The Real Deal Miami

Luxury hotels hurt from financial crisis

October 28, 2008 12:24PM

Luxury hotels nationwide are starting to take hits from the financial crisis. The revenue per available room at luxury hotels fell 14 percent for the week ending October 18 from the same week last year, according to Smith Travel Research. Most luxury hotels are sustained by corporate travel, including meetings and conferences, but with the economic downturn, companies have been cutting back on travel expenses.