TIME FOR HOTELS TO CHANGE THEIR RATES - It is time for some soul searching amongst hoteliers, according to one hotels group. The Dunne Group of Hotels - a seven hotel chain including the Two Mile Inn in Limerick and the Shannon Shamrock in Bunratty - says a big jump in the number of hotels has not led to a consequent reduction in room rates.
The Commercial Director of the three star Dunne Group, Christy Power, says that two main trends are emerging from the tourism industry. The first is that the American tourists are deciding not to visit Ireland in the same numbers, and the second is that those high spending American visitors that used to dominate the tourism industry here are being replaced by UK and European tourists who tend to stay in urban areas and spend a lot less while they are here.
***
MORNING BRIEFS - The building trade might be in choppier waters but Irish architects Douglas Wallace say they will recruit 100 additional staff over three years to grow the business in Ireland, but also in the UK and Europe. Last year the company spent almost €4m buying out practices in London and Belfast and has an existing staff of 182.
*** After three days of rising to new record prices, the price of a barrel of oil has been falling overnight. The price of US crude fell 71 cents to $92.82 and having gone as high as $93.80 cents yesterday. London Brent lost 59 cents to fall below $90 a barrel.
*** Chief executive of Merrill Lynch Stan O'Neal has presided over massive losses at the US investment bank arising out of the wider impact of the sub prime mortgage debacle. It is speculated that should the bank's board oust O'Neal, his severance package will be worth at least $200m.
