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Article Excerpt
Coping with a significant citywide decline in revenues throughout 2002, nine Manhattan hotel executives last month described the strategies they've developed for shoring up their key business travel base in 2003, including pursuing other market segments to help them weather the downturn. As negotiations for 2003 indicated, travel buyers with strong mandates in their hotel programs and considerable New York volume had the upperhand in getting favorable rates.
"What we've found is that the lines have blurred between what we always considered our competitive set to be and reality in 2003," said Mike Fiorentino, northeast regional director of sales and marketing for InterContinental Hotels & Resorts, which has the 686-room Barclay New York on East 48th Street and the 211-room InterContinental Central Park South.
"For example, in the historically quiet months for business travel of January, February and March, the discounting we normally would do has taken on a whole new meaning, because deluxe hotels in the city, at a price point above us, have begun relying on discounts as well."
But the lines also have blurred with the price point below the upper upscale InterContinental, which is part of Six Continents Hotels & Resorts. "As a result, we've found ourselves starting to compete for corporate accounts with hotels we didn't previously feel were our competition from a rate standpoint," he said.
Going into 2003, hotels faced...
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