Russia: Hotel Sector Thriving Despite Economic Slowdown
The devaluation of the Russian ruble in 2015 has had a positive impact on hotels in Russia. Foreign visitors have benefited from the ruble depreciation and domestic travel has served as a main driver of growth in the industry. In the first three quarters of 2015, Russia experienced double-digit growth in hotel occupancy and in Revenue per Available Room. The current geopolitical situation has led to a decrease in tourists from Europe and the United States but the tourist flow from Asia, particularly from China, has been growing.
