Best of Budapest & Hungary

The Hungarian-owned Hotel & More Group, an independent hotel operator, doubled its revenue in 2023, and expects double-digit growth this year.

    According to Balázs Klemm, the owner-CEO, this year can be an extremely good year for Hungarian hotels, thanks to the exceptionally high number of seven long weekends, while a significantly lower price increase can be expected than last year. Full houses are expected during the key holiday periods, he noted.

     The CEO said that in 2024 they expect a 20-25% increase in both net revenue and portfolio growth.

     According to the statement, Hotel & More doubled its net revenue to HUF 7.4 billion in 2023, while the number of hotels and venues in its portfolio increased by less than 15% from 2022 to 2023. The group's portfolio currently comprises 33 hotels and venues, of which 25 are domestic and eight cross-border.

     In addition to Hotel & More Hotels Plc., the Hotel & More Group also includes several smaller companies, most of which are owned by the same company.

    The group currently employs more than 500 people, but the number of employees is expected to be around 600 by the summer season, to which the staff of the units joining the group will be added in the course of future portfolio expansion.

     According to Balázs Klemm, one reason for the increase in turnover is that, seeing the potential of tourism, more and more investors are entering the hotel market and want to entrust the operation of hotels to professionals. On the other hand, the Hotel & More Group is building on decades of experience, with a strong sales force and a focus on sustainable, cost-effective operations.   

    In addition to Hungary, the group is present in Romania, Slovenia and Croatia. In January this year, the Bellevue Conference and Wellness Hotel in Esztergom was added to the portfolio, and more hotels and venues are planned to join the group in 2024. 

      According to Balázs Klemm, the biggest challenge in adapting to changing travel habits is the prevalence of last-minute bookings among guests, which requires hotels to be highly adaptable. In addition to retaining good professionals, he sees the continuous professional training of employees as a key task.