The company Pasha Inshaat is building two hotels in Baku, a total of 1,000 rooms. The hotels are scheduled to be commissioned by the I European games in June 2015.
Baku Boulevard Hotel is built on the boulevard and is designed for 800 rooms. Another hotel, Yeni Intourist Hotel Baku, is also located close to the sea, in the south-eastern entrance to the city.
Multidisciplinary Pasha Holding seems to have decided to provide "economic freedom" to these hotels and registered them as companies on July 17-18.
Currently Pasha Inshaat operates three hotels, including two in Baku (JW Marriott and Four Seasons). The number of rooms in JW Marriott Absheron (total inner area - 49 300 m2) is 243, Four Seasons (47 300 m2) has 171 of them.
Note that in 2013 in Baku there were commissioned 7 new hotels, which have a total of 451 rooms. Thus, the number of facilities to receive visitors has reached 129. They employ 5,300 people.
According to the State Statistics Committee, the number of rooms in the hotels of Baku since 2006 increased from 3,816 to 6,837, of which 1,150 are luxury. The total capacity of the hotels allows them to take 10,500 people at a time. The total area of hotels in Baku today reaches 310 thousand square meters.
In 2013, revenues of the hotels in Baku increased by 25% to 146.8 million AZN. --08B-
Economics
-
On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
-
The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
-
Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
-
Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
Leave a review