Bulgarian hotel managers less pessimistic about short-term business prospects - survey

Bulgarian hotel managers less pessimistic about short-term business prospects - survey

The percentage of managers of accommodation facilities in Bulgaria expecting to discontinue operations in the short term due to the coronavirus crisis dropped slightly on a monthly comparison basis in January, the national statistical office, NSI, said on Thursday.

Some 2.6% of the managers of accommodation facilities in Bulgaria expect to shut down their business in a month's time, the NSI said in a statement, citing the results of a monthly survey it conducted in between February 3 and February 23 among 1,900 managers of hotels, campsites, holiday villages and other accommodation establishments.

In December, 2.7% of accommodation facility managers said they expect to wind down operations in the short term.

The results of the latest survey also showed that in January close to 44% of accommodation facilities planned to maintain their operations in the following month, albeit at a lower capacity.

The share of accommodation facilities that planned to continue to operate as usual rose to 37% in the first month of 2021, compared to 30.7% a month earlier. As many as 15.2% of the respondents said they intended to temporarily suspend their operations, down from 19.2% in December.

Almost a half of accommodation facilities, 49%, saw a decline in their operating revenues on a monthly comparison basis in January, while nearly 38% reported no change. According to the NSI's previous poll, 59% of accommodation facilities reported a decline in their operating revenues, while some 31% reported no change in December.

Most of the managers, 49.2%, expected in January that they will be able to service up to 50% of their operating expenses with own funds in the following month, while 27.7% said they will be unable to service any expenses with own funds. As many as 22.3% said they will be able to service all of their operating expenses in a month's time.

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