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Moscow hotel prices set to fall
Published: 15 September, 2010, 19:52
Edited: 23 September, 2010, 03:51
TAGS: Russia, Travel, Crisis, Regional development, Economy
Moscow's unfortunate place on the list of most expensive cities to vacation could be taking a plunge. The average price of a hotel room has just dropped and may be set to fall further.
The Russian capital is the only major tourist destination where the prices have fallen 9% according to Hotels.com.
The city did have a major problem with the hotel market, when many aging Soviet three star hotels were closed down, as they did not meet certain safety requirements.
A lot of owners moved to the luxury segment, where the money cycles were shorter. Travelers obviously wanted those hotels and the market was growing.
As of 2008 the price was about $390 per night and people were actually paying that money.
But with the onset of the crisis, businesses weren't sending as many travelers, and those that were got creative and went for short-term apartment rental. The luxury market subsequently came down.
On top of that since 2008 some 2,700 new hotel rooms became available. And 3,300 more are set to become in the next three years.
So there can be little surprise that analysts predict the average price of $230 for a room to stay until the end of 2010.
15.09.2010, 16:59
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I have read today in a local newspaper an interview with an Spanish participant in the Khanty-Mansysk Chess Olympics, and he was upset. He said that a great part of participants said the Hotel was a deception, really bad quality with very small (6 sq. m) room and uncomfortable beds. As most tourists will use middle class Hotels, those are the ones which have to improve more. If necessary they will have to merger two rooms so the client can be satisfied with a large enough bathroom, and good beds...