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Thread: NAMA will destroy the older established Hotels

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    Default NAMA will destroy the older established Hotels

    The Neo Keynesian fraudulent market externality called NAMA will crucify an already struggling Hotel sector as it will support and subsidise the newer Hotels that were built that come under its wing in the New Year. Normal market forces would close these places as they have huge mortgages and established long existing ones should survive. However NAMA will support the new ones and will therefore keep prices artifically low and will bankrupt the older hotels.

    The fusion of corporation and state happened before. Mussolini did it it in Italy during the 1930s. It was called Fascism. Thats 21st century Ireland for you, Neo Feudalist Fascism.

    Hotels hit as guests refuse to eat in - National News, Frontpage - Independent.ie
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Quote Originally Posted by Cassandra Syndrome View Post
    The Neo Keynesian fraudulent market externality called NAMA will crucify an already struggling Hotel sector as it will support and subsidise the newer Hotels that were built that come under its wing in the New Year. Normal market forces would close these places as they have huge mortgages and established long existing ones should survive. However NAMA will support the new ones and will therefore keep prices artifically low and will bankrupt the older hotels.

    The fusion of corporation and state happened before. Mussolini did it it in Italy during the 1930s. It was called Fascism. Thats 21st century Ireland for you, Neo Feudalist Fascism.

    Hotels hit as guests refuse to eat in - National News, Frontpage - Independent.ie
    I could not agree more. I am in the tourism sector and this is going to be a major issue.

    When you think that the newer Hotels are going to be run on the cheap just to sustain them for a tax break, you will see a reduction in the quality of service and the destruction of a brand that has taken decades to build.

    This will have serious long term consequences.

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    The incentives were a disgrace. The tax should be clawed back.

    Should the Government not be supporting promotion to get as many overseas tourists here as possible, and to help find viable alternative uses for some of the new hotels ?

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    Politics.ie Member hammer's Avatar
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    Tax relief for the investors should be clawed back tomorrow. The cash flow of most of these new hotels cannot be sustained. How many operators have now gone out of business and phoenix like have re-appeared as a new hotel management company. This goes against the principle of the tax break.

    If the existing hotels want to survive they need to cut staff back to the bone. Maybe do a deal with regard to wages. They need to keep the customer in the Hotel eating, drinking, reading etc........maybe a library room !!!

    Undercut the NAMA hotels. Provide better service. VICTORY

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    Politics.ie Member hammer's Avatar
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    Do a deal with the local golf courses. They are struggling too. €20 / €30 a round of golf or some figure that is reasonable to both customer & golf course

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    Quote Originally Posted by Cassandra Syndrome View Post
    The Neo Keynesian fraudulent market externality called NAMA .....]
    Agree on the hotel issue, but can't agree with your phrase "Neo Keynesian". Keynesian would imply a state stimulus to restore health, NAMA is merely costly respite care.
    "All employment is outright robbery" says Cael, the voice of reason

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    Politics.ie Member Digout's Avatar
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    Yup, the FF gombeen have removed the old school from the industry.

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    Quote Originally Posted by nuj View Post
    Agree on the hotel issue, but can't agree with your phrase "Neo Keynesian". Keynesian would imply a state stimulus to restore health, NAMA is merely costly respite care.

    NAMA is being proclaimed as a stimulus for the economy. But it is a negative market externality. Its like the tax credits in the States to prop up the housing market for a couple of months. But it will fail too at expense to others. These exercises are like trying to prop up a rock with toothpicks.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    Quote Originally Posted by Cassandra Syndrome View Post
    NAMA is being proclaimed as a stimulus for the economy. But it is a negative market externality. Its like the tax credits in the States to prop up the housing market for a couple of months. But it will fail too at expense to others. These exercises are like trying to prop up a rock with toothpicks.
    But it's being wrongly proclaimed as such. Ex-NAMA, it's reasonable to assume that property prices - of whatever type - might have reached some sort of clearing price, with some consequent activity, and hence revenue for State. For example, 50 houses changing hands at €100k is a damn sight better for tax revenue than none changing hands at €300k.
    "All employment is outright robbery" says Cael, the voice of reason

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    Politics.ie Member Mitsui2's Avatar
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    Quote Originally Posted by MPB View Post
    I could not agree more. I am in the tourism sector and this is going to be a major issue.

    When you think that the newer Hotels are going to be run on the cheap just to sustain them for a tax break, you will see a reduction in the quality of service and the destruction of a brand that has taken decades to build.

    This will have serious long term consequences.
    My hotel experience is only as a guest but then in the bigger picture this is far more than a matter of hotels: it's simply one more tax scam whose malign influence is battering the real economy and, more importantly, real people's real lives.

    The scams on behalf of rich supporters that Bertie & co perpetrated - everything from this to the building boom's contrbutions to recent floods - are like an entire flock of chickens coming home to roost all at once.

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