Occupancy rates for luxury hotels worldwide fell to 57 percent in the year through July from 71 percent in the same period a year earlier, a bigger drop than for other types of accommodation, according to Smith Travel Research.
The average daily room rates at the most luxurious hotels around the world dropped 16 percent to $245.13, the Tennessee- based hotel-data company estimates. Prices for mid-range hotels fell about 13 percent to $87.12.
“If a five-star hotel was downgraded to a four star, most people would be just as happy.”
2. Burger King Says Profit Rose 16%, Beating Estimates
3. Lowe’s Bets on Australia Home Starts With Woolworths
“We can improve the pricing, product range and experience for customers,” Woolworths Chief Executive Officer Michael Luscombe said in the statement. “At the moment, the sector is dominated by one major big box player so there is a real opportunity for increased competition.”
4. Medtronic Profit Falls on Costs From Legal Settlement
The company reaffirmed its earnings per share guidance for fiscal year 2010 of $3.10 to $3.20 when certain costs were excluded. It said it still expects sales to increase 5 percent to 8 percent in fiscal 2010
Medtronic fell 41 cents, or 1.1 percent, to $37.59, at 10:33 a.m. in New York Stock Exchange composite trading. The shares had declined 33 percent in the 12 months before today.
-MDT is trading for around 12X earnings. This seems cheap for such a high growth, wide moat company.
-A must read article on the winners of the recession
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