Last updated: 11:29 PM ET, Sat September 24 2016

Hotel Occupancy Rates in Istanbul Plummet Amid Safety Concerns

Hotel & Resort | Patrick Clarke | May 23, 2016

Hotel Occupancy Rates in Istanbul Plummet Amid Safety Concerns

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Recent terrorist attacks in Istanbul, Turkey have dealt a significant blow to tourism in the region, and has negatively impacted the country's hotel industry.

Based on data from STR Global , collected in a report by the Hotel Association of Turkey (TUROB), hotel occupancy rates in Istanbul dropped a whopping 32 percent last month compared to April 2015, the Anadolu Agency reported.

By comparison, the nationwide drop was 22 percent.

With occupancy rates for both Istanbul and Turkey hovering just above 50 percent, the dramatic decline represents the biggest drop for the Eurasian tourist destination in the past decade.

Hotel occupancy rates, average room rates and revenue per available room, (RevPAR) have plummeted in Istanbul, with average nightly room rates dropping from $146 in April 2015 to $129 last month.

Meanwhile, RevPAR in the city dropped by more than 40 percent to $65 last month.

READ MORE: Political, Economic Uncertainty Hurting London's Luxury Hotels

Although highly concerning, there doesn't  appear to be any easy solutions. 

"As long as people continue to see Turkey as a risky country and countries continue to issue security warnings for Turkey, we cannot expect any rise in foreign arrivals in our country," said TUROB President Timur Bayindir, per the Hurriyet Daily News. "The recent problems in the sector are mainly over security concerns."

Bayindir also hinted at a gloomy forecast.

"There will be double-digit declines in foreign arrivals over this year, although we cannot make any forecast about the exact rate," he added.

With officials at the U.S. Embassy in Turkey issuing a travel warning to Americans as recently as last month, it's unclear when the situation will improve. 

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