Wall Street Woes Hurting City Hotels

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.