Slowdown in BRIC economies fails to dampen hoteliers' hopes

08/15/2013 |

A number of hotel executives said that they stand by their decision to push expansion in Brazil, Russia, India and China despite the apparent slowdown in their respective economies. In Russia, the hotel market remains undersupplied and still holds plentiful investment opportunities for international firms. "There's still only roughly 90 international branded hotels in the country, which is nothing. So there's a huge imbalance of supply and demand of quality hotels -- quality from economy right through luxury," said Michael O'Hare, Horwath HTL's managing director in Moscow.

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