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Greek prime minister tells Greeks to put on a happy face for summer tourists
DestinationsThe Greek prime minister, Antonis Samaras, issued an unusual appeal on Tuesday, asking his compatriots to put on their best face as the debt-choked country prepares to accept 17 million tourists – an all-time record. Although mired in its worst economic crisis in modern times, Greece is braced for a surge in arrivals with visitors [...]
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One fourth of Spain’s tourism workers lost jobs due to the recession
DestinationsThe economic sector representing the engine for Spanish economy, tourism industry, has lost throttle. Records in the last five years are desperate. Up to 600,000 jobs have been wiped out from the industry since recession ensued when the credit crunch struck, according to data gathered by the Encuesta de Población Activa (EPA), distributed by the [...]
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Portugal unloads state airport operator to French concessions company for $4.07 billion
TransportPortugal’s government agreed to sell state-owned airport operator ANA-Aeroportos de Portugal SA to Vinci SA for 3.08 billion euros ($4.07 billion), raising money for the debt-strapped country. Vinci’s offer was the highest out of the four binding bids that the government received for ANA, Maria Luis Albuquerque, Portugal’s secretary of state for treasury, said at [...]
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Ayurvedic tourism is a saving grace in the difficult days ahead for Kerala, India
DestinationsThe low demand from foreign tourists for destinations in the state this time has dam-pened the year-end mood in tourism circles. The only saving grace is the impressive bookings at Ayurveda centres. Kerala Tourism Development Corporation has 72 properties in the state and except for Thekkady and Munnar that have 100 per cent bookings for [...]
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Spanish hoteliers gather to gripe about pessimistic predictions for next year
DestinationsSpanish hoteliers are predicting a bleak winter season caused by the country’s economic ills and government austerity measures that are directly affecting the industry, according to a survey carried out by the Confederation of Spanish Hotels and Tourist Accommodations. “The winter season will not be good for us,” CEHAT President Juan Molas said… “Spain’s domestic market [...]
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The U.S. travel industry will fall alongside the economy should it head off the “fiscal cliff”
DestinationsIf the U.S. economy falls over the “fiscal cliff,” it would have an immediate and severe impact on U.S. business travel, according to new research from the Global Business Travel Association Foundation. The new report analyzes the business travel impact of expiring tax cuts and automatic spending reductions – commonly referred to as the “fiscal [...]
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Hoteliers are wary of investing in Europe’s opaque hotel market
DestinationsThe current climate in Europe has produced a virtually nonexistent lending environment in the hotel space…the story for borrowers in Europe, whether they are searching for acquisitions or building new hotels, is the same as it is in other regions: You better have a strong track record and spectacular balance sheet with plenty of equity [...]
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Cruise ships designed for a recession will hit the water this spring
TransportThe current generation of new cruise ships — designed before the 2008 economic bust but not delivered until 2010 or later — is just starting to feel comfortable to many of us. But a whole new generation of vessels designed after 2008 and reflecting the new economic realities is right around the corner. These next-generation [...]
