I mentioned last week that the Prince Hotels group had opened rooms at its Grand Prince Hotel Akasaka to refugees from the tsunami. That got me thinking about the impact that the ongoing crisis and travel advisories is having on the hospitality sector. The news isn’t good. Start with the Prince Hotels group, which even before the crisis was suffering from overcapacity, a legacy of bubble-era expansion. According to the Nikkei newspaper, the group is now reporting that 90 percent of reservations made by foreign visitors at its 44 hotels have been cancelled.

Read the full article at the-diplomat.com