Hasn’t everybody seen one of those movies in which a small-plane pilot terrifies his passengers by spinning into a few barrel rolls? Luxury hotel operators feel as if they’ve been strapped into that seat for the last year and a half, and they’ve learned a few things:

• Many affluent travelers’ social consciences are stronger than their pampered egos. The well-to-do were quick to cut back in solidarity with their less fortunate companies and countrymen.
• When affluent travelers cut back, the value they found at a lower price range was not lost on them. Their value-for-money meters have been reset.
• A good part of sky-high luxury hotel rates was based on status ‒ showing up the Joneses ‒ but that particular bucket doesn’t hold as much water as it used to. At least, not yet.

With these lessons in hand, fine hoteliers are offering fewer $10,000-per-night suites to guests (exception: rock stars) and many more luxury suite options in the $800-$1,000 range. Some of these are the same suites that went for three or four times their present rate prior to the economic loop-de-loop.

Weary of Waiting for Better Times

Even though the affluent market is not generally paying luxury rates where they don’t perceive real value in the price, there is a growing trend toward ending the pattern of economic self-denial and returning to normal ‒ within reason. Upscale travelers, weary of deprivation, are ready to revert to the “suite life” again ‒ but they’re not prepared to be gouged for it.

Hotels get this, as expressed by new rates, which some properties are still a little reluctant to advertise. So, next time you’re planning to stay at a fine hotel, call them to press for their best rate, which might not be listed on their website.