Turkish Economy collapsing, Hotel occupancy down 57% “Erdogan in begging mode”

While hotel occupancy rates declined by 19.1 percent in May to 56.5 percent compared to the same month of 2015 due to rising security concerns and the diplomatic crisis with Russia, Belgium saw a 20.8 percent year-on-year drop after the suicide bombings in Brussels in March.Hotel occupancy rates in Turkey fell by 16.2 percent to 51.7 percent in the first five months of the year compared to the same month of 2015, ranking them worst across Europe, according to data compiled by TÜROB from STR Global’s figures.

Average daily room prices also declined by 33 percent to 83.20 euros in May compared to the same month of 2015.

Hotels in Istanbul were worst hit, with hotel occupancy rates in Turkey’s largest city declining by 26.1 percent to 55.4 percent in May compared to the same month of 2015. Istanbul was also the city that saw the second biggest plunge in hotel occupancy rates in Europe after Brussels.

While average daily room prices declined by 24.4 percent to 105.10 euros in Istanbul in May, average revenue per available room also decreased to 58.20 euros, marking a 44.1 percent drop from the same period of 2015.

Hotel occupancy rates in the Mediterranean resort of Antalya also decreased by 9.4 percent to 57.8 percent in May compared to the same month of 2015, marking a 32 percent decrease in average daily prices to 66.4 euros.