Summer Holidays Lost to Covid Threaten Europe’s Red-Hot Stocks
- Investors are looking past a tough year for travel industry
- Travel companies face big debt loads after rescue financings
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If these are the roaring Twenties, they’re starting at no more than a whisper at Europe’s vacation hotspots this summer. Investors, by contrast, are wildly optimistic, judging by the surge in travel stocks.
A third of all hotels may not even open this summer in Portugal, while Croatia expects this year’s overnight stays at just 60% of the record set in 2019. “2021 seems to be worse than last year; there are no pre-bookings,” said Lysandros Tsilidis, president of Greece’s Association of Tourist and Travel Agencies.