Hotel investors are putting emphasis on upgrading penthouse suites, reports The Wall Street Journal. By putting money and time into creating luxurious accommodations, investors believe they will be able to attract more global travelers looking for a large, comfortable space during their stay.
The article notes that this line of thinking stems from the airlines that pour money into first class seating and, as a result, make a disproportionate amount of money on just a fraction of seats.
Hotel experts say the New York market has seen the most activity in the luxury-suite segment, according to the article. The Park Hyatt brought 92 luxury suites to the market, while the New York St. Regis recently renovated its 67 suites.
Luxury hotel occupancy in the U.S. for the year-to-date through August was 77 percent, the highest ever for high-end hotels, says the article.
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