Luxury Hotels Are Feeling Economy’s Pinch

New York Times, January 27, 2009 — The hotel business has collided head-on with the bad economy and the tight credit market.

Hotel revenue is down sharply. Big new projects, planned in the boom days, are either sitting unfinished or left on the drawing boards. And some high-end hotel owners now face an unhappy situation — how much can they cut prices to fill their rooms before they damage their hotels’ luxury cachet?