ECONOMY

Turkey’s hotels need serious help with debt, sector head says

turkey-s-hotels-need-serious-help-with-debt-sector-head-says

Turkish hotels are deeply in debt and need “serious assistance” to repay their loans as they recover from the coronavirus pandemic, the head of the Turkish Hotel Association (TUROB) said on Wednesday.

At a meeting on the sector’s prospects, Muberra Eresin said the association would meet with the Turkish Banking Association in the coming days to discuss the debt problem. Hotels need to shift their payment rates, she said.

TUROB’s Eresin said the average occupancy of hotels that opened this season was 44% for the first eight months of the year, compared to 67% for all hotels in 2019.

[Reuters]