Although the recession hit many areas across the nation and abroad, a few locations seem to be vying for the title of the travel industry’s biggest loser. This list is subjective, but based on news reports in the last month. Not surprisingly, three of these areas were regions with a lot of real estate speculation and the highest rates of foreclosure activity in the nation.
5. Whistler, British Columbia
This ski resort town of about 150 hotels, inns and hostels, is known for an intimate relationship with Americans that was doomed by the economy and a strong Canadian dollar that priced out its American clientele. “We have some tough times ahead, it’s been doom and gloom on the market side, but we have a choice,” Tourism Whistler president Barrett Fisher said in Pique Newsmagazine. “We can either recognize that and adapt our strategies, or we can do nothing and follow (the market).” The venue lost 15,000 seats from Zoom Airlines, and tourism is expected to continue to drop 12 percent in 2009. The parent company of Whistler Blackcomb, the area’s dominant resort and host to several 2010 Winter Olympics events, is also racing to refinance $1.7 billion of debt, but according to the Toronto Globe and Mail, it’s unlikely to work out.
