A recent analysis showed hundreds of benchmarked booked rates were coming in below levels negotiated in October and November, said Neysa Silver, director of hotel consulting in the Americas for Carlson Wagonlit Travel's Solutions Group. Bob Brindley, vice president of BCD Travel's Advito consulting unit, said as data comes in from the first quarter of the year, renegotiating opportunities would become clearer.

"Definitely, as we go into April, we will see clients going back," Advito's Brindley said. "They're not going to open up a whole new request-for-proposals process, but if they see, for example, a negotiated rate of $175 and booked rates come in at $140 or $150, it's worth revisiting, especially if a client uses the property a lot."

Negotiating opportunities cross all hotel tiers, Brindley said. "Luxury properties have especially been hit hard, with the double whammy of people looking to save money and not wanting to be seen staying in a luxury property," he said.

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