European hotel market recovers
The Moscow hotel market led last year's European recovery, according to new figures from consultancy Deloitte.
Its Annual Profitability HotelBenchmark survey revealed profitability per available room in continental Europe increased 7% in 2004, reversing three years of decline.
On average hotels generated an additional €1,000 (£688) profit in 2004 to reach €15,000 (£10,312) per available room per annum.
During 2004 Moscow was top when it came to converting revenue into profit and out-performed the other 22 cites in the report, achieving an average €39,000 profit per available room (£26,829).
Eastern European markets were the region's star performers with many cites reporting double-digit revenue per available room growth, with Prague and Budapest doing particularly well.
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