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Hotels are cutting room rates to lure customers and beat the credit crunch.
Hotel chiefs broke into a cold sweat when they read that luxury hotels in London had slashed accommodation prices, with room rates for some five-star establishments below those of the budget chain Travelodge. Five-star prices in Britain are 24 per cent lower than a year ago and there are signs that hotels are locked in a fierce price war.
Accor spokesman Peter Hook says the top end of the hospitality market is in the hands of company accountants who control corporate travel budgets. “A firm which last year had good profit figures might have been happy for employees to book into five-star hotels. Now, they can still stay there - but only if the rates are attractive enough”, he says.
Accor, which has a raft of brands including Sofitel, Novotel, Grande Mercure and Ibis, recently announced price cuts for its properties from April to the end of July. “This decision was most definitely influenced by the projected market softness in the first half of the year across all regions”, Hook says.
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