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Europe, Asia Feeling Credit Crunch

New room development slows in both regions, while the Middle East keeps driving.

By Carl Cronan | Updated on October 22, 2008

(Click here for details on the next GlobeSt.com Webinar, “Hotel Operations: Solid Gold Strategies in a Down Market.”)

Europe and Asia are going through the same credit slump tied to hotel development, while the Middle East is still going strong, according to the latest data from Lodging Econometrics. The Portsmouth, NH-based firm, which tracks the worldwide hotel industry, states that the global economic slowdown and tighter lending restrictions have led to a leveling off of new-room construction since this year’s midpoint.

“Everyone has a banking crisis, everybody has a softening of the economy,” Patrick Ford, president of Lodging Econometrics, tells GlobeSt.com. In Europe, for instance, he says housing crises similar to that in the US can be found in England, Ireland and Spain.

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