Editorial October 24, 2008 - Prepared for the crisis
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Editorial October 24, 2008  - Prepared for the crisis

Dear Insiders,

The finance crisis this week too continues to keep the hospitality industry on its toes. Tour operators and representatives of the hotel industry all agree, tourism will be affected by the imminent recession. Across the globe, the ramifications of the events we've been witness over recent weeks will be felt in many forms. This week, hospitalityInside.com reports on the mood at various of the world's tourist hotspots.

Although the effects of the financial crisis are still not felt quite so strongly in the Middle East, it struggles against a different problem. There, rising construction costs, a lack of skilled labour and quality building materials are the talk of the day. The mood at the International Hotel Conference in Rome last week reflected the problems of the finance crisis, yet our correspondent Guy Dittrich, who attended the event, wasn't just confronted with tales of doom and gloom, but also noted a glimmer of hope. First and foremost, the large hotel chains see the crisis as an opportunity. In times of crisis, so the general idea goes, consumers look more than ever to what they know and trust and come to the strong brands in search of security.

Not least because of 9/11, the hospitality industry has learnt how to deal with crises. The results of a survey on "Sales & Marketing in Crises" are positive. No hotel chain spoke of lowering rates - and that, although it's certain that the crisis will reach their businesses. With the support of the "early warning systems", such as yield and revenue management, established over recent years, hoteliers have a good overview of reservations, are in a position to deal with cancellations and are able to fill rooms with other target groups. Drastic cuts to room rates were excluded by the hoteliers. In comparable situations, it has simply taken too long, they noted, before rates could be increased after all other markets had recovered. We hope that hoteliers will be able to stick to this approach.

Whilst I'm writing these lines, Maria Puetz Willems is researching moods and trends on the other side of the world at the ITB Asia. More next week. Have fun reading!

Yours, Susanne Stauss
Senior Editor

Questions? susanne@hospitalityInside.com

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