Saturday, September 23, 2017

Yekaterinburg records major hotel occupancy increase in 2011

Yekaterinburg was the top city in Russia, the CIS and Georgia for hotel occupancy recovery during 2011, according to the 2012 Russia, CIS and Georgia Hotel Trends & Opportunities Report.

Hotel markets throughout Georgia, the CIS and Russia showed recovery in 2011 with the city of Yekaterinburg growing its occupancy by 28 percent. Yekaterinburg's occupancy grew 11 percent in 2010, Hotel Management reports.

Other cities experiencing double-digit growth in 2011 included Tbilisi with 23 percent, Baku with 16 percent, Kazan with 13 percent, Samara with 12 percent and Almaty with 11 percent. Hotel supply in the region increased by approximately six percent in 2011.

"We can clearly see the effects of hotel markets recovery, which is not only mirrored by improved operating results, but also in the number of announced hotels in the region," Alexey Korobkin, the senior associate of HVS Moscow and co-author of the report, said, according to Hotel Management. "Hotel stock is forecasted to increase by approximately 70 percent in the next few years, if all the announced projects materialize."

The report also outlined major opportunities in the region, such as developments in the budget and mid-market segments.

"It is important to recognize this opportunity, as due to increased business travel and a larger middle class, the concept of what is considered an acceptable level of accommodation is being tested every day," Korobkin said, according to Hotel Management.