After years of ever-higher rates for hotels, one expert sees signs that the tide may be turning in the buyer's favor. According to a report from our sister publications group, MeetingsNet, trends such as falling occupancy rates and the rise of competitors such as Airbnb will likely lead to falling hotel rates next year:
That sound you hear? It may just be shouts of joy from meeting planners greeting the latest corporate hotel rate negotiations forecast. As the fall corporate buying season kicks off, Bjorn Hanson, PhD, clinical professor at the NYU School of Professional Studies at the Jonathan M. Tisch Center for Hospitality and Tourism, is predicting a shift from a seller's market to one that favors buyers in 2017. With occupancy at record highs in recent years, hotels have held the upper hand in negotiations, but that may be changing, says Hanson. With corporate budget scrutiny continuing and hotel room rates rising at about double the rate of inflation, buyers are ready to buckle down in their negotiations for next year … MeetingsNet
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