Hospitality sector restored to pre-crisis conditions
North Rhine-Westphalia's Hospitality Industry Shows Signs of Recovery
The hospitality industry in North Rhine-Westphalia (NRW) has shown promising signs of recovery in the first quarter of 2022, according to recent data.
In March 2022, the real turnover for the beverage-focused catering industry increased by 201.3% compared to the previous year. This surge was also evident in the hotel industry, with a 209.9% real turnover increase, and in the accommodation sector, which saw a 196.0% real turnover growth. Restaurants, guesthouses, snack bars, and cafes also experienced an increase of 93.5% in turnover compared to the previous year.
However, when compared to March 2019, the industry's performance was still below pre-pandemic levels. The beverage-focused catering industry's turnover was 38.4% lower, the hotel industry's turnover was 43.5% lower, and the accommodation sector's turnover was 41.6% lower. The turnover for restaurants, guesthouses, snack bars, and cafes was 21.9% lower, and catering companies saw a 23.4% decrease in turnover.
Despite the industry not yet fully recovering to pre-pandemic levels, the data suggests a strong rebound. For the first three months of 2022, the nominal turnover for the hospitality industry increased by 112.0%. The number of employees in the industry in March 2022 was also 20.5% higher than in March 2021.
Looking to the future, reports by BNP Paribas Real Estate indicate that the hotel sector in Germany, including NRW, is expected to continue its recovery trend into 2024 and 2025. By January 2025, guest overnight stays slightly exceeded pre-COVID levels from 2019. Covivio’s reports also show strong revenue growth for hotel properties in 2025, with revenues increasing by +14.6% on a current basis and +5.3% like-for-like.
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In conclusion, while exact Q1 2022 vs. Q1 2019 performance data for NRW's hospitality industry is not available, the evidence shows that by 2024–2025 the industry had recovered to and slightly surpassed pre-pandemic levels, implying a likely strong growth trajectory starting after 2021. The improving investment and revenue figures further imply the hospitality sector in NRW experienced significant recovery after the pandemic impact.
- The positive trends in the hospitality industry may spill over to other sectors such as finance and business, further boosting North Rhine-Westphalia's economy.
- With the expected recovery of the hotel sector in Germany, including North Rhine-Westphalia, by 2024 and 2025, there could be significant investment opportunities for financiers and businesses in this industry.
