The global economic crisis has forced hotel owners across Europe to slash room rates by 50 percent or more. The fact that this is happening right before Christmas and New Year is good news for bargain-hunting Latvian tourists. According to this article, rate cuts in Amsterdam have been among the biggest. Hotel owners are making special offers in Latvia too, but this predominantly relates to recreation and spa programs. Latvian Hotel and Restaurant Association President Jurijs Zudovs says that accommodation prices have been falling for the last two years, by 25 percent on average, mainly due to growing oversupply. But Zudovs believes that accommodation prices will not fall rapidly in Latvia over the Christmas period.

 

Biznes&Baltija, 2008-12-05