Interest rate cut to give ‘renewed confidence’ to hospitality property market

Source/Contact: Caterer Search, 11/04/2008

Property agent Christie & Co believes the interest rate cut will give ‘renewed confidence’ to buyers and sellers in the hotel, pub and restaurant sectors.  The Bank of England cut interest rates yesterday form 5.25% to 5% in an attempt to boost the UK economy, currently suffering the effects of the credit crunch.  Although industry experts have warned more pub group failures are likely, hotel operators are pushing ahead undeterred with budget chain Travelodge and Luxury group InterContinental planning to open 44 hotels each in 2008.