As I research everything for the next edition of the book, I have been surprised at how many of the luxury hotels have actually dropped their rates projected for next year and beyond. Even some restaurants have lower their higher end entrees to lower prices since the last time I reviewed them, but certainly not enough since we pay for all meals out of pocket.
The Hungarian Hotel Association has continually stated that the occupancy rate for hotels has been steadily under 50%. As I make my way from hotel to hotel, marketing managers are telling me they have cause for a celebration if they book a large group at one time. The Restaurant Association had similarly grim news predicting that 30% of all restaurants in the country would close by the years end.
I thought it was Hungary, but came across these two articles today in a travel site. The first talks about how it is all over Europe, tourism down, people are just not spending.
This one is specifically Hungary’s woes. Though the link is misleading. If it were only 12, there would be no need for concern.