10 percent of the hotels in the survey were still closed in September
Association projects 70 percent revenue loss at Budapest hotels this year
Differences in terms of operating profit projections are similar between Budapest hotels and those in other cities, the association said in the analysis sent to MTI on Wednesday.
Answering the question as to when they expect to see similar profits to last year’s level, most hotel managers in Budapest said it would be in 2023-2024 while those outside of the capital expect to return to that level in 2021-2022.
Fully 10 percent of the hotels in the survey were still closed in September; 90 percent of these are Budapest hotels.
The association said the wage support measures played a critical role and extending these would be of great help to hotels both in Budapest and elsewhere. Wage subsidies provided by the government expired at most hotels in late August or in the first half of September.
The survey still shows only half of the respondents expect to lay off staff to manage the situation, which shows the importance of retaining quality workforce, the association said.