Hotel insolvencies on the rise
PwC says there were 87 hotel failures in 2008
Insolvencies in the hotel sector doubled over the winter and are set to
worsen, according to PricewaterhouseCoopers.
Thirty-six hotel businesses failed in the final quarter of 2008, double the
18 reported in the previous three months, The Times reported.
In total, 87 hotels were plunged into insolvency during 2008, twice the
number that failed in 2007.
The privately-owned Folio Hotels last week had its assets, mainly leasehold
hotels, carved up by administrators MCR.
Niche hotels had two properties placed into administration, including Wyck
Hill House, a luxury estate in the Cotswolds.