Luxury hotels on the Romanian and Bulgarian Black Seaside coast hard hit by the crisis
The Black Seaside destinations of Romania and Bulgaria are hardly attracting wealthy travellers. While the Romanian side attracts mostly locals who prefer 2 and 3 star hotels, the Bulgarian side locals being less likely to spend their holidays in their home country and preferring international holiday destionations which have now become even more affordable.
The international financial crisis has been adding to the troubles of the five star hotel segment in both countries, with the lowest occupancy rates in more than half a decade. Rack rates have been slashed by at least 30%, yet, occupancy rates are likely to remain below 50% on average for the upcoming high season which begins June 1st.