October 11, 2011
Companies are returning to high-end hotels, just as frequent travelers such as Rosenthal have. Chris Gabaldon, Ritz-Carlton's chief sales and marketing officer, says room rates are cheaper than in early 2008, and "the meetings business is strong again and almost back to pre-recession levels." The average daily room rate at luxury hotels rose to $252.15 in the first eight months this year, according to industry statistician STR of Hendersonville, Tenn. That's up from $237.06 in the same period last year but down from $285.47 in 2008. Occupancy rates have rebounded. In the first eight months of this year, it was 70.7% — a big increase from 62.4% in the same months in 2009 and identical to the first eight months of 2008.>> Read More
