Hotel business springing back after deep recession

  • 2010-08-25
  • By Alina Lisina
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 percent to 21 percent for the hotel business. On top of this Riga gained the reputation as a unpleasant...
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