Expect more hotel insolvencies: PwC

More hotel insolvencies are likely for the hotel sector, after a doubling of
the number of companies failing in the fourth quarter of 2008.

PricewaterhouseCoopers says 36 hotel companies entered an insolvency process
during the quarter, as tourism numbers have fallen sharply in the economic

Partner Stephen Broome says the hotel sector tends to be hit later in the
downturn cycle than retail, in part due to extended lead times for room

He says the recent casualties are ‘just the beginning,’ but that the industry
is more robust than in previous downturns, with better management for the most

Related reading

PwC office 2