So, exactly how wealthy is the top one percent? And is there any limit to what folks can - and will - pay for luxury travel?
Some of you remember this poll about the most folks have paid for a single hotel room - https://www.rewards-insiders.marriott.com/polls/1278 - What the poll showed is that most of us (mere mortals) are not the high rollers.
Quite simply, not including most of us, there are a lot of rich folks willing to pay huge amounts for travelling in style....
Look, there is now regular 24-day National Geographic Around The World trip - on a chartered all Business Class jet - for which pricing begins at $76,000 apiece - and that's double occupancy (so, yup, that's $85,000 if you're travelling solo or, yes, that's $150,000 per couple), and there's a wait list to get on the plane... Check it out: Around the World by Private Jet | National Geographic Expeditions
In the Marriott collection, it's rumored that the most expensive room/suite is the Bridge Suite at Atlantis - Bridge Suites | Royal Towers Paradise Island | Atlantis Bahamas - and, let's be frank, that's an extraordinary suite within an over-the-top property.... Who knows, maybe jerrycoin and jasper100 and fschumpert have become accustomed to a certain standard of luxury, and this is well within their travel budgets.
All of which brings us to the pricing at the new Trump Hotel in the Old Post Office Pavilion in Washington, D.C.
Now, let's remember that - not far from the Marriott mother-ship - there's no shortage of hotels in DC, and there's plenty of excellent, high end options. (See, generally, Biggest, Baddest DC Hotel Player | Marriott Rewards® Insiders).... Here in DC, we have Ritz Carlton and Four Seasons and St. Regis and Mandarin Oriental and W ... and unlimited numbers of boutique properties....
But the fundamental assumption underlying the property is that, despite all of that competition, there are plenty of folks that will pay top dollar for extraordinary luxury... (Maybe the millennials and those younger, hipper, more tech-savvy high rollers are the target demographic. What do you think, SeaTexan?)
In any event, let's take a look... For a mid-March (non-event) weekend, the rate structure looks like this:
For better or worse, the premium pricing hasn't gone up much... For the weekend on New Year's 2017, the rate structure looks like this:
Heck, for the 2017 weekend of the Cherry Blossom Festival, the rate structure looks like this:
Granted, these rates are significantly less than Trump originally anticipated.... The media has reported that those $500/night rooms were supposed to be going for $750/night... And, who knows, maybe they will someday....
So - what do folks think? Will the market sustain that kind of rate structure? Can the property survive? how about thrive?
I booked the Trump Townhouse, I will let you know what I think after my stay. There better be an iPad in every room to control every aspect of my stay!
Kidding so kidding!
I don't think Trump is targeting the younger crowd, not with those prices... OR the design. I find it rather gaudy! OK REALLY!!! REALLY gaudy. The building itself is amazing, the original structure. The furniture and over all finishes/design no so much. They could have really done something wonderful with this place. Like St. Pancras.
I suppose it depends on how the election goes. Maybe Trump wants to live in his hotel and not the white house! I would not want to live in the White House!
Eventually I think prices will come down. In the mean time, I think I'll stick with my JWs and Rens!
Edit: my vote in that pole was 300-400 range. That isn't the norm, but if I really want to stay and there is something I want to see or do, I will pay that. I'll just have to sacrifice a lux meal or two.
I agree w/you that there are a lot of rich folks out there. Research shows that in 2013, there were 1,156,102 households (in the U.S. alone) that fell into the 1% category. With the number of persons per household averaging out to 2.63, that puts the total number of individuals in the top 1% at 3,040,548. To be considered in the top 1%, a household income needs to come in barely above the $500,000/annual income mark.
I also think that many (but not all - I have siblings who fall into this category, though remain reasonable spenders) of these one percenters are happy and willing to regularly spend big bucks for an elevated experience. I witnessed this, this year at both the JW Los Cabos and also the JW Venice. They do not upgrade to suites/residences (except perhaps jr. suites, which aren't much different than a superior room), and they get a lot of shiny nickels for those suites/residences, which are not sitting empty. I have friends as well who think nothing of paying full price for business class tickets and hotel rooms in castles and other swanky hotels/resorts as well as hotels in the center of the highest priced neighborhoods, and are unwilling to be bothered by things like loyalty schemes (and can't understand why I chase after said schemes).
As for Trump's latest edifice, located in our nation's capital, to be honest, the pricing doesn't really seem too far off the mark from the dual Ritz Carlton's that are nearby.
I don't think the prices for the Trump property are outrageous. Higher end properties in DC also have similar 'special'pricing for suites, etc. Having said that, I would not wish to stay there. There are too many other options in the city in that range, and generally Trump properties exhibit high cost without necessarily any taste. I've not been to DC in that area since it opened, but the structure itself was lovely before it was turned into the hotel. I'm hopeful it retained its 'bones' well throughout and has not been overly Trump-ised.
That location, particularly in DC, with its proximity to the Capitol Bldg, etc., will likely have a lot of lobbyists and their ilk and other expense account people for whom that will just be CODB- Cost of Doing Biz.
Given the way things look right now, Trump may want to reserve the townhouse for himself over the next 4 years. That looks to be as close as he will get to White House.*
*No political views being expressed here, just a reflection of the current polling and the state of the race.