Meltdown has hit hotel industry

The economic slowdown has affected the global hotel industry drastically. The effort made by the hotels to attract more tourists by slashing down the tariff has also not helped.
"In fact it has backfired," said Dr Russell Arthur Smith from Cornell Namyang Institute of Hospitality Management, Singapore. Smith was speaking at an international conference at Indian Institute of Management, Lucknow (IIM-L), on Wednesday.IIM-L, in collaboration with IIM-Kozhikode has organised a two-day international conference on global tourism.
The effort to slash down the price and attract tourists has backfired as there has not been any increase in revenue. This has been substantiated by the findings of a survey which was conducted at the top hotels of Asia in several countries.