No hotel business is likely to be immune to the effects of an economic recession and although this time it may be different in terms of the unprecedented circumstances that are driving the slowdown, businesses still need to ensure they address key fundamental priorities such as a hands on approach to cash management, taking stakeholders with them and managing the cost base. In a second article from this edition of Hospitality Directions Europe, November 2008 we present the results of our experience and research during past recessions, what’s different this time and what owners and operators can do to protect themselves in such a volatile and unpredictable market.