Friday, November 21, 2008

Who would have thought New York as a Buyers Market?

It is now. I recently read a Crain's New York Business article quoting numerous hoteliers as "feeling the pain" through declining vacancy rates. They lay the blame directly at the door of Wall Street, but seriously, does the stock market solely run your company's meeting budget? If it doesn't, then right now is the best time of all to be in New York. The forecasters who predict a 20% increase in the cost of rooms for Europeans are forgetting the law of supply and demand. The power of the Dollar and Euro may be in question, but the power of negotiation is reaching peak value. The market adjusts and just yesterday, while walking back to the office, I saw the same restaurants I know so well do the same business as always. Why? They, like all of us, adjusted for the times and are providing more value to their customers than ever. The strengths of New York have always been its diversity and resiliency. Wall Street's struggles will never put the city that never sleeps to bed.

No comments: