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Hotel business springing back after deep recession

Aug 25, 2010
By Alina Lisina

IN DEMAND: Hoteliers have figured out that lower, competitive prices will bring in more customers.
RIGA - After a terrible year in 2009, the hotel business has started to grow again. Several new hotels have appeared and occupancy across the spectrum this year has risen to 50 percent. “Last year was the worst ever for the hotel industry. This is explained by the general worldwide economic downturn – many tourists just stayed at home. Also, companies reduced business travel budgets. Less corporate meeting and conferences were held. Also, governments increased taxes, from 5 percen ...

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