The scope of this publication is to assess current trends and future opportunities for the hotel industry in Russia, the CIS and Georgia. This publication briefly discusses the tourism industry and economy overview of Russia, the CIS and Georgia, and looks at the yearend results of hotels' operating performances across the region. This publication is released to complement our existing Hotel Valuation Index which covers hotel value trends in the same markets across the region.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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