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The war in Iraq and heightened terrorist alerts are naturally discouraging business travel. Major airlines are cutting flights, and hotel occupancy is down -- in New York City it fell 6.2 percent in the war’s first week. “We’re also seeing softness in small group conferences,” says Joseph Greff, a lodging analyst at Fulcrum Global Partners in New York. Big gatherings, too, are affected: Last month, for instance, UBS canceled a major investor conference in London.

Yet the need to hold meetings is so ingrained in businesspeople that companies are finding ways to arrange get-togethers despite the problems and perils. “Whereas the conference and the convention are discretionary, small executive and board meetings are not,” notes hotel consultant John Fox, who heads the New York office of PKF Consulting.

So why not make the best of the situation and stage your next meeting close to home, in one of the grand local hotels that make confabs their affair? (For some of Institutional Investor readers’ favorite meeting hotels, see below.)

The case for staying close to home right now can be compelling. After the Iraq war began, the Business Travel Coalition, an advocacy group for corporate travel customers, surveyed its members and found that one fifth had banned international travel; one third said they would consider doing so if the war expanded outside Iraq or was prolonged. Other organizations are maintaining their travel plans, but with modifications. Meeting Professionals International, a group that represents the conference industry, said that its April 46 conference in Berlin would happen as planned despite the war -- but that U.S. staff would stay home.

The long buildup to war did give hotels a chance to prepare for travel disruptions. Many, including InterContinental Hotels & Resorts and Shangri-La Hotels and Resorts, have relaxed their penalties for war-related cancellations. Hotel consultant Fox notes that “international travel dropped substantially post-9/11.”

Nonetheless, hotel managers say that financial firms have been booking as many board and executive meetings as ever, although a dearth of capital markets deals has reduced the number of Wall Street road shows. But, the managers add, the meetings are smaller and shorter -- and the tighter schedules demand extra-responsive service.

Security concerns combined with financial pressures are driving the trend toward quicker, more intimate -- and closer -- meetings. Firms that once sent 20 people to meetings at the St. Regis in New York now send as few as ten, according to the hotel’s managing director, Guenter Richter. And the agendas are likewise pared down: “One that would have lasted three days is cut to one and a half,” he says.

Four Seasons Chicago general manager Hans Willimann says that although business travel has decreased at his hotel, the meeting trade has actually increased since 9/11. “It seems to be the security of being close to home that appeals to companies,” Willimann observes.

Security -- and its close corollary, privacy -- have become bigger concerns for those planning meetings. Several readers who responded to an II questionnaire approvingly mentioned hotels that provide dedicated elevators and discrete street entrances to meeting rooms. Some hotels assign firms code names to keep their identities secret even from hotel staff.

The Four Seasons hotels in Chicago and New York and the Grand Hyatt Singapore all feature full-fledged boardrooms that are located on guest room floors, allowing groups to slip into their meetings without parading through the lobby. The Sheraton Frankfurt Hotel and Towers at Frankfurt International Airport has a meeting-concierge desk. (Most of the hotels on our list can set up “virtual” meetings by Webcasting, Webconferencing or videoconferencing, but this can be expensive.)

Rather than risk a steep cancellation fee, cost-conscious firms are booking space on much shorter notice: Instead of six months to a year ahead, it’s likely to be three months or less. Cautious meeting planners don’t need to worry about cancellation charges because they can negotiate airtight force majeure clauses with hotels. And companies planning meetings are making contingency plans -- booking conference calls -- just in case.

Readers’ picks
Institutional Investor’s well-traveled readers report that the following hotels -- spanning 11 financial centers on three continents -- provide some of the best facilities and service for holding classy meetings close to home.
Function rooms Guest rooms Fitness
Hotel (maximum capacity) (suites) facilities/pool/spa Comments
Four Seasons Chicago 11 343 F, P, S Located conveniently (and securely) on guest room floors,
http://www.fourseasons.com/ (750) (168) the five boardrooms offer spectacular views. The fitness center
(312) 280-8800 provides sports attire, including shoes.
Beverly Hills Hotel, Los Angeles 6 166 F*, P, S The Presidential Bungalow, with four bedrooms and a private
http://www.thebeverlyhillshotel.com/ (950) (37) pool, has meeting space for 12. Cabanas with e-mail access can
(310) 276-2251 be joined together for a poolside venue.
Four Seasons New York 9 309 F, S To be seen, hang out in the restaurant. For private meetings,
http://www.fourseasons.com/ (193) (61) check out two new boardrooms on the guest room floors. The
(212) 758-5700 new Cosmopolitan function room has its own rear entrance.
The Pierre, New York 6 150 F This venerable Fifth Avenue château features a dozen apartment-
http://www.fourseasons.com/ (750) (52) size Grand Suites that can hold meetings of up to six; public
(212) 838-8000 rooms can accommodate large groups.
The St. Regis, New York 15 222 F, S One meeting suite used to be John Jacob Astor’s library. www.stregis.com
http://www.stregis.com/ (500) (93) The rooftop ballroom offers dazzling views, and Lespinasse
(212) 753-4500 restaurant boasts a four-star chef, Christian Delouvrier.
Four Seasons San Francisco 6 231 F, P, S With views of San Francisco Bay, the two Presidential Suites are
http://www.fourseasons.com/ (700) (46) popular sites for board meetings. Large meeting rooms feature
(415) 633-3000 contemporary decor. Guests can use Sports Club/LA.
Mandarin Oriental, San Francisco 4 158 F* Natural light floods the three main meeting rooms, recently
http://www.mandarinoriental.com/ (130) (4) refurbished with Oriental accents.Two large suites have terraces
(415) 276-9888 overlooking the Golden Gate Bridge.
Ritz-Carlton, San Francisco 10 302 F, P, S Function floors have their own elevators. The two Presidential
http://www.ritzcarlton.com/ (475) (34) Suites can comfortably accommodate meetings of ten. Golf can
(415) 296-7465 be arranged at the Ritz-Carlton Half Moon Bay, 35 miles away.
Four Seasons Washington, D.C. 8 257 F, P, S This month the 60-person Douglass Room will open with large
http://www.fourseasons.com/ (500) (51) glass doors that will open onto a terrace with a canal view. The
(202) 342-0444 Dumbarton banquet room is gaining a conservatory.
Grand Hyatt Hong Kong 21 519 F, P, S Guests staying on the executive floors can use one of four
http://www.hongkong.grand.hyatt.com/ (950) (53) conference rooms for brief meetings. A new, 150-foot yacht
(852) 2588 1234 caters to lunch meetings and cocktail cruises.
Mandarin Oriental, Hong Kong 13 501 F*, P, S The second floor has been transformed into a high-tech meeting
http://www.mandarinoriental.com/ (300) (55) center with a boardroom and four function rooms. Meeting rooms
(852) 2522 0111 offer harbor views.
Fullerton Singapore 14 400 F, P, S A five-minute walk from the Singapore Stock Exchange and major
http://www.fullertonhotel.com/ (200) (21) banks, the Fullerton has a large selection of suites and meeting
(65) 6733 8388 rooms. The foyers and function areas boast e-mail booths.
Grand Hyatt Singapore 22 656 F, P, S Twenty meeting rooms are connected by their own elevators and
http://www.singapore.grand.hyatt.com/ (900) (27) escalators. Five duplex suites share two boardrooms. Five more
(65) 6738 1234 boardrooms will be available by the end of the year.
Four Seasons Tokyo 15 232 F*, P, S Located in a historic garden in northwest Tokyo, this hotel makes
at Chinzan-so (700) (51) a tranquil meeting site. The 98-seat amphitheater provides
http://www.fourseasons.com/ simultaneous translation in six languages.
(81-3) 3943 2222
Hotel Okura, Tokyo 31 858 F, P, S Known for hosting conventions, the Okura increasingly serves
www.okura.com/tokyo (1,500) (90) meetings of ten to 20 (for which simultaneous translation is
(81-3) 3582 0111 available). The hotel is located opposite the U.S. embassy.
Sheraton Frankfurt Hotel 43 978 F, P, S** Meeting room tables provide Internet links for 20. There is
and Towers Frankfurt Int’l Airport (1,400) (28) a designated “meeting concierge.” Jet-lagged travelers can order
http://www.starwood.com/ (49-69) 69 770 “body clock” meals pegged to mealtimes back home.
Four Seasons London 6 94 F* Meeting and guest rooms provide high-speed Internet access.
http://www.fourseasons.com/ (450) (26) The large guest room suites are popular for board meetings.
(44-20) 7499 0888 Private receptions may be held in the garden.
Mandarin Oriental 5 177 F, S All 23 suites face Hyde Park. The Victorian-style meeting rooms
Hyde Park, London (250) (23) frequently cater to royalty (who enter through Her Majesty’s
http://www.mandarinoriental.com/ exclusive gate). The spa offers Asian and Western treatments
(44-20) 7235 2000 in a serene setting.
Four Seasons George V, Paris 8 185 F*, P, S The meeting rooms may have Renaissance and Art Deco
http://www.fourseasons.com/ (420) (61) appointments, but they also feature state-of-the-art meeting
(33-1) 49 52 70 00 technology. Function areas have a private street entrance.
InterContinental Paris 12 355 F The 125-year-old hotel overlooks the Tuileries Gardens. Its
paris-ic.intercontinental.com (700) (83) 700-seat Concorde assembly room is ideal for press conferences
(33-1) 44 77 11 11 and road shows, and there are three ground-floor ballrooms.
* Facilities open 24 hours per day. ** Under renovation.

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