Tuesday, June 12, 2007
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$70,000 for Your Vacation
Would You Pay $70,000 for Your Vacation? Don't Laugh, Many Do
Linda Landers and her husband, Jim, wanted to see the world but didn't have time to plan a complicated route hopping from one continent to another.Then Linda learned about a $70,000 per person private jet trip that would allow the Arkansas couple to see nine countries in 23 days.
They booked immediately."It was such good value for what you got," Landers said, "even though it was a terribly expensive trip."
The Landers are members of an elite travel club that indulges in lavish vacations that go well beyond first class.
For those who can afford it, there are a growing number of options at the gilded top of the luxury travel market.
The Landers went on a trip, dubbed the Nine World Wonders, offered by tour company Abercrombie & Kent. It included stops at Easter Island, ruins in Cambodia, the lost city of Petra in Jordan and the pyramids of Egypt.
Linda works in home construction and interior design, and Jim is a doctor. She said that planning such a complicated trip would have taken a lot of time and research.
"We're both working so much. We didn't have time to fool with this," Landers said. We just wanted to get on the plane and relax."
Abercrombie & Kent took care of the couple's travel visas, hired guides, provided local currency at each stop and even arranged a private museum tour by the curator before the building opened to the general public.
"We didn't have to do a thing," Landers said. "It was like being the president of the United States for three and a half weeks."
Most Americans can't afford such a trip costing $140,000 per couple. That's more than three times the median household income, which stood at $46,242 in 2005, according to the U.S. census.
But those who can afford it are increasingly shelling out big bucks for grander vacations than those taken a generation ago.
A Growing Market
There is very little data on this market because it is so small, but what is out there shows the general luxury travel industry is growing at a steady clip.
On average, room rates for luxury hotels in the first three months of 2007 increased 7.2 percent to $292.51, while the overall hotel market went up 6.1 percent, according to Smith Travel Research, a hotel-benchmarking firm.
Luxury rooms were also occupied more often then regular rooms. The luxury segment increased occupancy by 2 percent, while the overall hotel occupancy rate stayed essentially flat, with a 0.3 percent increase.
The $30,000 Hotel Room
Other parts of the travel industry are also expanding their ultra-high-end products.
The Four Seasons hotel in New York has two presidential suites that cost $15,000 a night. The company won't provide detailed occupancy figures but says the suites are rented out more than half of the nights in the year.
For the past six years, the Four Seasons has been building a penthouse suite that will rent for $30,000 a night when it opens up this summer. The 4,300-square-foot room will have 24-foot floor-to-ceiling windows and cost $45 million to build, according to the hotel. Few details are being shared about the project, which will first be unveiled to the world in the pages of Architectural Digest.
Just a few blocks away, the Peninsula offers a two-bedroom Peninsula suite for $15,000 a night. If you've got a large, well-heeled group, a connecting suite can be added, bringing the nightly bill to $17,500.
If those rooms are booked, a rich guest can try the Mandarin Oriental across town, which offers a 2,640-square-foot presidential suite for $14,000 a night.
For those looking to escape the city, the Four Seasons Resort Punta Mita in Mexico offers a five-bedroom suite for $15,000 a night. The 9,150-square-foot suite offers its own entrance, a private gym and spa treatment area, home theater and pool.
"Entourage travel is a growing segment, not only among celebrities, which we certainly get our share of, but also among families and business groups," Christian Clerc, regional vice president and general manager for Four Seasons said in a statement. "Those typically traveling with an entourage seek privacy, luxury and the finest experiences the resort has to offer.
Representatives of the New York hotels said the suites were most often booked by families.
Luxury on the Rails and Seas
For those who want to travel and stay on the move while catching some sleep, there are also plenty of top-end options.
The Venice Simplon Orient Express has long been known for its luxurious train travel.
The company offers several routes today, with the longest being the famous Paris-Budapest-Bucharest-Istanbul leg. The five-night trip costs $7,690 one way.
While some seek high-end travel as a way to escape into their own private world, the Orient Express lets people promenade in their best.