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.