction stages. The company is also currently developing properties in Poland and Indonesia.
According to Serbian Economist, the Serbian parliament has passed a special law that accelerates preparations for the development of the site of the former Yugoslav National Army General Staff Headquarters in central Belgrade, which was damaged by NATO strikes in 1999. The developer is Affinity Global Development, an investment company founded by US President Donald Trump’s son-in-law Jared Kushner.
The project, worth about $500 million, involves the construction of a hotel, apartments, offices, and retail space, as well as a memorial space for the victims of the bombing.
A 99-year lease agreement with the Serbian government was signed in May 2024. In November 2024, the site was stripped of its protected cultural heritage status, paving the way for the project to go ahead. The adopted lex specialis simplifies and speeds up the issuance of permits and other administrative procedures, the authorities noted.
The opposition and relevant organizations criticize the decision, citing the cultural value of the complex and legal risks. Europa Nostra has included the General Staff Headquarters in its list of the seven most vulnerable European heritage sites of 2025. Radio Liberty notes that the law was passed with the votes of the ruling party, despite protests and an investigation into possible falsification of the document used to remove the protective status.
Affinity Global Development’s public statements and official communications do not mention the hotel brand, number of rooms, number of floors, room area, parking, or exact completion date. International agencies limit themselves to describing the functional mix without specifications. When official materials on the TEP and branding appear, the editorial staff of Serbian Economist will clarify the data.
The government is promoting the project as an investment and revitalization of Belgrade’s central location. Critics believe that the demolition and new construction will damage the modernist legacy of architect Nikola Dobrovic and the public memory of the events of 1999.
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Investment and development company GORO Development, part of the OKKO group of companies, has sold more than 50% of the rooms in its first hotel project at the GORO Mountain Resort near Slavske in the Lviv region, the project’s press service told Interfax-Ukraine.
It is specified that 103 of the 197 rooms of the first hotel of the ONDE Hotel complex, investment in which was launched in March 2025, have been sold. The ONDE complex will consist of three hotels with a total of 429 rooms, with construction completion and launch scheduled for summer 2028.
GORO Development is implementing an international business model called “resort hotel rooms as investment.” Private investors purchase individual rooms with unified professional management, the possibility of asset capitalization growth, and profits from the hotel’s operating activities, according to the press release.
“We have investors from a wide range of sectors: IT, agriculture, manufacturing, finance, and real estate. Over 90% of our investors are entering the project with a view to long-term participation, i.e., they plan to remain in it after construction is completed in order to receive a stable income from the hotel’s operations,” said GORO Development CEO Volodymyr Garazd, as quoted in the press release.
The company specified that as of early August 2025, more than 50 private investors had chosen the project: a quarter of them are representatives of the IT and communications sector, 10% are investors from agriculture, real estate, and construction, the financial sector, 6.7% are from defense tech and manufacturing, 5% are from the energy and automotive industries, 4% are from law, and 3.3% are from retail, education, and logistics.
In terms of geographical origin, Kyiv and Lviv lead the way (33.3% each), followed by Dnipro (5.6%), Zhytomyr and Vinnytsia (3.7% each). There is also active interest in the project from Ukrainians living abroad.
In the first four months after the start of sales, the cost of rooms at GORO Mountain Resort increased by 5.7%, which corresponds to an annual rate of 17.1%. At the initial stage, one-room apartments and rooms with a separate bedroom were in the highest demand. These formats accounted for the majority of sales, resulting in a 14% increase in their price, which is 2.5 times higher than the average increase for the complex. At the current stage, demand is beginning to shift towards larger formats such as executive suites.
According to GORO Development’s analytics, the expected return on investment for the entire implementation period may exceed 57%, with a projected average return on a hotel room after the complex is launched at 10% per annum.
OKKO Group began construction of the large-scale GORO Mountain Resort recreation project in October 2024.
The total area of the GORO Mountain Resort project is almost 1,200 hectares.
In the first phase, covering an area of 127 hectares, nine hotels with 1,100 rooms will be built with a developed recreational infrastructure: spa areas, swimming pools, restaurants, children’s and business spaces. The total investment in the first phase of the hotels is $235 million. Construction is currently underway on the first ONDE complex, each of whose three hotels will have its own theme and functional content: entertainment, business, and relaxation.
Additional infrastructure includes 309 parking spaces, a hotel for animals, a fitness and yoga center, boutiques, a beauty salon, a barbershop, and restaurants serving national cuisines from around the world.
The first phase also includes the construction of 10 ski slopes with a total length of 13 km and 50 hectares of snowmaking facilities, the installation of the longest gondola lift (2.8 km) and two modern chairlifts with a length of 1.5 km.
The resort’s hotel real estate is being developed and investments are being attracted by the investment and development company GORO Development, founded in 2021. It is responsible for the development of architectural concepts, construction, functional and recreational content, as well as attracting investments in the hotel business.
OKKO Group is the sole owner, main investor, master developer, builder, and operator of GORO Mountain Resort to ensure the harmonious development and comprehensive concept of the all-season recreational project. To create an international format, OKKO Group has brought in world-class Austrian experts: PKF Hospitality (investment analysis and concept), ILF Group (master plan and ski infrastructure), and Doppelmayr/Garaventa Gruppe (design of the lift and cable car system).
The international hotel chain Louvre Hotels Group has opened its first hotel in Ukraine — Tulip Residences Lviv (24a Panasa Myrnoho Street), according to a correspondent from Interfax-Ukraine.
“We see the potential of the Ukrainian market. This hotel is an example of the most modern solutions and meets the highest European standards. And this is not a one-time collaboration; we want to create new projects with our partners, primarily in Lviv,” said Arnaud Wink, Head of Global Development at Louvre Hotels Group.
According to Ivan Luny, managing partner of Burford Management&Consultancy, which provided technical support and launched the hotel, the project was implemented in full compliance with Tulip Residences requirements.
“We are confident in the quality of the solutions and technologies that have been used. This is the most modern mid-range hotel in the region in the short- and medium-term accommodation segment,” said Luny.
The 73-apartment hotel is part of the Kristal Plaza multifunctional complex. The project developer is Galician Construction Guild (GBG). Construction of the facility began in 2019, with a forced pause in the spring of 2022. In 2021, a franchise agreement was signed with Louvre Hotels Group. The office part, where the Lviv Bank is located, started working in 2024.
Tulip Residences Lviv has 73 apartments with kitchenettes, several inclusive rooms, a Tulip Café Corner, a business space, a gym, and underground parking with a shelter. There’s a new city square nearby.
According to Alexander Kryshchophor, head of the GBG development company, the project’s business model involves selling individual rooms to investors. Under the terms of the investment agreements, the owners transfer the rooms to full management, while retaining the right to use the room at a reduced rate for two weeks a year during the low season. Of the 73 apartments, 48 have already been purchased.
Regarding further plans for partnership with Louvre Hotels Group, Krystofor said that several projects are already in the works.
“One hotel in the Slavska OTG is currently in the design stage. We have owned the land for this project since 2019. It will be a three-star hotel with 100 rooms. The infrastructure will include everything necessary for this class of hotel, such as a wellness area, an efficient conference area, and more. We are also analyzing locations in Lviv for hotel real estate,” he told the agency.
Louvre Hotels Group is one of the leading international hotel operators, founded in 1976 in Paris. Since 2015, it has been part of Jin Jiang International. The chain has over 1,700 hotels in 70 countries around the world. Its portfolio includes the Campanile (3*), Golden Tulip (4*), Royal Tulip (5*), Kyriad, and Première Classe brands, the Tulip Residences and Tulip Residences Collection apartment brands, as well as Sarovar, Hôtels & Préférence, TemptingPlaces, and Metropolo. The company ranks second in Europe in terms of hotel portfolio size.
