Tourism Industry News
US hotels tighten belt, lay-off, make tough decisions just to stay afloat
Pricewaterhouse Coopers’ 12th Annual Global CEO Survey reveals almost all US company chief executive officers have a bleak outlook for the year. According to the study, almost all CEOs have reduced growth expectations as a direct consequence of the economic crisis, with 90 percent of them saying the crisis has increased their costs and delayed growth and investment plans.
Hotel executives have already reduced budgets and cut-down staff; other innovations beyond these will have to be extra-creative or will hurt operations eventually. In one CEO survey, the answer goes back to the basics – honing talent, agility, reputation and customer service.
“We’re using this downturn as an opportunity to accelerate transformation of our company,” said Frits Paasschen, president and CEO, Starwood Hotels & Resorts Worldwide at the 31st Annual New York University International Hospitality Industry Investment Conference held in Manhattan last week. “We get out to the properties and appreciate the energy and sprit-de-corps our people have on-property. To get out there and look people in the eye is very important. We are counter-cyclical. When things are darkest out there, we look up. Markets will come back,” said Paasschen announcing the arrival of their 1000th hotel despite difficult times.
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