chapter  11
9 Pages

Asia Pacific

Overcapacity increased the impact on the hotel sector. Occupancy rates plunged by as much as 48% in some places. Hundreds of hotels have closed or become technically bankrupt. Among the airlines, all the performance indicators fell. Philippine Airlines closed altogether for a while. Hundreds of travel agents were reported to be in trouble. In Korea, the forecast was that only about half of the outbound travel agents would survive.