Baku, Azerbaijan, has seen a flurry of upscale and luxury hotel development over the past few years, bringing international brands to the former Soviet republic. The influx is straining hotel performance there, especially now that the 2012 Eurovision tourists are gone. Primarily catering to business travelers from Russia and Turkey involved in the country's booming oil and gas sector, the development spurt may be reaching its end. "The luxury segment has been overbuilt," says Tatiana Veller, managing director - Russia for HVS Hospitality Services. "Most likely we will not see any development there on the luxury side."
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