CNN's Richard Quest takes a peek at the hotel industry and what hotel management companies, big hotel brands and hotel owners are saying about the current economic downturn. The report claims that business / corporate travel is still going strong!




tags: hotel-management, hotels, travel, hospitality, tourism, business, recession

It seems that the world goes through a crash and cleansing process every decade or so...this time it was the banks and financial institutions that brought the house of cards down. As business suffers and companies cut down on travel and "unnecessary" expenditure, hotels in certain parts of the world are suffering. Bill Marriott blogs about the road ahead in the current economic situation and says Marriott is poised for the future. To quote:

I've experienced eight downturns in my 52 years in business and we've always come out of them stronger and more competitive than when the trouble began. In early October, we reported our third quarter earnings results and also provided observations about business for the rest of 2008 and into 2009. At that time, we expected business in late 2008 and 2009 to decline, but in just the last few weeks our business outlook has further weakened. Although business is slowing, our corporate staff and our hotel management teams have been doing everything they can to operate as efficiently as possible.

We're doing what we can to contain costs, keep our loyal customers and attract new ones. This will help preserve jobs for our people, which is a top priority for me and for all of us. We are anxious to support the communities where we operate. Our hotels generate thousands of jobs, millions of dollars in wages and tax receipts that the local governments need to pay for schools, police and fire departments. We're all connected and we're all in this together.

Although we have to work our way through this tough economic patch, it's important to keep our eyes on the road ahead as better times will return.

Words of comfort indeed for many a hotelier! For now, though, it's time to buckle up those belts and go that extra mile to get the business in...the race is on!

tags: hotels,hospitality,hotel, management,hospitality, management,financial, crisis,downturn,recession