Moscow hotels top the list of the most expensive hotels
Questionable Expensiveness
In spite of the global economic crisis, Moscow hotels have again confirmed their dubious reputation. According to the recently published results of the research into hotel transactions in the world for the first six months of 2009 conducted by the UK-based Hogg Robinson Group (UK), Moscow hotels have remained the most expensive hospitality facilities in the world. According to the study, the Russian capital remains the most expensive city in terms of prices for hotel rooms, despite the negative impacts of the crisis and a substantial fall in prices, estimated at about 14% on average. According to Hogg Robinson Group, the average price for a hotel room in Moscow was about $429 (Rub13,000) per night. According to MIEL, there were about 240 hotels of different classes with a combined total capacity of approximately 50,000 rooms in Moscow as of June 2009.
According to other hospitality business experts, the price indices for hotel services are calculated based, not only on the room costs, but also on the total number of rooms in hotels. Hence, it is no wonder that the total occupancy rate in Moscow hotels for the second quarter of 2009 has gone down by about 1.5-2 times, as compared to the same period in 2008, according to a review published by Blackwood realty firm. For example, the occupancy rate in hotels in the low-price segment was 40% in April-June 2009, while the index for a similar period in 2008 was 75%. The corresponding indices for the mid-range hotels were 45% and 74%, respectively.
According to studies conducted by DTZ realty firm, Moscow hotels have lost about $100mln since the beginning of 2009 due to a reduced tourist inflow. However, there is one consolation: the highest number of hotel rooms being constructed or at the planning stages in Europe has also been recorded in Moscow, posting 5,127 out of 94 695 of such properties, according to Smith Travel Research. London ranks second (4,968) and Berlin third (4,720), while France and Spain round up the top five rating. “According to the results of our research, the global recession has not affected Russia as much as its domestic problems. Therefore, a lot of projects in the hotel industry are currently being implemented in Russia,” the research firm said in its report.
Web design,