The hotel industry is attracting more customers, who are paying more money – but the industry is being crippled by massive debts it cannot afford to service.
That’s the message today in a new report on Irish hotels.
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It shows 2011 profits were up 23 percent year on year, following four years of decline – but we’re still at only 50 percent of profits of the peak year of 2007.
Overall, there’s about 6 billion euro of debt attached to Irish hotels – industry groups say that debt cannot be successfully serviced on current profits.
