Calculated Risk (one of my favorite blogs for financial crisis play-by-play) links to a summary of a PriceWaterhouseCoopers forecast for the hotel industry.
PWC claims that drops in occupancy will be reminiscent of 2001, and a projected 2009 overall occupancy rate of 58.6% will be the lowest since 1971. They project a decrease in average daily room rates of 2.4 percent.
Empty hotels mean better award availability, better chances for suite upgrades, and better pricing deals (combined with loyalty program bonus offers). It also means more hotels dumping more inventory through opaque channels. It also means expect delays in renovation, delays in new hotel openings, and delays in introduction of new amenities.