Income elasticity of demand - London’s luxury hotels

The BBC’s Joe Lynam (who tweets here) considers the prospects for a new and recently renovated cluster of luxury hotels due to open in London in the coming months. Some hotel industry insiders feel that London risks creating too much room capacity in the capital but others point to the fact that room occupancy rates have by and large avoided the worst effects of the recession. Sneak a view of one of the two £10,000 per night suites at the Savoy!