The Noorus SPA Hotel in Narva-Jõesuu struggling with energy prices multiplying said it could lay off 183 staff and close doors for the winter season this year.
Member of the board Dmitri Antonov told ERR's Russian language service that the decision follows sharp electricity and heating price hikes.
The hotel's electricity bill was €18,131 and gas bill €21,625 last January, while the bills were three and five times bigger respectively this January.
"This level of energy price hikes renders the business lossmaking," Antonov said.
The board member did not rule out rethinking the plan should the company be given state aid or the business environment become more favorable again.
Editor: Marcus Turovski