Sheraton Hotels & Resorts wants consumers to see what a difference $6 billion can make so the hotel giant is giving away thousands of free rooms for one night only at 86 hotels throughout North America to celebrate the completion of the brand’s multi-billion global revitalization effort. Consumers can visit sheraton.com/freenight on October 6-9 to register for a chance to book a free room on October 23rd at new and newly renovated flagship hotels including the Sheraton Waikiki, Sheraton Boston, Sheraton Kauai, Sheraton Dallas and Sheraton Phoenix Downtown.
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The luxury hotel industry has been showing signs of struggling over the last year or so, with a number of high end hotels defaulting on loans, but a recent report from Realpoint LLC, a credit rating agency that follows the commercial mortgage-backed securities suggests the problem may be somewhat larger than originally thought. According to Realpoint, $24.5 billion may be in danger of default, representing loans against some 1,500 luxury hotels.
More on Luxury Hotel Industry About to Collapse Under $24.5 Billion in Debts
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Not so long ago, Las Vegas was the ultimate in luxury destinations, with five-star hotels offering everything America’s playground had to offer at exorbitant rates. Typical room rates for a Las Vegas luxury hotel were anything from $200 up per night. The financial crisis has had a substantial impact on Vegas’ economy; and with unemployment up to more than 13% and visitor numbers dropping like a brick, things have changed a little.
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It seems as though Dubai world has cancelled their plans to turn the luxury cruise ship QEII into a floating luxury brothel hotel at the Palms development, and are now planning to reberth her in Cape Town, South Africa. She is apparently now in dry dock being inspected to ensure sea worthiness before making the crossing.
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Starwood announced the next stop on its global expedition with plans to open a new St Regis hotel in Bermuda, marking the debut of Starwood and the St Regis brand on the exclusive island.
More on First Luxury Hotel to Open in 50 Years in Downtown Hamilton Bermuda
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Panama Skyline
The Veneto Hotel in Panama has to be one of the most luxurious of all the high class Panama hotels, and perhaps one of the most well-equipped also. Every single one of the Veneto’s 301 rooms offers spectacular views of the city. The rooms are all luxuriously appointed and the hotel offers a range of high-class suites including 2 Grand Presidential suites.
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