Luxury Hotel Prices Slow to Recover
An interesting admission from Arne Sorenson president of Marriott Hotels, owner of the Ritz Carlton luxury resorts, the Luxury hotel market will be the slowest to recover, if it even recovers at all. The sort of excess spending that $1000 a night all inclusive resorts required, just won’t fly in today’s new economic reality.
Of all hotels, luxury properties were the hardest hit last year. While rates sank nearly 9 percent for the U.S. hotel industry, luxury hotels saw their rates tumble more than 16 percent, according to PricewaterhouseCoopers.