Tourism Industry News
London Hotels Back From The Brink
PwC reports a drop in UK hotel insolvency rates but warns against hiking prices up yet The UK hotel insolvency rate has dropped 4 per cent, yet insolvencies are still up 120 per cent on last year and conditions remain tough, according to new statistics from PricewaterhouseCoopers LLP.
Quarter 2 of this year saw a slight decline in the rate of failure of hotels, with 44 hotel insolvencies, compared to 46 in Quarter 1.
Stephen Broome, director, PricewaterhouseCoopers LLP, said the majority of hotel failures in Quarter 2 were “independent single asset businesses that have passed the point of no return".
He added that insolvencies are likely to remain at a lower level as lenders are now seeking alternative financial restructuring options where possible.
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