Luxury hotel launch red carpets over recession
Hours after G-20 leaders agreed to a trillion-dollar bailout of the world economy in chilly London, one of the world's most flamboyant hoteliers opened his latest luxury hotel in sunny South Africa. Sol Kerzner admits opening an uber-luxury hotel in the current economic climate is not ideal, but he still firmly believes his latest venture -- One&Only -- in Cape Town's waterfront will be a success. Across his global hotel empire, from Atlantis in the Bahamas to the Royal Mirgae in Dubai, he admits accommodation rates are down. However, he says, there is still a market for high-end hotels -- guests are just changing the way they travel.