The hotel sector was one of the segments most affected by the COVID-19 pandemic and related travel restrictions. In 2020, only two million tourists visited St. Petersburg, which is five times fewer than in 2019. ADR and PAR values also decreased. On average, ADR decreased by 29% over 12 months to 4,603 RUB/room/night (excluding breakfast and VAT). At the same time, the largest decrease occurred in June, which is due to the postponement of the St. Petersburg International Economic Forum to 2021, which traditionally set a high price level for the season. RevPAR, in turn, sank even more dramatically, by 63% in relation to 2019 and amounted to only 1,660 RUB/room/night. In these conditions, for 12 months of 2020, the quality hotel market saw no new projects completed in St. Petersburg.