Credit crunch affects travel companies

Posted on February 25, 2009 by John

ACCOR the world’s largest hotel chain, owner of Formule 1, Ibis, Novotel posted their results today and recorded a 35% fall in profits. Their report identifies the global economic downturn as the major reason.
Business travel is being curtailed and hotel chains are suffering. The good news is that there are some excellent deals now being offered by the hotels to travellers and surveys show that the price of hotel rooms is starting to fall.
BAA the operator of seven major airports in the United Kingdom today revealed that it had made a loss of nearly £2 billion. Half of this was as a result of tax changes but the other half was due to a decline in passenger numbers through its airports which include Heathrow, Gatwick, Stansted and Glasgow.

About John

Hi, I'm John, Travel Crunch is my Travel Blog. Budget travel has always interested me and so has sharing my experiences with other travellers. As time goes on though I have become increasingly aware that the planet we inhabit has limited resources. The way we travel today will affect the travel aspirations of future generations and quite possibly their quality of life. Treading lightly, as we travel this beautiful world, will ensure that our successors can enjoy it as much as we can. TravelCrunch will discuss issues and share experiences and tips for travellers who are want keep the cost of their travel to themselves and the environment to a minimum. Please feel free to challenge any of my views on here, I don't profess top be an expert and I'm certainly not 'holier than thou'.
This entry was posted in Uncategorized and tagged , , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>