Need to Shore Up Khorasan Razavi's Hotel Industry

An underperforming tourism market and poor management are pushing hotels in the northwestern province of Razavi Khorasan toward the brink of bankruptcy, a veteran hotelier warned.
"Hotels in the province are facing bankruptcy because of lack of effective management and a low rate of visitor arrivals. Had their owners been advised properly in the first place, they would have preferred to invest in other key, promising sectors such as water and power," Jafar Attar told ISNA on Thursday.
The number of rental homes in the provincial capital Mashhad has multiplied over the past few years, fueling a slowdown in the hotel market.