Howard Johnson: the crisis impacted hotel market in Bucharest since summer 2008

Peter Martin, General Manager within Howard Johnson Grand Plaza in the capital considers that the hotel market in Bucharest started to be affected by the first effects of the economic crisis since summer 2008.

Martin stated that in 2008, the second quarter was very good for the hotel market, but in June the stock exchanges started to fall, this being the phenomenon announcing the financial crisis, six months or even a year before the real economy.

According to Martin, even if stock exchanges slightly recovered, it never knows when the economies will really recover.

In the first three months of this year, due to the financial crisis, Howard Johnson Grand Plaza registered 15% drop.

Hotel occupancy declined 10-15%, but what really changed was in clients behavior, starting to choose lower room rates.

Sursa: Business Standard [11.06.2009]