Hotel profits set to plunge 70%

PROFITS generated by Irish hotels are set to plunge 70% this year as occupancy levels hit a 15-year low.

The hotels will also have to face repaying €7 billion owed to banks as they battle against falling sales and engage in heavy discounting.

It is also expected that 10% of hotels will close over the coming two years, resulting in 2,800 job losses in an industry that employs 90,000 people.