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Swiss luxury hotels hit by rouble crisis

Russia’s current rouble woes are set to have a much bigger effect on Switzerland’s hotels over the winter season than the late arrival of snow.  “We’re looking at income from Russian guests dropping by up to 30%,” said Guglielmo Brentel, president of the Swiss Hotel Association (hotelleriesuisse).  He said hotels in the top-price bracket have been hit particularly hard, with the absence of wealthy Russians set to really hurt hoteliers in January.  “Because the holidays take place later in Russia, Russian guests have always helped [Swiss hotels] fill the January hole,” he said.  Russia’s economy shrank sharply in November and the rouble resumed its slide on Monday as Western sanctions and a slump in oil prices combined to inflict the first contraction in GDP since the global financial crisis in 2009.  The rouble had lost more than half of its value at one stage in December, although it has since recovered after the government introduced informal capital controls ... Show more

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