Hotel CEOs say rate reductions likely to stay

06/3/2009 |

At New York University's International Hospitality Industry Investment Conference, a number of hotel heads said the corporate hotel rates that have been renegotiated to lower rates are not likely to rebound soon. Mitesh Shah, CEO and senior managing principal for Noble Investment Group, which operates a number of multibrand upscale hotels, said corporate buyers have pushed for rate reductions. "They understand that if they are traveling, they're one of the very few traveling, so they've gotten very aggressive," Shah said. "That's not going to change until demand starts increasing."

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