Since the 2008 financial crisis, the hotel business has picked itself up from an unpleasant slump. But the industry is coming under pressure from multiple sources.
Cash pooling, FX and interest rate hedging are to be spared the tax rod after the US Treasury reportedly agreed to create a safe harbour for these activities.
Due to regulatory requirements, banks are keen to promote repos to cash-rich corporates. They certainly offer a different risk return profile, but it is questionable how appetising the product is.