'Demand is constantly rising, considering the increased inventory in the city', said Jiri Kobos, general manager of the 219-room, five-star Ararat Park Hyatt hotel that opened in mid-October. 'Russia has been fortunate to bypass the global events relatively unaffected.'

Alexis Delaroff, general manager of the 255-room, four-star Novotel Moscow Center that opened in early September, was similarly upbeat. 'Today we are close to 50 percent occupancy and the forecast is promising for the second half-year', he said. 'We're gaining market share every month.' Other hotels reported booming business, with Le Meridien Moscow Country Club perhaps the most successful. 'Business in 2002 was our best year ever', general manager John Wood said. 'We grew our total revenue by 17.8 percent over 2001 and occupancy rose by 11.3 percent.' Market analysts said the top end of the market last year returned to the occupancy levels that it had enjoyed before the 1998 crisis.

'Demand is constantly rising, considering the increased inventory in the city', said Jiri Kobos, general manager of the 219-room, five-star Ararat Park Hyatt hotel that opened in mid-October. 'Russia has been fortunate to bypass the global events relatively unaffected.'

Alexis Delaroff, general manager of the 255-room, four-star Novotel Moscow Center that opened in early September, was similarly upbeat. 'Today we are close to 50 percent occupancy and the forecast is promising for the second half-year', he said. 'We're gaining market share every month.' Other hotels reported booming business, with Le Meridien Moscow Country Club perhaps the most successful. 'Business in 2002 was our best year ever', general manager John Wood said. 'We grew our total revenue by 17.8 percent over 2001 and occupancy rose by 11.3 percent.' Market analysts said the top end of the market last year returned to the occupancy levels that it had enjoyed before the 1998 crisis.