Revenues, Guests at Sofia's Best Hotels Down by 70% in First Half of 2020
NW 19:08:31 24-08-2020
MY1907NW.112
112 ECONOMY - SOFIA - HOTELS - STATISTICS
Revenues, Guests at Sofia's
Best Hotels Down by 70%
in First Half of 2020
Sofia, August 24 (BTA) - The revenues and number of guests in four- and five-star hotels in Sofia have dropped by over 70 per cent in the first half of 2020, year-on-year. Managers predict that the general economic recovery after 2020 will help the sector get back on its feet over the next two years. This transpired from a survey conducted by Cushman & Wakefield Forton in the first half of July among managers of hotels in the two categories with a total of 1,405 rooms in downtown Sofia.
At the end of July, hotels containing 79 per cent of the total rooms were open. Another 13 per cent are expected to open within 3 months, and 8 per cent will remain closed indefinitely. Reopening in the autumn is being considered by hotels that rely on events and business trips - activities which usually gain momentum toward the end of the year.
Over half of the managers of reopened hotels report a drop of at least 70 per cent in their revenues and customers. In hotels housing 30 per cent of the total rooms, business has gone down by less than 50 per cent compared to 2019, and the smallest share of respondents report a drop between 50 and 70 per cent. The reported revenue drop is steeper, meaning that some hotels have lowered their prices in an attempt to restore business.
A total of 71 per cent of the responding hotel managers predict that hotel business in Sofia will be back to normal within two years. The rest of the opinions are evenly divided between predictions for a faster and a slower recovery.
A new hotel with 400 rooms opened on July 15 amidst the crisis - the five-star Grand Hotel Millennium. Another five-star hotel opening is scheduled for September - the Hyatt Regency - after being postponed due to the COVID-19 crisis.
NV/MT/МЙ/
MY1907NW.112
112 ECONOMY - SOFIA - HOTELS - STATISTICS
Revenues, Guests at Sofia's
Best Hotels Down by 70%
in First Half of 2020
Sofia, August 24 (BTA) - The revenues and number of guests in four- and five-star hotels in Sofia have dropped by over 70 per cent in the first half of 2020, year-on-year. Managers predict that the general economic recovery after 2020 will help the sector get back on its feet over the next two years. This transpired from a survey conducted by Cushman & Wakefield Forton in the first half of July among managers of hotels in the two categories with a total of 1,405 rooms in downtown Sofia.
At the end of July, hotels containing 79 per cent of the total rooms were open. Another 13 per cent are expected to open within 3 months, and 8 per cent will remain closed indefinitely. Reopening in the autumn is being considered by hotels that rely on events and business trips - activities which usually gain momentum toward the end of the year.
Over half of the managers of reopened hotels report a drop of at least 70 per cent in their revenues and customers. In hotels housing 30 per cent of the total rooms, business has gone down by less than 50 per cent compared to 2019, and the smallest share of respondents report a drop between 50 and 70 per cent. The reported revenue drop is steeper, meaning that some hotels have lowered their prices in an attempt to restore business.
A total of 71 per cent of the responding hotel managers predict that hotel business in Sofia will be back to normal within two years. The rest of the opinions are evenly divided between predictions for a faster and a slower recovery.
A new hotel with 400 rooms opened on July 15 amidst the crisis - the five-star Grand Hotel Millennium. Another five-star hotel opening is scheduled for September - the Hyatt Regency - after being postponed due to the COVID-19 crisis.
NV/MT/МЙ/
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