The state of luxury: A special report (Part 3)
Everyone knows the development pipeline has slowed to a mere drip. And it’s close to being dried up. (See charts below.) Still, it’s difficult even for those high-end luxury properties that aren’t highly leveraged to get financing. “I don’t understand it anymore,” said Horst Schulze, president and CEO of West Paces Hotel Group, the parent company of Capella Hotels and Resorts.