Luxury hotels are showing some signs of life, but they’re coming at a hefty price.
As of early March, the battered sector is reporting 7.2% more bookings for the upcoming second quarter in the top 25 markets vs. the April-June period in 2008, according to travel market research firm Rubicon. But rooms at Ritz-Carlton, Fairmont and Four Seasons are also dramatically cheaper. The luxury average daily rate is down 22% to $312 from $399 two years ago, Rubicon says.
“Demand (for luxury hotels) is coming in stronger than the overall demand, but at a far greater discount,” says Tim Hart, president of Rubicon.
Source: USA TODAY