Photo: St. Regis
Are Wall Streeters still booking stays at lavish hotels? It’s a valid question really, especially after all the commotion that went on when AIG execs throwing a crazy party at a St. Regis days after the company was bailed out a few years ago.So on Host Hotel’s Q4 earnings call, an analyst just asked the CEO, Ed Walter about it — Walter should know, after all,since Host is the largest hotel real estate investment trust in the country. USA Today reports what he said:
“I haven’t heard of any new trends relative to the financial sector,” he told analysts. “I don’t think the financial sector is back to where it was in the middle of last decade, but generally, it’s been growing at a reasonably good rate.
“We’re continuing to see corporate business coming back at Marriotts, Westins and Sheratons, as well as our Four Seasons and Ritz-Carltons,” he says. “As I’ve talked to (hotel general managers) and brand partners, while I’m sure there is an occasional company still concerned about going to a luxury hotel for an event, it seems the fear of landing on the front page for doing that has largely dissipated.
Luxury hotels still have some room to run in terms of getting back to where they were in the 2006-2007 time frame, but I don’t see an impediment due to market attitude.”