Luxury Hotelier - November 2007 - (Page 26)

26| Insight Smith Travel Research | The Bench Mumbai and Dubai top growth list; New York still records highest occupancy hile the lodging industry continues to collect record-breaking revenue, the luxury segment in particular is prospering. Traditional markets and new global hot spots alike are setting records for average daily rate. Four of our select world markets recorded 15-percent rate growth yearover-year for the 12-month period ending in August. First among them, Mumbai, India, has become an industry leader virtually overnight. The city is recording annual rate growth of almost 50 percent. Another rising star, Dubai, is posting nearly 20-percent gains and has surpassed New York City to become the most expensive market on the list at SMITH $362 per night. Rates in Dubai TRAVEL RESEARCH have increased more than $50 from one year ago. New York Smith Travel follows in a close second at Research is a leading informa$331, fueled by occupancy tion and data of 84.5 percent—the highest provider for the among the group. lodging industry. Visit www.smith Occupancy levels among travelresearch. luxury hotels have held com. relatively stable, even as the industry trend shifts to the negative. Three markets did backslide, most notably, Rome, which dropped 5.5 percent. The highest occupancy growth occurred in Paris and Mumbai, with both recording merely a 2.9-percent increase. Overall, luxury markets still are performing well and capitalizing on unprecedented rates, while occupancies are sustained by the demand inherent to major world destinations. W Occupancy: Luxury chains, upper-upscale chains and luxury independents for select markets. Twelve-month moving average ending: 2007-08 Dubai Hong Kong London Los Angeles Miami, Florida Mumbai, India New York City Paris Rome Tokyo 83.4% 82.1% 79.7% 75.9% 72.2% 74.9% 84.5% 74.1% 70.7% 80.1% 2006-08 81.9% 84.7% 78.9% 75.5% 70.1% 73.8% 83.2% 72.0% 74.8% 81.2% Average daily rate: Luxury chains, upper-upscale chains and luxury independents for select markets. Twelve-month moving average ending: 2007-08 Dubai Hong Kong London Los Angeles Miami, Florida Mumbai, India New York City Paris Rome Tokyo $362.12 $210.65 $325.25 $180.90 $233.80 $242.25 $331.94 $311.67 $269.38 $195.34 2006-08 $303.31 $163.95 $269.03 $167.25 $209.97 $164.93 $300.02 $278.85 $238.34 $176.99 Luxury Hotelier | November 2007 | www.LuxuryHotelier.com http://www.smithtravelresearch.com http://www.smithtravelresearch.com http://www.smithtravelresearch.com http://www.LuxuryHotelier.com

Table of Contents Feed for the Digital Edition of Luxury Hotelier - November 2007

Luxury Hotelier - November 2007 Contents Editor's Letter Publisher's Letter Inform: News and Notes Network: People Personalities: Traditional Innovator Insight: Smith Travel Research / The Bench Insight: Ypartnership Properties: A Front-Row Seat to Moscow Properties: Northern Star Inspire: Outdoor Showers Deliver: Wellness and Fitness Protocols: The Real Deal Insight: Cornell University Innovate: In-Room Technology Development: Global Project Pipeline Indulge: Coffee and Tea Insight: Ecole hôtelière de Lausanne Connect: Regional Marketing Update: IH/M&RS Luxury Product Collection Dossier: Davide Bertilaccio of The Rocco Forte Collection’s Le Richemond

Luxury Hotelier - November 2007

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