The collapse of Thomas Cook is affecting hotelier decisions to undertake redevelopment work over the winter.
The president of the Balearics Builders Association, Eduardo López, says that it is "logical" that uncertainty has been created and that there are hotelier concerns as to their liquidity. He adds that a drop in tourist numbers this year is also contributing to delays being made to work. A further factor is the granting of building licences. López wants town halls to change a "current dynamic" of dragging out licence procedures.
Hotelier associations are worried that some hotels might not recover from the losses incurred as a result of the Thomas Cook collapse. This is obviously influencing decisions regarding building work, as is the fact that some hotels had exclusive contracts with Thomas Cook.
Banks, meanwhile, are said to be doing what they can to help hotels. The president of the Alcudia-Can Picafort hoteliers, Jaume Horrach, says that loans are being offered and that interest rates are low. Each hotel company, he adds, is negotiating terms that are the most suitable.
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