The move follows results for the first nine months of this year that showed that its European budget hotels suffered a 2.7% fall in revenue per available room. Upscale and midscale performed worse, however, with a drop of 5.4%.
Despite these negative numbers, the trend is improving with the third quarter showing consolidated sales at the hotels division down just 0.7% compared with 2002. The decline in the second quarter was 3.3%.
