Bucharest luxury hotels hardest hit by crisis

CBREs latest hotel analysis in Central and Eastern Europe reveals the fact that most striking ADR (average daily rates) falls year-on-year were recorded in Warsaw (-21.6%) and Bucharest (-23,6%). In both cases the national currency weakened significantly against the US dollar and the euro. In this region Bucharest suffered the greatest slump in occupancy rates, falling by 26.4% in the first quarter of 2009.