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December 18, 2013 Hotel business grows by leaps and bounds in Ukraine     December 18, 2013 Ukrainians continue to buy more and more coffee every year

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Hotel business grows by leaps and bounds in Ukraine

December 18, 2013
Ukraine’s hotel business is on the upswing again, for the first time since the world financial crisis hit in late 2008. However, the reasons for this latest recovery are slightly different from those that caused a surge over 2005-2008.

Over that period, this business sector was seen as quite promising, showing 10-15% growth every year with a very large number of new projects being launched. However, in the first wave of the global crisis, opportunities to raise loans for building and upgrading hotels dropped off sharply and new building projects were shut down.

However, 2013, especially the second half, showed that this sector has started to recover its attractiveness for private investors thanks to a number of factors.

Firstly, visible growth in demand for 2-3 stars hotels built along with modern standards and equipped with up-to-date technology. Statistics show that, so far, Ukraine still has only 4 hotel rooms for 1,000 population, whereas in the EU this number varies between five and 10 rooms.

Secondly, Ukraine’s main business tourist destinations such as Kyiv, Lviv and other cities with a population of at least a million, as well as traditional tourist regions such as the Carpathian Mountains, Crimea and the Black Sea oblasts have become more and more attractive. Ukraine also has many unique sites of historical and religious significance.

Thirdly, demand for good hotels is growing steadily among Ukrainians themselves, who have started to travel abroad more and are gaining a better insight into the quality of services that the hotel business should provide.

Source: bizrating.com.ua

Tags: hotel

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