Businessman Radu Enache, owner of Continental hotel chain, whichoperates 14 hotels on the Romanian market, maintains he is drawingup several budget scenarios for next year, which may have to bere-corrected, as market instability is making it hard to set uphypotheses.
"I don't see very pleasant things for 2011, either, considering thecountry situation hasn't improved. Although for next year we have adownbeat and an upbeat scenario, I believe it is highly likely thatwe will work with the downbeat scenario, which means our generatingthis year's figures, namely stagnation," Radu Enache stated.
According to the data provided by the Romanian entrepreneur, in thefirst eight months of 2010 the hotels he owns posted revenuessimilar with last year's, although the chain's accommodationcapacity rose by 15% as two hotels were opened late lastyear.
The falling revenues prompted Enache to halt hiring, freeze mostsalaries and pay part of employees on sole trader contracts.Moreover, all the group's development plans have been put onhold.
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