Radu Enache, owner of Continental hotel chain, with 21 million euros in turnover last year, says although he has cut spending at all hotels he controls, the group's turnover slipped by 6% in the first quarter of this year against the similar period of last year.

"It will be very difficult to offset this loss in the first three months of the year, considering that there are no signs of a rebound on the market," said Enache, who controls 14 hotels on the Romanian market, rated from two to five stars. In response to the turnover decline, the number of employees of the hotel group fell from 1,100 to around 730 this year amid an "employment freeze".

Radu Enache, owner of Continental hotel chain, with 21 million euros in turnover last year, says although he has cut spending at all hotels he controls, the group's turnover slipped by 6% in the first quarter of this year against the similar period of last year.

"It will be very difficult to offset this loss in the first three months of the year, considering that there are no signs of a rebound on the market," said Enache, who controls 14 hotels on the Romanian market, rated from two to five stars. In response to the turnover decline, the number of employees of the hotel group fell from 1,100 to around 730 this year amid an "employment freeze".