What are these people thinking?!?
Well, probably - "Shit."
See, they didn't intend to open their hotels amid a crippling recession. In a New York Times article this weekend the president of Smith Travel Research, explained that “hotel building cycles rarely mesh just right with economic cycles.” Since planning a new hotel can take two to four years, and construction an additional one to four years, most of the hotels slated to open next year were planned when the economy was strong.
But now, travel is down. The recent performance of airlines - with desperate grabs at expansion, new, unfair fees, and extreme cutbacks - and this report that corporate meetings are being canceled faster than you can say, "subprime mortgage," indicate the sad state of the tourism and travel industries.
The upside is that all the competition generated in an increasingly saturated market will mean great deals for the traveler. According to the article, travel experts agreed that business and leisure travelers could generally expect a broader choice of rooms at better prices than a couple of years ago.
Well, probably - "Shit."
See, they didn't intend to open their hotels amid a crippling recession. In a New York Times article this weekend the president of Smith Travel Research, explained that “hotel building cycles rarely mesh just right with economic cycles.” Since planning a new hotel can take two to four years, and construction an additional one to four years, most of the hotels slated to open next year were planned when the economy was strong.
But now, travel is down. The recent performance of airlines - with desperate grabs at expansion, new, unfair fees, and extreme cutbacks - and this report that corporate meetings are being canceled faster than you can say, "subprime mortgage," indicate the sad state of the tourism and travel industries.
The upside is that all the competition generated in an increasingly saturated market will mean great deals for the traveler. According to the article, travel experts agreed that business and leisure travelers could generally expect a broader choice of rooms at better prices than a couple of years ago.
Oooo so lots of cheaper nights at expensive hotels...I like the sound of this lol!
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