It’s not just office towers that are in trouble now.

The hotel sector, which just a year or two ago looked indestructible, is now showing signs of stress as well.

Just check out this new offering by The Providence Group, a Duxbury-based hotel operator, is launching a Distressed Hotel Management Program.

The Providence Group’s new initiative is aimed at helping bankers and financial institutions who suddenly find themselves playing hotelier.

This certainly looks to be a sign of the times, with business travel down and those executives who are still on the road shunning the luxury brands for less expensive accommodations.

Here’s what Jed Heller, president of the Providence Group, had to say in a statement on the new offering.

“Banks and other financial institutions find themselves in an increasingly poor financial situation dealing with so many failing hotels. Our goal is to quickly assess the situation, develop a strategic action plan, and leverage our network of buyers to assist in the sale of the property and minimize the financial drain on the investors and owners.”

Overall, room revenue is down more than 19 percent at Boston area hotels, with the red ink expected to keep on flowing into next year.

This entry was posted on Tuesday, July 14th, 2009 at 4:12 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.