Sales of Estonian hotels down by 30% in nine months
20.11.2009, 15:43In nine months, sales of hotels in Estonia fell almost 30%, wrote aripaev.ee this week.
Feliks Mägus, head of Estonian Association of Hotels and Restaurants, told Äripäev that he expects the decline to continue in the fourth quarter.
According to Mägus, hotel operators were worried about the growing indebtedness and other financial problems in the economy.
Mägus said that the hotel business was hit hard by the increase in VAT rate this summer.