Hotel federation to hold emergency meeting
The hotel industry is seeking a financial guarantee from the Government to save hundreds of hotels which they claim may be forced to close down.
The Irish Hotels Federation said the industry is deep in financial crisis and it is calling for immediate intervention from the Taoiseach, the Tánaiste and the Minister for Finance.
The group has also called an emergency meeting with its 1,000 members next week.
Chief Executive of the IHF John Power said it’s up to the Government to ensure the sector doesn't collapse,
Mr Power said: "Banks are looking at the risks in the hotels. They see it as a bigger risk now than it was two years ago.
"So we believe that, as has happened in other countries, some form of government guarantee of the provision of working capital is put in place to ensure that banks are more comfortable in lending to the sector."
