Luxury hotels are showing some signs of life, but they're coming at a hefty price.
As of early March, the battered sector is reporting 7.2% more bookings for the upcoming second quarter in the top 25 markets vs. the April-June period in 2008, according to travel market research firm Rubicon. But rooms at Ritz-Carlton, Fairmont and Four Seasons are also dramatically cheaper. The luxury average daily rate is down 22% to $312 from $399 two years ago, Rubicon says.
"Demand (for luxury hotels) is coming in stronger than the overall demand, but at a far greater discount," says Tim Hart, president of Rubicon.
The recession was particularly brutal for the elite sector of the industry, which was hit by lower travel spending and the public outcry over bailed-out executives lounging pool-side at resorts.
Nearly 20 months after the downturn began, employers remain reluctant to ratchet up travel spending. And many travelers are trading down.

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