Wall Street Woes Hurting City Hotels
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By Tom Acitelli
August 29, 2008 | 2:03 p.m
Despite the drop in business from Wall Street firms, New York hotel bookings are strong this summer. But hoteliers are worried that their industry will take a big hit next year if the economy worsens.
Local hotels’ key corporate account business has weakened considerably in 2008, with a 15%-25% reduction in bookings from Wall Street firms, notes Sean Hennessey, chief executive of Lodging Investment Advisors.
Local hotels’ key corporate account business has weakened considerably in 2008, with a 15%-25% reduction in bookings from Wall Street firms, notes Sean Hennessey, chief executive of Lodging Investment Advisors.
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