In emerging market banking, occupancy rates at the most expensive hotels often tell an important story. An increase in business typically suggests renewed interest in the local economy from international financiers; a fall, that the perception of the country has turned sour.
Olivier Guitta, a former private banker who now advises banks on geopolitical risk at GlobalStrat, has been following developments in Saudi Arabia and Iran for over a decade. He is sure that, in both countries, the hotels favoured by bankers are emptying.
Bankers, he continues, have become acutely aware of the renewed risk of dealing with these two markets.
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