Karim Alibhai knows better than most how to make luxury hotels profitable. He’s the founder and top boss of Gencom, which has owned, part-owned, or developed 8 Ritz-Carltons and 150 hotels under other brands over three decades.
11.01.2024 - 15:31 / skift.com / Sean Oneill
Rising hotel room rates in the U.S. have stopped contributing to broader inflation. Hotel prices declined in December by 0.5% year-over-year.
According to U.S. inflation data released on Thursday, hotel rates rose 0.4% month-over-month in December.
The cooling in hotel prices stands in contrast to a broader bout of overall inflation that hasn’t yet been tamed. Overall, U.S. consumer price inflation was up 3.4% year-over-year in December.
Recent hotel pricing has suggested that the post-pandemic boom in travel demand — which generated double-digit rate spikes a year ago — has been sputtering out. Reasons include a moderation in demand for rooms. It is too early to tell if hotels were seeing labor cost pressures ease in some markets.
Hotel rates as a national average dropped 3% between September and October and by 1% between October and November. (The U.S. Bureau of Labor Statistics adjusted the numbers to reduce the impact of seasonal patterns such as weather, holidays, and school schedules.)
Karim Alibhai knows better than most how to make luxury hotels profitable. He’s the founder and top boss of Gencom, which has owned, part-owned, or developed 8 Ritz-Carltons and 150 hotels under other brands over three decades.
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part one | part two | part three | part four | part five | part six
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