Learning the lesson of greed

The writing was on the wall back in November at the World Travel Market in London. Leading tour operators had rerouted a large section of their flights to competing Mediterranean countries where, according to the industry, holidaymakers are getting better value for money. The Balearic hoteliers stuck to their guns on the grounds that competing destinations may be able to win on price, but they have not got the bed spaces the Balearics have, so at some point of the season, holidaymakers will have to come here to avoid overbooking.

Well, sorry chaps, so far it is not happening. Balearic hoteliers have dived into a deep pool of discount holidays but it looks like too little too late, and many of the UK's leading operators, having sold so well this year, are already offering holidays for 2020.

Perhaps a bum summer will do the Balearics some good. I obviously feel sorry for workers and resort businesses, but they only have the hoteliers to blame. Maybe the best the hoteliers can do is cut their losses, and we all know they can afford to, take stock of the market situation and begin positioning themselves well for next year because the way things are looking, this one is a write-off.