Luxury Hotelier - February 2008 - (Page 22) 22| Insight Smith Travel Research | The Bench Global luxury segment a bright spot amid industry’s strong performance mith Travel Research’s yearend data shows that 2007 was another in a succession of strong years for the global lodging industry. Even as economic uncertainties in the U.S. dominate the media, the luxury segment still is operating at high levels. Nine of our 10 select world markets recorded average-daily-rate gains of 10 percent or greater for the year. One market in particular, Hong Kong, experienced a rate increase of 23.8 percent. Rates have broken the $200 per night mark. Hong Kong has maintained an 83 percent occupancy rate—second only to New York City. The U.S. cities among SMITH our select markets are in a TRAVEL RESEARCH unique position created by the falling dollar. Rates in Smith Travel the U.S., and New York in Research is a leading informaparticular, still are climbing, tion and data but are becoming cheaper to provider for the the international traveler in lodging industry. Visit www.smith comparison to other markets. travelresearch. Favorable exchange rates are com. one of the significant factors contributing to high U.S. luxury occupancies. Globally, the occupancy trend is mixed, however, with half of our markets posting slight to moderate occupancy declines for 2007. The global luxury segment’s performance has been a highlight of the industry’s latest upcycle, but it remains to be seen if these markets are more or less prepared to manage economic change than other sectors. S Occupancy: Luxury chains, upper-upscale chains and luxury independents for select world markets 2007 % Change Dubai Hong Kong London Los Angeles Miami Mumbai New York Paris Rome Tokyo 82.7% 83.0% 79.9% 76.3% 73.0% 74.1% 84.5% 75.0% 70.4% 79.6% 0.7% -1.3% -1.1% 1.1% 3.0% -1.0% 1.3% 3.1% -5.5% -2.4% Average Daily Rate (USD): Luxury chains, upper-upscale chains and luxury independents for select world markets 2007 Dubai Hong Kong London Los Angeles Miami Mumbai New York Paris Rome Tokyo $379.66 $219.18 $346.21 $185.27 $241.07 $275.26 $347.51 $328.35 $282.75 $201.18 %Change 17.0% 23.8% 18.7% 8.2% 10.3% 46.9% 11.6% 13.0% 13.9% 12.3% SMITH TRAVEL RESEARCH Luxury Hotelier | February 2008 | www.LuxuryHotelier.com http://www.smithtravelresearch.com http://www.LuxuryHotelier.com
Table of Contents Feed for the Digital Edition of Luxury Hotelier - February 2008 Luxury Hotelier - February 2008 Editor's Letter Publisher's Letter Inform Network Forever Young Evolution for Jumeirah Insight Diamond in the Rough Amenities Televisions Art in Residence Yield Management Development Wine Lists Marketing to Locals Update Advertisers Index Editorial Index Source Listing Dossier Luxury Hotelier - February 2008 Luxury Hotelier - February 2008 - Luxury Hotelier - February 2008 (Page Cover1) Luxury Hotelier - February 2008 - Luxury Hotelier - February 2008 (Page Cover2) Luxury Hotelier - February 2008 - Luxury Hotelier - February 2008 (Page 1) Luxury Hotelier - February 2008 - Luxury Hotelier - February 2008 (Page 2) Luxury Hotelier - February 2008 - Luxury Hotelier - February 2008 (Page 3) Luxury Hotelier - February 2008 - Editor's Letter (Page 4) Luxury Hotelier - February 2008 - Editor's Letter (Page 5) Luxury Hotelier - February 2008 - Publisher's Letter (Page 6) Luxury Hotelier - February 2008 - Publisher's Letter (Page 7) Luxury Hotelier - February 2008 - Inform (Page 8) Luxury Hotelier - February 2008 - Inform (Page 9) Luxury Hotelier - February 2008 - Inform (Page 10) Luxury Hotelier - February 2008 - Inform (Page 11) Luxury Hotelier - February 2008 - Network (Page 12) Luxury Hotelier - February 2008 - Network (Page 13) Luxury Hotelier - February 2008 - Forever Young (Page 14) Luxury Hotelier - February 2008 - Forever Young (Page 15) Luxury Hotelier - February 2008 - Forever Young (Page 16) Luxury Hotelier - February 2008 - Forever Young (Page 17) Luxury Hotelier - February 2008 - Forever Young (Page 18) Luxury Hotelier - February 2008 - Forever Young (Page 19) Luxury Hotelier - February 2008 - Evolution for Jumeirah (Page 20) Luxury Hotelier - February 2008 - Evolution for Jumeirah (Page 21) Luxury Hotelier - February 2008 - Insight (Page 22) Luxury Hotelier - February 2008 - Insight (Page 23) Luxury Hotelier - February 2008 - Diamond in the Rough (Page 24) Luxury Hotelier - February 2008 - Diamond in the Rough (Page 25) Luxury Hotelier - February 2008 - Diamond in the Rough (Page 26) Luxury Hotelier - February 2008 - Diamond in the Rough (Page 27) Luxury Hotelier - February 2008 - Diamond in the Rough (Page 28) Luxury Hotelier - February 2008 - Diamond in the Rough (Page 29) Luxury Hotelier - February 2008 - Amenities (Page 30) Luxury Hotelier - February 2008 - Amenities (Page 31) Luxury Hotelier - February 2008 - Televisions (Page 32) Luxury Hotelier - February 2008 - Televisions (Page 33) Luxury Hotelier - February 2008 - Televisions (Page 34) Luxury Hotelier - February 2008 - Televisions (Page 35) Luxury Hotelier - February 2008 - Art in Residence (Page 36) Luxury Hotelier - February 2008 - Art in Residence (Page 37) Luxury Hotelier - February 2008 - Art in Residence (Page 38) Luxury Hotelier - February 2008 - Art in Residence (Page 39) Luxury Hotelier - February 2008 - Art in Residence (Page 40) Luxury Hotelier - February 2008 - Art in Residence (Page 41) Luxury Hotelier - February 2008 - Yield Management (Page 42) Luxury Hotelier - February 2008 - Yield Management (Page 43) Luxury Hotelier - February 2008 - Development (Page 44) Luxury Hotelier - February 2008 - Development (Page 45) Luxury Hotelier - February 2008 - Wine Lists (Page 46) Luxury Hotelier - February 2008 - Wine Lists (Page 47) Luxury Hotelier - February 2008 - Marketing to Locals (Page 48) Luxury Hotelier - February 2008 - Marketing to Locals (Page 49) Luxury Hotelier - February 2008 - Update (Page 50) Luxury Hotelier - February 2008 - Update (Page 51) Luxury Hotelier - February 2008 - Editorial Index (Page 52) Luxury Hotelier - February 2008 - Editorial Index (Page 53) Luxury Hotelier - February 2008 - Source Listing (Page 54) Luxury Hotelier - February 2008 - Source Listing (Page 55) Luxury Hotelier - February 2008 - Dossier (Page 56) Luxury Hotelier - February 2008 - Dossier (Page Cover3) Luxury Hotelier - February 2008 - Dossier (Page Cover4)
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