"Madeleine effect"? Or 2008 world crisis?
Just for the record, 3 May 2017 was a very pleasant day weather-wise, hitting a high of 23C at high sun, and 16C at 10pm.
There are reports of full accommodation coming out from the mayor. That is cobblers. I know of one contact who does accommodation at the high end - that's large apartments appointed to 5 star luxury standards - and he was indeed fully booked for the season as far back as Dec 2016. Below this top end level, things are different.
The promenade is bustling, but not yet heaving. There are large numbers of Portuguese down from Lisbon to have a seaside holiday. Last night, I spoke to a gentleman from Sweden, and also a couple from Germany who were in Luz on 3 May 2007.
A quick check on the restaurants showed those south of the church are empty, with the exception of the Portuguese one which was 1/3rd full. The Chinese restaurant on 25 Abril had only a small handful of customers.
Since I have been looking at the Ocean Club on 1, 2 and 3 May, I can conclude that it is dead. The most I have seen is perhaps 5 people in the Tapas area with 1 brave enough to go swimming.
Luz in general is slowly getting back to its feet and there should be enough in the season to keep businesses alive. The Ocean Club is dead in the water. Why they don't re-brand it is beyond me.
So the tsunami was the financial meltdown. But the Ocean Club has died from the Madeleine effect.