Tourism sector continues to boom

Foreign Visitors to Latvia up 13%

According to the Central Statistics Bureau of Latvia, the number of foreign visitors to Latvia during the first quarter of 2007 has increased by 13%. During the period from January to March, foreign visitors have crossed the Latvian border nearly 1 million times (958 000 to be precise). Other statistics are also interesting; for example the average time spent in Latvia was only 1 to 2 days. From the longer-term visitors to Latvia, 25% were in Latvia for the first time, which shows that Latvia is increasingly becoming an attractive destination for tourists.

Perhaps unsurprisingly the majority of visitors came from Latvia’s neighbouring countries – Lithuania (37%), Estonia (26%), Poland (7%), Russia (7%), Sweden (4%) and Germany (3%). In total 72 million EUR were spent by these people during this First quarter, a 20% increase compared to the same period in 2006. Of this expenditure, the biggest spenders were Lithuanians and British who each spent 7.8 million EUR. Norwegians came a close third spending 7.7 million EUR with Swedish spending a further 7.0 million EUR in Latvia during this period.

For more information and statistics about Latvia please visit the website of Central Statistical Bureau of Latvia.

Hyatt International to enter Riga

The world-renowned hotel operator, Global Hyatt Corporation, has confirmed its intention to enter Riga by autumn 2009. With help from a local real estate developer, Tango Projects, the site for the five-start hotel will be situated in the very heart of Riga, adjacent to the Old Town. The Hyatt Regency Riga will offer 166 generously sized rooms and 14 suites. The total investment could reach as high as 85 million EUR.

The Global Hyatt Corporation, one of the largest hospitality suppliers, operates over 735 hotels and resorts in more than 44 countries across the world. The Hyatt Regency Riga will be company’s first foray into the Baltic Market and represents their first venture in Northern Europe.