US hotel industry executives see tough year ahead
Some of the biggest names in the U.S. hotel sector forecast on Monday a tough year ahead as high oil prices, problems in the airline industry and a weakening economy take their toll on consumers.
At an annual New York University hospitality conference, most of the executives highlighted developments taking place overseas as their companies look outside the United States for growth amid the U.S. slowdown.
"It's troubling -- if the dollar goes up in value, New York city will have a big problem," said property and casino magnate Donald Trump.
Many foreign tourists have been enjoying the favorable exchange rates of their currencies against the U.S. dollar.
Trump also said the credit crisis is hurting the hospitality industry.
"Financing today is the worst ever," added Trump. "Nobody has seen anything like it. The banks don't have money."
The softening U.S. economy has threatened to accelerate a slowdown in the once-booming hotel industry.
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Source - Guardian
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