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In common with other luxury businesses, the Vuitton Damier Geant Canvas Citadin Pm M93044(black)-star hotel industry appears to have broken away from trends in the wider economy. London's elite hotels have performed spectacularly well, after only a brief setback in the immediate aftermath of the global banking shock in 2008. The initial response to the financial Vuitton Damier Geant Canvas Compagnon M93045(earth) for many was to close up and take the opportunity to refurbish properties. At one stage about one in 10 luxury hotel rooms were mothballed. In the past two years, however, the Four Seasons and the Savoy have reopened after lavish restorations and facility upgrades said to have cost ￡125m and ￡220m respectively. A wave of new entrants includes the Corinthia, which opened in April, and the St Pancras Renaissance, which opened in March, both built as luxury hotels but Vuitton Damier Geant Canvas Compagnon M93047(black) colossal investment – reputedly ￡300m and ￡200m respectively – to return them to their original purpose. Other recent openings include the W hotel on Leicester Square; 45 Park Lane; and Waldorf Astoria's London Syon Park. According to the British Hospitality Association (BHA), ￡1.5bn has been lavished on five-star London hotels in the past two years, taking the Vuitton Damier Geant Canvas Couguar M93083(earth) of luxury hotel rooms to record levels. And there are more developments in the pipeline, among them a Shangri-La hotel in the new Shard skyscraper, an InterContinental in Westminster, and Alrov's Cafe Royal in Regent Street.