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25mil euro lower revenues in 2009 for five major Bucharest hotel owners

Five of the largest hotel owners in Romania, George Copos, Mohammad Murad, Josef Goschy, Ionut Negoita and Octavian Lazar, holding together more than 8,000 rooms in Romanian hotels, that is around 2.5% of Romania’s accommodation capacity, last year registered 25m-euro lower revenues in the hospitality industry than in 2008.

In 2008, the five entrepreneurs’ hotel business reached 90m euros, and in the same year Romania could provide accommodation to 294,000 tourists, according to National Statistics Institute data.

Though they operated at even 50% lower occupancy rates and cut tariffs by as much as 40%, the five owners maintain they ended the year in the black, but not all of them specified the value of profits.

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Tourism Managers: In just six months, some chains of hotels will go bankrupt

“ At least 5 chains of hotels will go bankrupt in the next six months “

say almost 40% from the managers of the tourism firms, according to a global study effectuated by the law firm, DLA Piper, cited by Newsin.

“80% from the questioned foresee at least one bankruptcy in the time that we are speaking.“

According to the DLA Piper study, “2009 Europe Hospitality Outlook Report”, the directors from the European hotelier market are not as optimistic as their American colleagues.

Only 39 % from the European executives are expecting the rehabilitation of the industry sector in 2010, compared to 59% in the United States. The majority of the European executives foresee the beginning of the rehabilitation to be in 2011.

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