At the moment there are money problems all over the world; the weak dollar in the United States, petrol prices increasing and the credit crunch over here in the UK. Now is probably not the best time for excessive spending and citizens are being urged to be more frugal with their money and to reduce borrowing. You would think that luxury hotels would be the worst hit as their clientele is decreased but you would be wrong!
Despite everyone worrying over money, posh hotels are still attracting a crowd. A number of high class hotels have recently opened in Los Angeles and consumers are a bit wary about indulging in the new developments. These developments were planned and obviously financed when the economy was booming but have taken all this time to be completed.
Regardless of this poor timing hoteliers and tourism analysts have no worries about these new 960+ room hotels being left empty. Analysts have stated that the demand for these hotels has far outsized the developments saying that they can’t build them quick enough! Despite rates rising on these hotel rooms the customers are still heading west.
The idea that these hotels are not likely to struggle seems to be due to the kind of customer they attract. It is believed that people who have no problem with paying up to $500 per night will not be overly concerned about the other rising costs such as petrol. The fact it is Los Angeles as well seems to imply that they are always going to do well; the London West Hollywood hotel for example is now home to the first West Coast Gordon Ramsay restaurant which opened recently.
The owner of that particular hotel said having that restaurant inside his hotel increases foot traffic significantly and can help draw in a different crowd; the famous and the foody types. Not all the hotels in the USA can boast an in house celebrity chef though and in general most other hotels are likely to have troubles drawing a crowd this year. The idea for most tourists this year is Stay-cation as opposed to a vacation as it’s too expensive to fly or drive anywhere due to rises in fuel costs.
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