The uncertainly surrounding Brexit has already had an impact on the European hotels market, but what will the actual invocation of Article 50 of the Lisbon Treaty mean for hoteliers across the EU? Already, last June’s Brexit referendum has impacted the hotels market.
On 29 March, 2017, UK Prime Minister Theresa May signed and delivered to Donald Tusk the letter invoking Article 50. This marked the formal start to proceedings for the United Kingdom to exit the European Union.
Germany-based TUI Group, which is the world’s largest leisure, travel and tourism company, along with Thomas Cook, the second largest travel company in Europe, have both raised concerns about the uncertain economic outlook and competitive pressures being placed on the travel sector.