Posted by Barry Silverstein on March 19, 2010 02:02 PM
Despite recent brandchannel reports about hotel expansions and chain upgrades, the hospitality industry is feeling the effects of "a declining demand for rooms, low rates and plummeting revenue," according to USA TODAY.
Particularly hard hit are upscale hotel brands. The W Hotel in San Diego and the Wyndham Drake in Chicago have closed, and the Ritz-Carlton on Lake Las Vegas, Henderson, Nevada, will close in May.
Other upscale hotels are adjusting their services to meet soft demand. Barona Resort & Casino in California, for example, is offering discount menus and half-price entrees for some gamblers. Upscale hotels that cater to business travelers are deeply discounting their weekend rates.Continue reading...