"Alastair Thomann, CEO of Generator, the poshtel chain with an outpost just across the water from St. Mark’s Square, on the island of Giudecca. 'This market [usually] performs with brutally high occupancies year round,' he says. 'But now we’re feeling the pinch. It’s the kind of stuff we see after a big financial crisis, or the Iraq war.' Thomann notes that Generator’s occupancy is down 6.9 percent compared to the same time last year, and the rates for the full year are down 9.2 percent. Taken together, this translates into a staggering 15.5 percent drop in RevPAR (or revenue per available room), the industry standard benchmark for a hotel’s financial success."
