Many corporate managers avoid staying at top hotels while cutting jobs or relying on government support, a Global Hyatt Corp executive told German newspaper Tagesspiegel.

The market for luxury hotels would remain depressed through 2010 and recover slowly in 2011, Hyatt Senior Vice President John Wallis was quoted as saying in a preview of an article to be published on Monday.

'Many companies are cancelling reservations because managers don't want to be seen in a luxury hotel while they are perhaps laying off thousands of people or taking advantage of state aid,' Wallis said.

Get the full story at Reuters