Following last weekend’s terrorist attacks in Paris, the city’s five-star Le Bristol hotel lost more than $530,000 because of canceled reservations. The property is just one of many suffering from tourists and business travelers cutting trips short or cancelling travel plans all together. Of the many industries hurt in the aftermath of the attacks, hospitality has been among those hit the hardest, reports The New York Times.
The article says hotel and tourism leaders in Paris are examining the repercussions for the industry. During a good year, Paris’ 1,600 hotels have the potential to generate 4.4 billion euros or more in revenue. But as the year comes to a close, performance could be significantly slowed. Several events have been postponed or scaled back, and 200 planned events around the city have been canceled due to security concerns.