|Members of ULI gathered on Friday at the Wit Hotel for breakfast and to learn more on how hotels are doing. At least we know people are still holding conferences in them.|
DLA Piper's Don Schindler, ECD Company's Scott Greenberg and HVS Global Hospitality's Scott Greenberg spoke about the trend of falling prices of hotel rooms: The average price is down from $107 to $98 nationwide and from the $180s to the $160s in Chicago. Scott reported that the Wit has had high occupancy rates from people who are staycationing. He says he's benefited from having a uniquely designed hotel.
Hans listens to Strategic Hotel's Laurence Geller talk about how hotels have unnecessarily dropped their rates during the recession. While airline prices have remained more or less the same, hotels are lowering their rate just because others have, he says. He also told us that 25% of the jobs cut from the hotel industry this year will not be replaced; technology has come along to replace workers in reservations and sales.