Luxury hotel room-rates plunge

THE slowdown in tourist numbers is leading to cut-price rates for Irish holiday makers in some of the country’s swankiest hotels.

A tightening overseas visitor market means guests are enjoying discounted rates in most of the country’s hotels, according to a new study of the sector on both sides of the border.

With heavy borrowings on many new and refurbished hotels, the profitability for their owners is falling rapidly.