What has been happening in Ukraine’s hotel real estate market during the war?

The hotel construction rate in Ukraine has increased compared to pre-war years, but this growth is concentrated in only a few regions. The Ukrainian Association of Hotels and Resorts (UHRA) has reported that the market has stabilized despite significant losses. Tourism is most prominent in the west and south of Ukraine, as well as the Kyiv region. The hotel industry is adapting to domestic tourism by focusing on resort formats, with 80% of current projects being resort hotels. Previously, Ukraine had few resort facilities as Ukrainians preferred vacationing abroad. Business hotels are progressing slowly or put on hold, while there is a rising trend in medical treatment emphasis. Approximately 40 facilities are under construction in Ukraine, mainly in the western regions, with ten new objects expected to be completed this year, primarily apartment hotels.