Sun, Nov 22 2009

Brief summer

Fri, May 29 2009 10:00 CET 5365 Views 7 Comments
Brief summer

COME UNDONE: More that one real estate development on the Black Sea coast will remain unfinished for the foreseeable future. 


Photo: Assen Tonev

Half-open

The biggest risk is that low occupancy will result in lower revenues. Older hotels with little debt will not be affected as much, but a large share have been built using bank loans during the construction boom in recent years.

More than a few hotels could find it hard to make interest payments on time, while the cash squeeze has made finding an investor difficult. A large number of seaside hotels are for sale, but there are no interested buyers. At some point, banks could be forced to repossess properties or renegotiate maturity periods on loans.

Another risk is that once travel companies reduce the number of charter flights, they would be reluctant to re-adjust their programme for a longer season next year.
Even price reduction has its risks – even if it has no negative effect on the quality of service, hotel owners would have less money to invest in improving quality in forthcoming years. Having already cut prices for travel companies, hotels will find it increasingly difficult to increase them back again over the next two or three years, which would result in more closed hotels. Unless they use their short summer to the full this time around.

Kapital, issue 20

12

Comments

Anonymous sally Wed, Oct 21 2009 12:57 CET
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I've been going on holiday to Bulgaria in Sunny Beach for the last few years and it has steadily gone downhill.
The people working there have become very rude, aggressive and greedy. They do not know the meaning of Customer Service, they have no manners or morals.
The cost of goods and services has doubled over the last couple of years, made worse by the fall of the pound against the leva.
I've even been shouted at by check-in staff at Bulgaria's airport, just for daring to ask if there were any exit seats left. They want a fortune for their goods they sell at the markets and stalls and they are all mostly very poor quality.
They get angry with you if you don't want to buy anything.
I've been ripped off by dodgy money exchanges. Even the bank staff are surly and rude, you feel scared and uncomfortable, just for asking to change money.
I've had dodgy food, which they've replaced but charged me for twice even though the fault was down to them.
Then they wonder why people are abandoning Bulgaria as a holiday destination, in their droves.
If they had acted decently and fairly, took more time and care, been polite, courteous and learnt to give service with a smile, instead of being surly and rude, and they were more fair with their prices, it could have been so different for them, Instead of taking advantage of the situation and just ripping people off.
They could have had a little gold mine there with a great future, but they have just spoilt it for themselves, with their dreadful attitudes.
It's such a shame for the few decent establishments there, which do give good service and are nice people, they have been let down by the selfish, ignorant,rude,immoral greedy majority.

Anonymous BgNoMORE Wed, Jul 15 2009 23:36 CET
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Shot themselves in the foot simple as.Things could have been oh so different for this country.

Anonymous cosmo Sun, Jun 14 2009 23:35 CET
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Just got back from my first trip this year to Bulgaria spoke to a mate who tells me of a hotel on golden sands with 3 guests and 32 staff no point in saying anymore .

Anonymous Mikael Mon, Jun 08 2009 09:53 CET
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Hotel owners have themselves to blame. For years, particularly tourists from Scandinavien complained of poor service standards of hotels, ranging from bad hotel food and breakfast and hotel staff UNCOMMITTED.
Reader about the visitors' hotel experience at
the major hotel booking sites are no hotels that would address the shortcomings that hotel visitors have made. Add to that poor service, sense of restaurants, strange food, and the fact that many have become robbed of rob gang in the evenings, so can understand Bulgaria itself that no tourists want to come back, but rather urge others to not go to Bulgaria. There is no crisis because of global financial crisis, it is of maximum self-created because of the greedy hotel owners and short-sighted Bulgarias.

Anonymous Cosmo Sun, May 31 2009 22:28 CET
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Are they serious in Bulgaria about tempting tourists i have just checked the cost of flights from London/Gatwick on Bulgaria Air for July/August 2 adults return to Varna is £696. British Airways is £554 and Wizz Air from London/Luton is £397. I think Bulgaria Air is having a laugh.

Anonymous Observer Sun, May 31 2009 20:00 CET
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I understand your frustration. Mentality of the conqured people takes generations to change. But how to help this warm people is the real question. EU is not doing the right thing. Their own smart people ran away for generations; biggest brain drain in history of the world.

Anonymous hoosier Fri, May 29 2009 21:53 CET
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These jokers will never get it. Kill the goose and no more eggs. I for one am tired of the double standard, surley service, rudeness of the staff. Bulgarians have been taught, trained and guided in developing tourism, but they will not change. If it wasn't for wife's parents, we would not spend a cent in this miserable xenophobic country.

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