THISTLE Hotels saw room rates plunge in 2002 as profits almost
halved.

The group said London rates fell by more than 10% as US
visitors and corporate stays dried up, while overall rooms were 7% cheaper last
year.

This caused pre-tax profits to plunge from £49.1 million in
2001 to £27.9 million.

Meanwhile, Thistle has rejected a bid from major shareholder
Brierley Investments to buy the chain.