2 Replies Latest reply: Mar 12, 2010 10:07 AM by tjcnewyork RSS

Ritz-Carlton to Close Lake Las Vegas Resort

tjcnewyork Platinum
Currently Being Moderated

http://i805.photobucket.com/albums/yy336/MemorableWeekends/RitzLakeLasVegas.jpg

 

A sign of the times.  Located 17 miles off the Las Vegas Strip, the luxurious Ritz-Carlton Lake Las Vegas will close permanently, May 2, 2010.  Read this Exclusive by Barbara DeLollis online at Hotel Check-In, USAToday

(For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: Ritz-Carlton to Close Lake Las Vegas Resort
    Alumni Steward Platinum 8 Reviews
    Currently Being Moderated

    Sadly the economy once again takes a toll on higher-end properties like this one.  Similarly, the new Ritz Carlton in Rancho Miraqe CA is having problems opening (and has had them for years). The Ritz Residences are in fact completed.

     

    Travel has become a buyer's market and the sellers have been reluctant to sell at reduced rates.  Mortgages must be paid regardless of the room occupancies, staff salaries continue, utility bills mount.

     

    Innovative strategies will be required to keep that top three percent interested in full rates.  Here's hoping!

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

  • Re: Ritz-Carlton to Close Lake Las Vegas Resort
    tjcnewyork Platinum
    Currently Being Moderated

    "sellers have been reluctant to sell at reduced rates"

     

    The upscale higher-end brands like Ritz-Carlton are struggling.  Investors are more inclined to write-off the loss because it is favorable from a tax perspective to do so.

     

    Interestingly, loyalty programs like Marriott Rewards provide some cushion.  As illustrated by the 2010 Hotel Category changes, struggling properties sliding a notch have the opportunity to regain some occupancy by repositioning them in the marketplace as more affordable by requiring less points.

    (For each location tag, you will be guided through a 3-step process to add (1) a city and a state or a city and a country, (2) a Marriott brand, and (3) a Marriott hotel.)

More Like This

  • Retrieving data ...