Recently published research from Business Monitor International, "Ukraine Tourism Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 08/15/2013 -- Ukraine's tourism sector has been plagued by the economic uncertainty seen across Europe. This has not only affected it domestically with internal tourism, but has also affected its main source markets, all of which are in Europe. Equally, the continued economic uncertainty has had an impact on Ukraine's outbound tourism figures. However, the country is well placed to take advantage of the burgeoning CEE inter-regional tourism industry, as it shares borders with seven other countries, and has well-developed rail and road networks.
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Ukraine co-hosted the UEFA Euro Championship with Poland in the summer of 2012, which has had a long-term beneficial impact on the Ukrainian tourist industry in a number of ways. In particular the country's international reputation as a tourist destination was well publicised, the after effects of which are still being seen a year later. Moreover, heavy investment in transport infrastructure and hotel developments has continued in the wake of the football event. Although many more investments are still needed, particularly in the mid-range hotel sector (3* and 4*) and in general utilities, infrastructure as Ukraine had previously been suffering from underinvestment for many years.
In general, given its location, the majority of Ukraine's inbound tourists from Central and Eastern Europe (CEE) come by road and rail. We expect this to continue, although air arrivals have increased due to the expanded airports. This is largely because the country is well placed in Europe for overland travel, as it is bordered by seven countries - including Russia, its largest tourism market with an estimated 890,000 visitors in 2012. It is unsurprising, therefore, that there has been so much investment in road networks and railways in recent years.
However there has also been a great deal of investment in accommodation infrastructure, and a number of the largest hotel groups have been drawn to Ukraine, either forming partnerships with domestic companies, setting up franchises, or building their own hotels. For example, Intercontinental Hotels Group is reputed to be planning to open 15 hotels in Ukraine by 2029, while Wyndham Hotel Group is also expanding in Ukraine after signing an agreement with Ukrainian Hotels to build 15 Ramada Encore hotels over 10 years. Carlson Rezidor recently opened a Park Inn by Radisson Troyitska (franchise group) in Kiev, while Starwood Hotels & Resorts is opening the Sheraton Kyiv Olympiysky hotel in the capital this year, and earlier, in August 2012, Marriott International announced the opening of its first hotel in Ukraine.
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