The hospitality industry in Malta had a significant recovery in 2022, however profits still fell short of 2019 levels.
According to a survey conducted by the Malta Hotels and Restaurants Association, tourist arrivals reached 83% of the numbers in 2019.
Tourists spent an average of €121.86 per day in Malta, which is 9.4% higher than in 2019. However, overall tourist spending was only 91% of that in 2019. Five-star hotels reached an occupancy rate of 54.3%, which is 75% of the rate in 2019.
Five-star hotels had a gross operating profit of €21,050.8 per available room, which was only 14% lower than 2019 levels. Four-star hotels had a gross operating profit of €12,887.9 per available room, or 79% of 2019 levels.
Despite the positive trend in the industry, Deloitte financial advisory leader Raphael Aloisio warned that not everyone in the industry will succeed, as clients are becoming more selective about where they stay.
The president of the MHRA, Tony Zahra, stressed the importance of the government’s decision to absorb an increase in energy costs for the industry’s recovery.
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