Boston, MA -- (SBWIRE) -- 06/12/2013 -- The Czech Republic Tourism industry is still affected by the ongoing economic uncertainty in Europe. However, despite this, there is still a great deal of investment potential for large tourist industries, particularly as rising incomes across Russia and the wider CEE region benefit the Czech Republic's tourism sector over the medium term.

The Czech Republic's tourist industry performed strongly in 2012. Information from the Czech Statistical Office showed that the number of guests staying overnight in collective accommodation over Q312 rose by 7.8% y-o-y (non-residents up by 12.6% and residents up by 4.1%). This ties in with BMI's own upbeat views for the last year, with our forecasts calling for a 2.7% increase in arrivals, to reach 13.3mn.

An overview of the Czech Republic's Top 10 inbound tourism markets highlights the fact that Europe is the Czech Republic's main source of tourism. Nine out of the top 10 markets are European, with six from Western Europe (Germany, Italy, the UK, France, Spain and The Netherlands) and three from Central and Eastern Europe (Russia, Poland and Slovakia). This reflects the Czech Republic's central location within Europe, with good air links and other transport to both east and west.

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Much of the CEE region is currently booming and various tourist industries, particularly the large global hotel chains, are looking towards the CEE region now as they see it as a potentially lucrative market. A large part of this growth will be seen in intra-CEE tourism, and the Czech Republic's tourism arrivals reflect this. Higher disposable incomes from within the former states of the Soviet Union should also lead to increased outbound tourism demand for countries such as the Czech Republic over the medium term.

- BMI believes that the number of hotels and other accommodation establishments in the Czech Republic will continue to increase across our newly-extended forecast period to 2017. The CEE region is currently perceived as offering extremely attractive investment opportunities for hotel groups and other touristrelated industries - largely due to rising domestic tourism and regional tourism, supported by an increase in higher disposable incomes.
- Among new hotel openings scheduled for 2013 are Kempinski Hotels' 80-room Marienbad property, which will be the second Kempinski Hotel in the Czech Republic, alongside NH Hoteles' Senovazne property in Prague.
- The local franchisee for US-based multinational chain Choice Hotels International, CPI Hotels, is to open the refurbished 126-room Clarion Congress Hotel Olomouc (formerly Hotel Sigma Olomouc) plus another new conference centre for its Clarion Congress Hotel Ostrava in 2013.
- Outbound air traffic has increased over recent years. For 2013, BMI is forecasting outbound air traffic of 6.3mn, rising to 6.7mn by 2017.

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