Currency fluctuations are the norm. Exchange rates have always peaked and troughed. So why do hoteliers hold their breath each time a major currency, such as the pound sterling, takes a nosedive? The pound plummeted against the dollar once again on 16 January, reaching a 31-year low as the U.K. currency dropped below $1.20. The pound also fell against the euro, dipping to €1.13.
At the recent Revenue Strategy Forum in London, industry leaders were found discussing the opportunities presented by a devalued pound. When one currency drops, another rallies, and for hoteliers in the United Kingdom now is a great time to be targeting travellers from the United States and Europe.