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November 16, 2012
In anticipation of a perceived hotel seller's market through at least 2014, some hoteliers and consultants are noting an uptick in requests for multiyear hotel agreements.
In anticipation of a perceived hotel seller's market through at least 2014, some hoteliers and consultants are noting an uptick in requests for multiyear hotel agreements. Consultants warn that such requests don't guarantee a lighter workload for buyers, as they often require renegotiations for the second year. Interested buyers also remain hindered by technological limitations related to request-for-proposal templates and rate-loading processes.
At the onset of the current rate-negotiations season, Best Western International senior manager of worldwide sales William Bos said he saw more corporate travel managers looking for multiyear deals both for transient and group contracts. Similarly, Marriott International president and CEO Arne Sorenson spotlighted multiyear contract requests as evidence of solid corporate travel demand.
For group and meeting bookings, multiyear deals usually are a winning strategy, according to Bos.
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