Recovery over a Year Away, Say Hotel Executives
A survey of 417 European hotel executives by international law firm DLA Piper has revealed weak industry confidence and dealt a blow to hopes of recovery this year.
- Only two per cent of European hotel industry leaders predict sustained upturn this year
- Room rates not expected to reach pre-financial crisis levels until after 2012
- More conversions and joint ventures expected in 2010
Only two per cent of respondents expect a sustained upturn this year, despite 37 per cent predicting one year ago that 2010 would bring solid growth. These worse-than-expected results are compounded by fears from over half of hoteliers (55 per cent) that room rates will not return to pre-financial crisis levels until after 2012.
