Hungarian Hotel and Restaurant Association announce 70% loss in 2020 in Budapest

The Hungarian Hotel and Restaurant Association has announced the results of a survey it conducted among hotels in Hungary. They show that most hotels in Budapest will have a loss of revenue by 70% this year in comparison to 2019. Hotels outside the capital have had a 20-40% loss in comparison to the previous year. Most managers have predicted that Budapest hotels will return to the profit levels of 2019 in 2023-2024. According to the survey 9% of hotels in the capital city are still closed due to Covid-19.