Articles tagged “debt crisis”

News Blog

Scandinavia’s SAS Files for Bankruptcy Protection in the U.S.

Scandinavian airline SAS has voluntarily filed for chapter 11 bankruptcy protection in the U.S., to try and secure time and flexibility to reorganize its capital structure, reduce costs, and complete a financial restructuring under the supervision of the U.S. court system. SAS expects to complete its court-supervised process in the U.S. in 9-12 months. The airline…

Tourism

Sri Lanka Tourism Chief Resigns Under Pressure, Then Warns of Industry Cartel

The Sri Lanka tourism chief’s resignation letter has enough warning signs for the country’s tourism industry. Now, if only someone is listening.

Sri Lanka Tourism Chief Resigns Under Pressure, Then Warns of Industry Cartel

Hotels

Italy leases abandoned castles to luxury hoteliers for cash

The project is modeled after Spain’s Paradores, 25 of which were recently shut down indicating not even they were safe from the recession. The Italian project might provide a tourism boost, but won’t be a saving grace.

Italy leases abandoned castles to luxury hoteliers for cash

Tourism

Acapulco asks Mexican government to make up for canceling the city’s annual tourism fair

It’s not the profits lost from the relocation of the fair, but a wave of gang violence and American reluctance to visit this part of Mexico that’s led the famous vacation destination into a sea of debt.

Acapulco asks Mexican government to make up for canceling the city’s annual tourism fair

Tourism

Despite crisis, Cyprus’ Greek half isn’t doing so bad this summer

Like its uneasy neighbor Turkey, Cyprus is benefiting from an excellent location and unease and violence in the rest of the region and taking the lions' share of summer visitors.

Tourism

Spetses, Greece: Where locals can’t keep up with moneyed Athenian visitors

Resentful locals and moneyed visitors is never a good mix for long-term tourism success, but it's great for capturing snapshots of the current economic state.

Tourism

Spain’s bumps up VAT taxes in effort to ease its economic pains

It may not be smart to tax one of Spain's quickest ways to economic recovery, but luckily the costs won't affect travelers who have already booked for this season.

Tourism

Tourism means South Tyrol isn’t having an issue during Italy’s recession

This German-speaking autonomous region of Italy has fended for itself for years and now a confluence of smart spending, pristine scenery, and dissatisfaction with Italy's economy has it considering going solo.

Business Travel

Europe’s woes cause biz travel to slow its growth

The small growth that the GBTA has seen is due to the higher prices business travelers are paying for hotel rooms and airplane tickets rather than increased activity.

Hotels

Hotel brands think Barcelona plus the debt crisis equal a smart investment

The worst thing that could happen for consumers is that competition between 4- and 5-star properties push prices down across the board or force some of them to retrofit for middle-class shoppers.