11/19/2008

The hotel industry, particularly the luxury segment, is starting to feel the effects of the economic downturn as rates dropped 3.5% in the first week of this month. In the luxury segment, revenue per available room plunged 23.3% during the first week of November. "Two kinds of people stay in luxury hotels: the wealthy, who don't care, and people traveling on somebody else's money," Smith Travel Research President Mark Lomanno told participants at the American Hotel & Lodging Association's fall conference.

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