Video: What Recession? Galactic Suite To Build Space Hotel In 2012

With the global recession forcing people and businesses alike to reduce spending, it looks like one space company is set on establishing a presence in the heavens above, come what may.

(Reuters) A company behind plans to open the first hotel in space says it is on target to accept its first paying guests in 2012 despite critics questioning the investment and time frame for the multi-billion dollar project.

The Barcelona-based architects of The Galactic Suite Space Resort say it will cost $4.4 million for a three-night stay at the hotel, with this price including an eight-week training course on a tropical island.

Despite arriving upon the scene more than a few years ago, Galactic Suite has already secured 43 clients which translates to $184,900,000 in business (assuming each client was charged the current fare).

They also boast the backing of an anonymous billionaire, who seems to have pledged around $3 billion in order to finance this endeavor.

While Galactic Suite has yet to launch anything into space (unlike their rival Bigelow Aerospace which has launched two space habitats already), their successful entrance to the stars could help revolutionize the entire space industry–if not our planet as well.

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