Saturday, Feb 19, 2011
BEIRUT (Zawya Dow Jones)--Lebanon's current hotel occupancy and revenues have plummeted more than 50% compared with the year earlier due to political instability in the country, Beirut-based An Nahar daily reports Saturday, citing an official.
Moreover, costs and prices have surged, Pierre Ashkar, head of the local hotel owners association said, according to the paper.
Ashkar warned that the current situation would lead to massive layoffs as well as closures, bankruptcies, and termination of large-scale investments in the sector, the daily reports.
Newspaper website: http://www.annahar.com/content.php?priority=6&table=eco&type=eco&day=Sat
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
19-02-11 0855GMT
