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Wednesday, October 29, 2008
The bad economy opens holiday travel options
A New York Times story today reports that there are some good travel deals out there for people who've always dreamt of spending Christmas at a vacation resort or exotic locale. With regular customers bowing out this year, people who couldn't afford to spend that much on travel at holiday time may find deals that make it worth it this year:
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Inflation is hitting and it’s hitting hard. Apart from the retail industry relatively, almost all other industries are suffering dearly in the face of the global inflation and recession, more so the US economy. The US hospitality industry is suffering loses in three key parameters in the financial year 2008-09 as compared to the previous year. As per STR the industry’s revenue fell 13.2% per available room as compared to that of 2007. The occupancy rate also fell 11.6 % and the average daily rate dropped 1.7%. Interestingly the budget hotels in the countries like India are not suffering to this extent, as these hotels also fulfill the business parameters and business is only growing in India, thanks to industrialization and foreign investment. As for example, the rising number of hotels in Bangalore the IT capital of India shows that the business or the budget sector of the industry is not suffering that much. The Bangalore hotels also have a certain advantage owing to the climate conditions and growing business.
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