2009: financial crisis has an impact on hotels in Romania

Financial crisis will have an impact this year on the local market in tourism. The number of travels will decrease, on business segment as well as on leisure segment. Thus, the officials in tourism estimate at most a 5% increase of the market.

The market players on the 5 star hotels in Bucharest expect 10-25% falls of occupancy rate and accommodation tariffs reduction.

Mircea Draghici, Project Manager within Hotels Department CB Richard Ellis Eurisko, stated that our country is a business destination, while on the 5 star segment, the business accounts for 80-95% of the total number of hotel client. More, 90% of the clients are foreigners and thus, fully exposed to the international crisis.

In order to face crisis, hotel owners on the local market approached several strategies to allow them at best, maintaining the estimated edges for 2008.  

Friedrich Niemann, General Manager within Athenee Palace Hilton, stated that the hotel would drop tariffs but not drastically. Instead, they will try to find a balance between the market demand and the forecasted revenues.

Sofitel Hotel’s strategy, operated starting 2009 under Pullman brand, envisages maintaining operational costs at a minimum level, without reducing the product quality provided to maximize the revenues.

In 2008, the companies operating the most hotels in Bucharest, both on 4 and 5 star segment, registered an increase of the cumulated turnover over EUR 140 mil., from EUR 123.2 mil. in 2006.

Sursa: Business Standard [08.01.2009]