The ability of people to move freely within the country and almost complete lifting of restrictions allowed Moscow’s hotel market to recover faster than European capitals
- Moscow ranked number one in Europe in terms of hotel occupancy rate
- In Istanbul, which topped the ranking a month earlier, hotel occupancy rate plunged to 37.3%
- In December, Moscow’s hotel occupancy rate climbed to 43.3%, which is over 1.5 times higher than in Turkey’s largest city.
Moscow hotels were filled by 39% in November 2020 giving Russia’s capital top European ranking, according to to the Cushman & Wakefield international consulting company’s report.
Turkey’s Istanbul was ranked number one a month earlier, but its hotel occupancy rate plunged to 37.3% in November. In December, Moscow’s hotel occupancy rate climbed to 43.3%, which is over 1.5 times higher than in Turkey’s largest city. In the first month of 2021, this figure in Moscow remained virtually unchanged at 43.6%.
The data of the Cushman & Wakefield report on Moscow is confirmed by other consultants, as well as hoteliers. The company’s representative noted that Europe had not overcome another COVID-19 wave yet, which brought about the restrictive measures on people’s mobility and shutdown of infrastructural facilities, including hotels.
The ability of people to move freely within the country and almost complete lifting of restrictions allowed Moscow’s hotel market to recover faster than European capitals.
However, Moscow hotels are regaining their lost profits slowly due to a decrease in the average room rate. The room rate in some Moscow hotels has previously fell by 30-40%.
