GLOBAL REPORT: While many thought it couldn’t possibly happen, voters in the United Kingdom decided on Friday that it was time for Britain to leave the European Union, sending global financial markets tumbling, the pound sterling to its lowest value in decades, and Prime Minister David Cameron out the door at 10 Downing St. after announcing his resignation.
Magnuson Hotels, which represents more than 1,000 hotels, decided to expand to Britain in August 2010, opening an office in London. The company this year is contracted to add about 300 U.K. and European hotels on distribution services and the CEO took a wide-scope view of the Brexit (British Exit) decision.
According to co-founder and CEO Thomas Magnuson: “The shock to the system of the Brexit vote will cause short-term instability in global financial markets,” said Magnuson. “However, we view that Brexit will have minimal, if any, impact on U.K. tourism and the overall hotel industry because consumer travel and new hotel development are locally based decisions, independent of the vote to leave or the regulations overseen by the EU.”
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