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Article Excerpt
The continuing proliferation of shorter lead times combined with hoteliers' lack of contracting leverage have left suppliers with the difficult tasks of negotiating current, and forecasting future, corporate meeting revenue.
Short-term meetings once were a key component of hotels' ability in drive income, as buyers--with little lead time and little recourse due to high occupancy levels--had no choice but to accept contracts that not only included high guest room rates but also ancillary, fees, including meeting and banquet room rental charges and strict contractual attrition and cancellation terms. Those days, for now, are gone, and many hotels have to make do with little leverage. Some even are in a position of bidding on meetings against other local properties.
"In the past nine to 12 months, lead times have decreased dramatically," said Crowne Plaza Hotels and Resorts vice president of brand management Kevin Kowalski. "It varies on a regional level, but, because of supply and demand, buyers know they can get away with it. They can take advantage. Yet, in the past few months, and this is anecdotal, lead times have seemed to settle where they are. I have not heard...
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