The global credit crunch will hurt hotels across the globe, with hospitality consulting group Horwath HTL predicting an average decline in occupancy and room rates by 5 %, resulting in a 10 % decline in revenue per available room (RevPAR).
An international survey conducted by Horwath HTL has shown that South American hoteliers are least pessimistic about the effect of the credit crunch on their performance. However, hotels in the USA, Canada, and in Asia specifically, are most pessimistic about their performance for 2009.
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