ECONOMY

Contagion observed in booking cancellations

contagion-observed-in-booking-cancellations

Cancellations of bookings at Greek hotels for the months after April are coming thick and fast, while major tour operators such as Tui are citing "force majeure" for its suspension of payments and the list of cruise operators and airlines canceling their plans is growing.

Tui has sent letters to Greek hotel groups it cooperates with, informing them that due to reasons beyond its control – i.e. the coronavirus epidemic – it is turning its guaranteed contracts into allotments, that is conventional bookings without deposit payments, which is the main source of revenue for hoteliers.