Various hotel executives spoke during second-quarter earnings calls about a slowing of business transient.

According to James Risoleo, president and CEO, Host Hotels & Resorts, Businesses were cautious in the quarter, likely driven by the global slowdown and the uncertainty surrounding the ongoing trade negotiations.

He believes this led to a decline in business-transient demand, especially in major markets such as New York and San Francisco. All of these factors resulted in weaker results than the industry anticipated.