Buyer's Market Continues into 2010

Shopping CartAlmost a year ago, William Kilburg, CEO of Hospitality Performance Network (HPN), said that we were experiencing the best meetings buying opportunity in 20 years. Now, it seems that planners can look forward to more good times in 2010.

ConventionSouth Meetings reported in its "10 Things Industry Leaders Are Saying About 2010" that the buyer's market will in fact continue.

"In order to live within the restrictions of the lower budgets, planners are looking for hotel room rate concessions, and hotel managers appear to be negotiating and discounting," Robert Mandlebaum, director of research information services for PKF's Hospitality Research sector, told ConventionSouth.

Additionally, rooms rates will likely decline again this year, according to PKF's Mark Woodworth.

"In an environment with all-time record low occupancy levels, the pressure on hotel operators to discount their room rates is significant," he said.

Read about what else industry leaders are saying about the year ahead.
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