| 14 February 2008
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Moscow's Hotels - The Most Profitable in Europe
According to a report by "Interfaks", which references a study by TRI Hospitality Consulting, Moscow's hotels were declared the most profitable in Europe in 2007. Last year, the city's hotels brought their owners an average profit of 140 euros per room per night, significantly more than the second place city, London, where hotel rooms bring in 117 euros per night. Paris came in third, with rooms yielding a 96-euro-per-night profit.
Moscow led the pack despite having one of the lowest hotel occupancy rates in Europe at 67.7%. London had the highest occupancy rate at 84%, followed by Amsterdam, Paris, Munich, Vienna, Prague, Berlin, Hamburg, and Budapest.
As for the cost of staying in Europe's hotels, the leader of most tallies is Paris, where an average night's stay costs 215 euros. Moscow comes in second at 204 euros, while London invites guests to stay the night for an average of 198 euros.
David Bailey, the general director of TRI Hospitality Consulting, predicts that in 2008, Moscow's occupancy rate will not top 70% because the majority of Moscow's hotel clientele travel on business, and on weekends occupancy sharply declines. Tourists are still not crowding towards Moscow, in part because of the high cost of hotel rooms.
As expected, hotel room costs will not fall in the Russian capital. This will be the case as long as Moscow's hotels continue to fall short of the demand for high-quality hotel rooms in recognized chains.
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