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Financial Analytics: Science and Experience
 

Studying the issues and prospects of hotel market development in Moscow under the current economic conditions

Vol. 8, Iss. 27, JULY 2015

PDF  Article PDF Version

Received: 14 May 2015

Accepted: 4 June 2015

Available online: 7 August 2015

Subject Heading: MONITORING OF ECONOMIC PROCESSES

JEL Classification: 

Pages: 11-19

Chernikova L.I. Russian State University of Tourism and Service, Cherkizovo, Pushkinsky District, Moscow region, Russian Federation
tariff2004@mail.ru

Kharitonova T.V. Russian State University of Tourism and Service, Cherkizovo, Pushkinsky District, Moscow region, Russian Federation
naceka@mail.ru

Importance It is reasonable to study issues and prospects of developing the Moscow hotel market as it demonstrates growing demand for accommodation services. The research is especially relevant during economic and political instability.
     ObjectivesThe research identifies and investigates issues and prospects of the hotel market, illustrating the case study of Moscow, where one-third of the Russian tourism entities operates.
     MethodsUsing comparison and analysis, we identify the specifics of the hospitality sector of Moscow and issues of operations in the hotel market of Moscow.
     Results As a result of a comprehensive review of the hotel market, we find negative aspects of the tourism development, i.e. lack of highly professional specialists, limited transport access, high prices, weak policy for promoting tourism products in the market. We summarized and reviewed official information on the domestic and inbound tourism for the recent five years. The article indicates the number of tourists accommodated in lodging facilities of Moscow. Currently, the hotel and accommodations services are provided by hotels, minihotels, apartments, hostels and other lodging facilities.
     Conclusions and Relevance We conclude that, notwithstanding the sanctions and complicated political situation, the hotel market of Moscow continues to develop and strive to the international quality standards. For H1 2014, 1.2 million people arrived in Moscow for business purposes, i.e. 4.4 percent up year-on-year.

Keywords: market, hotel service, tourism, Moscow

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