The value of hotels and motels in Germany, with a combined population of more than 200 million, is on a steady decline as hotel occupancy rates drop and the country is being forced to raise taxes.
A recent study by the German Tourism Federation said that while the country had more than doubled its hotel occupancy rate to 27.7 percent in 2017, that number had fallen to 18.9 percent in 2018.
That means more than one in three rooms is being rented out.
The economy in Germany is being heavily affected by the fall in hotel occupancy, which has been the main driver of a plunge in the country’s GDP and unemployment rates.
A survey by German statistics agency Eurostat showed that hotel occupancy fell by 0.5 percent last year to 5.1 million.
This is the lowest level in nearly three decades.
Meanwhile, hotels are facing a host of financial problems, including the high cost of property tax.
With property prices already overvalued by as much as 2.8 times, many have been forced to slash occupancy rates and cut services.
Some hotels have closed their doors because of low occupancy rates, which means they are being forced out of business.
This has forced many of the countrys largest and most prestigious hotels to take drastic measures to save money and increase occupancy.
One of the largest and oldest of the hotel chain, Hotel Zürich, announced on Sunday that it would cut prices for its rooms by up to 20 percent.
The chain, which is owned by the world’s largest hotel chain Marriott, announced the move because of the drop in occupancy rates.
A spokesperson told local media the decision was made after careful consideration of all factors, including property taxes, the impact of global events on the economy and the fact that the hotel business has been booming.
The rise in hotel rates has meant the cost of a room has increased by up 30 percent in recent years, making it even more expensive than it used to be, according to the spokesperson.
He added that the decision to cut prices had been taken as a last resort, which could not be made on the cheap.
In recent years the rise in the hotel occupancy has hit other sectors of the economy too.
The German government has been struggling to keep pace with the surge in hotel room occupancy, with the country facing a budget deficit of over €5 billion ($6.4 billion).
In September, Germany’s Federal Office for the Protection of the Constitution, which administers the German tax system, reported that hotel taxes have jumped by 1.5 times in the past year.
A spokesman for the agency said the increase was due to “a combination of factors.”