A Chicago-based company specializing in the resale of terminated meeting agreements, has launched what it’s calling the world’s "first open marketplace for cancelled meeting contracts," it announced this month.
A clearinghouse for cancelled contracts, MeetingTrader matches hotels holding those contracts with planners who need them.
“The result, according to the company, benefits hotels, which can reduce the revenue losses associated with cancelled events; clients who cancel, who can often reduce the financial penalties associated with cancellations; and meeting planners who pick up cancelled contracts, who can often get the meeting dates and venues they seek at reduced prices,” says the site.
"MeetingTrader is the hospitality industry’s answer to real estate’s sublease market, and it’s an idea whose time has come," MeetingTrader Founder and CEO Tim Brooks said in a statement.
He added;
"In our beta version, which has been testing since 2008, MeetingTrader.com has already facilitated the exchange of more than $8 million in cancelled contracts."
By David Wilkening
