Key Market Indicators
Latvia's Available Hotel Rooms Projected to Reach 13,000 by 2028 The number of available hotel rooms in Latvia is anticipated to grow to nearly 13,000 by 2028, up from approximately 11,900 in 2023. This represents an average annual growth rate of 1.4%. However, the country's hotel room supply has seen a historical decline, decreasing by an average of 1.8% per year since 1998. As of 2023, Latvia ranked 30th globally, with Estonia surpassing it with the same number of available rooms. In comparison, Germany, Spain, and France secured the second, third, and fourth spots in the ranking, respectively. Meanwhile, Latvian hotel occupancy levels experienced a significant drop. In November 2021, the occupancy rate stood at 18.6%, down from 27.8% the previous month.
