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Hotels Wait For High-Revenue Groups
Hotels expect occupancy and the rates they can charge both to continue to soar through 2006, so corporate meeting buyers may be turned down by a property because the meeting does not produce enough revenue, not just due to lack of available space, said hotel executives at the MeetingWorld conference held in New York on July 26-27.
Even if a hotel has room for a particular group, they may wait for a better offer, said Fred Shea, vice president of sales operations for Hyatt Hotels Corp., during the conference's keynote session on meeting industry trends.
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