Few days before Christmas and New Year’s Eve, the situation in the hotel industry is dramatic. Speaking to StockWatch, PASYXE Chairman, Haris Loizides said that this is the worst winter for hotels in the past decade since reservations by tourists are exceptionally low. “On the other hand, reservations by Cypriots have increased slightly. But this increase cannot cover the needs that the hotels have”, he said.

Hotels close: Why?

Mr. Loizides said that many hotels that traditionally remained open during winter, decided to close this year due to the increase operating cost. “The increase in the price of oil led hoteliers to this decision. And this wise, since hotels may generate losses of £20,000-30,000 per month”, he added.

Incentives

PASYXE Chairman criticized government for the stability in the withdrawal and improvement of hotels. “The state did not keep its promises. The government supports that there are serious problems with the City Planning. We hope that the problem will be solved the soonest possible”, he concluded.