The survey conducted by Ameria Group divided Armenia’s hotels into economy class, midscale, upscale and upper upscale categories.

Senior Research Specialist at Ameria CJSC noted that midscale category hotels yielded 13,6% profit, economy class - 13,1%, with upscale and upper upscale classes yielding 12,2% and 11,8% profit respectively.

“The share of economy and midscale class hotels totals 77% and 12% respectively, with the share of upscale and upper upscale amounting to 8% and 3%,” Artashes Shaboyan said during a presentation of the survey on Armenia’s tourism industry and hotel service.

Dwelling on hotel room prices, he noted that upsurge was reported in economy and upscale class hotels in the past two years, with drop observed in upper upscale class hotels.

The survey revealed 1,4-fold growth of the number of beds in hotels in the past 7 years due to the increase of the number of small hotels. The maximum compounded annual growth rate (CAGR) of international visits totaled 25,% in Georgia, 16,7% - in Armenia and 10,5% in Azerbaijan, with the figure proving the tourism development trends in Armenia.