The market for business travel is starting to rebound, according to industry reports.
Hotel bookings are slated to increase by double-digit percentages by 2011, according to a report by hotel technology provider Pegasus Solutions.
The CFO Research/American Express Global Business and Spending Monitor confirmed the findings, reporting that 26 percent of CFOs were planning to increase travel budgets, compared to 2 percent last year.
“Business travel is returning amidst the ongoing debate about whether the global economic recovery is losing steam,” said Pegasus CEO Mike Kistner.
“What we’re seeing is a rise in corporate travel demand being driven by corporations’ urgency to pursue sales and new business opportunities now more than ever,” he said. “Of course, this is still coupled with the cost accountability we’ve been seeing for a year now, as evidenced by the measured growth in room rates, length of stays and lead times. However, the result is still record increases in revenue, which is good for hotels visible to the increasingly consolidated corporate market.”