Abstract
Along with unification of Germany have come outstanding opportunities for hotel development. This is particularly true in eastern Germany, where 85 percent of the hotels are at least 45 years old. Demand for modern hotels is high especially for economy-lodging products-and there are not nearly enough rooms to handle all the business. The government is willing to take risks and help with financing, and private ownership of real estate and foreign investments is now possible. But there are obstacles to be overcome, including issues related to the region's relatively poor infrastructure (utilities, roadways, and communications), personnel training, and environmental pollution. Those companies willing to bear the risks and start-up costs of being among the first in can expect to make the most profit in the long term.
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