After the recession, luxury hotels suffered such a bad backlash that many of them even had to shut down. However, after the stimulus and the growing economy, the sector has started to kick back to life.
In early March, there was a growth of 7.2% in bookings and the prospects of bookings will increase according to many statistics. However, the booking prices have fell down, and the luxury hotels don’t really have a choice anyway. The average daily rate is down 22% to $312 from $399 two years ago among luxury hotels like Ritz-Carlton and others.
The recession was particularly brutal for the elite and luxury industry suffered so badly that many even considered going budget. Moreover, most corporate organizations have been tight stringed and have not been spending much on their employees when they have to travel.
Nevertheless, it looks like the industry will slowly revive back to life and we could see more number of people making bookings in luxury hotels. So let’s hope for a better future for the luxury sector, for it is one of the largest sources of revenue as well!
Via: USA Today