More condo units at 5-star hotels

New projects from luxury hoteliers like Four Seasons and Mandarin Oriental are including more condominium units than ever. Developers say the rising cost of building and providing amenities is outpacing the amount lodgers are willing to shell out, so condo sales are needed to supplement revenue. A rule of thumb in the lodging industry is that hotels should be able to charge at least $1 per night for every $1,000 a room costs to build. Nowadays a luxury hotel room costs $700,000 on average to build; as most consumers are not paying $700 per night for rooms, condo units are helping hoteliers turn a profit. more [WSJ]