In 2021 five new hotels or hotel-type facilities was created at the expense of state funds. In total, there are 38 state hotels in Azerbaijan at the beginning of this year, the State Statistics Committee told Turan.

Revenues of state hotels (7 million 539.000 manats) for the year rose by 35%. At the same time, it has to be kept in mind that last year’s revenues are three times less than, for example, in 2016 (23.2 million manats). At that, state-owned hotels submit reports to the SSC, according to which they have been working at a loss since 2011. In 2010 revenues of state hotels (7 million 739.500 manats) exceeded their expenses by 14.4%.

The leading state hotel complexes “Respublika-1” and “Respublika-2”, tourist center “Shahdag” and hotel “Markhal” do not disclose their financial statements.

According to the SSC, last year 25 private hotels with investments of local entrepreneurs started their activity or restarted their work. At the beginning of this year Azerbaijan had 656 hotels and hotel facilities with local capital. Foreign investors own 13 hotels and another 5 hotels operate on the basis of joint investments

Source: Turan News Agency