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Upscale hotels report strong demand in most of Europe.

Publication: Business Travel News
Publication Date: 18-JUL-05 		Format: Online - approximately 934 words
Delivery: Immediate Online Access

Article Excerpt
Buyers are scrambling to find fresh cost-containment strategies for upmarket hotels in Europe, where the market has climbed sharply during 2005. "We have seen increases over last year," confirmed Neil Hammond, global travel manager for Schlumberger. "The hotels have gained leverage and are using it." Options for fighting back include trading down consolidation and picking off vulnerable hotels, but by and large buyers are accepting that this year they will have to take increases on the chin for the first time since the global economic downturn of 2001.

Hotel companies confirmed Hammond's verdict that prices are strengthening. "The market is pretty strong at the moment," said Paul Wardlow, Europe, Africa and Middle East director of global transient and corporate sales for Starwood Hotels & Resorts. "We have been aggressive on rates in the United States over the last 12...

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