Recession, where is thy sting?
Operators of business conference venues in the region might well ask that in this wintry month of recession talk and federal jumpstarts to the slowing economy. At hotels and conference centers, business from companies is good and shows no signs of slumping later this year, according to a few managers surveyed in Fairfield County, Conn., and Westchester County.
“Very little so far,” said Jim Graham, general manager at the Westchester Marriott Hotel in Tarrytown, describing the uncertain economy”™s impact on business conference bookings there. Operated by Marriott International, the 444-room hotel with 26,000 square feet of meeting space was acquired from Morgan Stanley in June by Northview Hotel Group L.L.C., of Westport, Conn., and an institutional private equity partner for approximately $65 million.
 “We came into the year with a good portion of them already on the books,” Graham said of those conference reservations. “Short-term bookings are still coming in as expected.” Corporate business remains strong, he said, despite increased competition in Westchester, most notably with the December opening of The Ritz-Carlton, Westchester in downtown White Plains.
Most companies with headquarters or principal offices in the county, such as IBM, Pepsico and General Motors, “give a lot of business to all the hotels in Westchester,” Graham noted.
Location might benefit the Westchester Marriott and others in the region during an economic downturn, he said. “A lot of times if there is a recession, a suburban hotel might actually fare better than other companies might.”
Corporations looking to reduce travel costs “might want to stay closer to home ”“ and this is home for a lot of companies.”
At the Hyatt Regency Greenwich in Connecticut, “We”™re busier than ever, which is a little scary,” said Anne Farb, sales director at the 373-room hotel with 30,000 square feet of function space. February, normally one of the slowest months of the year, is heavily booked, too, she said.
“In this business, it”™s crazy. It can go any which way. We”™re wondering if some businesses who maybe do warmer locations in the winter months are staying locally just to cut their expenses a little bit,” Farb said.
At the Hilton Stamford Hotel and Executive Meeting Center, “We”™re grateful,” said General Manager Mark Fallon. “We”™ve not seen a reduction in activity or inquiries or bookings. We haven”™t seen a change in the pattern.”Â
Formerly the Westin Stamford, the 484-room hotel in downtown Stamford underwent a brand conversion and opened under the Hilton flag in late January after an eight-month, multimillion-dollar renovation project by its owner in Boston, Mass., Pyramid Hotel Group L.L.C. Fallon said the hotel”™s 45,000 square feet of meeting space, including a nearly completed 7,500-square-foot executive meeting center, make it the city”™s largest meeting and convention facility.
Unlike those other suburban venues, management at Doral Arrowwood, the 473,000-square-foot conference center and resort in Purchase, has seen fallout from the financial industry”™s exploding losses in the subprime mortgage crisis.
“Currently we are experiencing a decrease in our overall booking pace, particularly from the financial industry, which as we all know is extremely volatile right now, “ said Steve Mabus, Doral Arrowwood”™s general manager. “We are, however, seeing interest from other market segments who are continuing to book large meetings with us for 2008. This should help to offset the lack of activity we are presently receiving from the financial industry.”
A Doral Arrowwood spokesperson said high-end retail businesses, consumer product companies and law firms are booking those large meetings.
