Hotel Development in Ukraine: “Promised vs. Reality” — Market Audit for 2015–2025

Odesa, 2026 – Ribas Invest, a company within the Ribas Hotels Group, has presented a comprehensive audit of Ukraine’s hotel and recreational development sector, “Promised vs. Reality,” covering 2015–2025. The study examines the dynamics of construction permits, actual project implementation timelines, the geographic shift of capital, and the comparison of marketing promises with market data.

The full version of the study is available at: https://t.me/income_property_bot

Key findings of the study include:

• 78% of hotel projects in Ukraine announced in 2021 have postponed their commissioning timelines by more than 600 days.
• 40% of projects announced in 2021–2022 remained frozen as of early 2026, with the highest share recorded in Kyiv, Kharkiv and Odesa.
• The implementation rate of hotel projects in Kyiv Oblast in 2021–2026 was only 12%, compared with 78% in Ivano-Frankivsk Oblast.
• Between 2023 and 2025, 82% of new development capital was directed to Western Ukraine. The number of new hotel rooms under construction in the region exceeded the combined figure for the rest of the country by four times.
• None of the projects that received construction permits in 2021 included energy-autonomy systems (Solar/BESS) in their budgets. In 2024–2025, these became a mandatory expenditure item: adding 25% to CAPEX or risking a loss of up to 40% of winter revenue.
• The investment cottage village segment in Ukraine grew from 3% of the market in 2020 to 18% in 2025.
• In 2026, approximately 2,800 new aparthotel rooms and around 1,150 investment units in cottage villages are expected to enter the market, primarily within the triangle of Bukovel (Ivano-Frankivsk Oblast) – Slavske (Lviv Oblast) – Polyana (Zakarpattia Oblast).

“In 2022, the number of hotel properties commissioned fell to 45 — more than twice as low as a year earlier. In 2025, the figure reached 142 properties. But the geography of growth is also important: most of the new room inventory in 2021–2026 has been concentrated in Western Ukraine. The market is not simply recovering — it is undergoing structural change. And what is being built today is fundamentally different from what was announced in 2021: different locations, floor areas, and requirements for energy resilience and service,” said Artur Lupashko, founder of Ribas Hotels Group.

“The period of chaotic development in 2015–2020 and shock adaptation in 2022–2024 has come to an end. The market is entering 2026 with a focus on ‘smart capital.’ The commissioning of a record volume of room inventory this year will put pressure on lower-quality properties. Those who have invested in high-quality infrastructure, service, and the energy autonomy of their projects and business models will be the ones able to compete,” said Yana Kuznetsova, Co-Founder and CEO of Ribas Invest.

Ribas Invest — an investment platform offering income-generating hotel real estate in Ukraine, Bali and Poland, operated by the international hotel operator Ribas Hotels Group, which has 11 years of experience.

Ribas Hotels Group — a Ukrainian company specializing in the management of hotels and income-generating real estate. As of 2026, the company’s portfolio includes more than 56 hotels under management, design and construction in Ukraine, Bali, Moldova, Poland and Turkey.