Luxury retailers are seeing some softening in demand, but what about luxury travel? Radha Arora, President of Rosewood Hotels & Resorts joins Yahoo Finance Live to weigh in on luxury travel trends and the current state of the hospitality sector. In general, Arora notes “good news” for the hospitality sector— stating that Rosewood is having a “banner year.
We're seeing that through the festive period Thanksgiving, Christmas. It's busy, booming as ever. And in fact, so much so that it's actually 30% up on 2019. And the image that you see at the moment, Rosewood Kona Village just opened about a couple of months ago. And it's one of those destinations where people are wanting to go to. It's been closed for a number of years.And so, yes, we're very fortunate that we've opened some amazing destinations.
So whereas, previously people would go for three, four, five nights, probably do their extended stay. They'll do some business. They'll take their families with them. So they're traveling differently. And they're looking for value adds. And value-- by value adds, I mean an immersive experience and taking the families to these destinations where they want to be part of the local communities as well and not just going to stay in a hotel and go and shop.
And what happens is once they've stayed in those residences, they'll want to come back and keep coming back, because, as I said, you're not just in a typical hotel room. And so you can just rent them.
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