New York's Luxe Hotels Feel the Pain
As you probably suspected, luxury hotels are feeling the pinch as the economy spirals downward. It's not just the fact that tourists are no longer interested in paying $1,750 a night for a room when their brokerage accounts are imploding at the same time. The corporate travel market is shifting, too, and some companies are shying away from sending employees to fancy hotels for fear that bad press will follow when people find out that these are the same companies laying people off right and left. Imagine that!
Unfortunately, there doesn't seem to be an end in sight. Hotels like the St. Regis and Four Seasons can't exactly advertise $99-a-night rates since doing so would lose them the "brand prestige" they worked so hard to create. So there's no easy solution at hand, although experts say customers should have more "bargaining power" in the months ahead. If you walk into the St. Regis and convince the manager to give you a room for $100, be sure to let us know!
