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Jan. 1, 1970
It may be the perfect time to make travel plans and book hotel rooms, because the hospitality industry is currently very distressed.
BusinessWeek reported today that Intercontinental Hotels’ third-quarter profits were down 25 percent, and the Associated Press today released a report citing a predicted 8.8 percent decline in hotel room rates in 2009 as compared to 2008. That downward-creeping trend is expected to continue into 2010, according to the AP article, which cited a PricewaterhouseCoopers study.
The New York Times recently reported holiday airfare prices have been going up significantly, though.
In part this is because of rising fuel prices, but the key factor is that many airlines have grounded portions of their fleets in response to economic distress. Less available seats means airlines can demand higher individual ticket prices, the New York Times article stated.
Hotels, however, can’t simply close down their properties.
While a surge of holiday travelers competing for a limited number of airline seats, the hospitality industry is currently plagued with a decline in guests and surplus of rooms which incur maintenance costs.
This means the iron is hot for a traveler seeking a bargain.
And in a USA Today article published online today, Carlson Hotels CEO Hubert Joly told that newspaper that the “glamour of business travel is gone.” In today’s world, travel is becoming less and less pleasant, and corporations increasingly only pay for employees to fly in economy class, where seats are cramped and extra fees are common. So the hospitality industry needs to focus on providing “safe havens” where “cultural enrichment” can take place, Joly told USA Today.
Timing May Be Right for Bargains at Luxury Hotels
It may be the perfect time to make travel plans and book hotel rooms, because the hospitality industry is currently very distressed.
BusinessWeek reported today that Intercontinental Hotels’ third-quarter profits were down 25 percent, and the Associated Press today released a report citing a predicted 8.8 percent decline in hotel room rates in 2009 as compared to 2008. That downward-creeping trend is expected to continue into 2010, according to the AP article, which cited a PricewaterhouseCoopers study.
The New York Times recently reported holiday airfare prices have been going up significantly, though.
In part this is because of rising fuel prices, but the key factor is that many airlines have grounded portions of their fleets in response to economic distress. Less available seats means airlines can demand higher individual ticket prices, the New York Times article stated.
Hotels, however, can’t simply close down their properties.
While a surge of holiday travelers competing for a limited number of airline seats, the hospitality industry is currently plagued with a decline in guests and surplus of rooms which incur maintenance costs.
This means the iron is hot for a traveler seeking a bargain.
And in a USA Today article published online today, Carlson Hotels CEO Hubert Joly told that newspaper that the “glamour of business travel is gone.” In today’s world, travel is becoming less and less pleasant, and corporations increasingly only pay for employees to fly in economy class, where seats are cramped and extra fees are common. So the hospitality industry needs to focus on providing “safe havens” where “cultural enrichment” can take place, Joly told USA Today.
Download Timing May Be Right for Bargains at Luxury Hotels as PDF
