With the negative turn on corporate vacations, as well as a rise in 'stay-cationing,' the lodging industry, specifically, struggles with luring customers in a frugal environment which has reached almost operatic proportions. The fierce competition has created a bellicose atmosphere of rate-cutting, but Benner disagreed with this model.

"Cutting rates, long-term, does not increase your revenues," she said. Starwood tries to show what other things a franchisee can do to reduce expenses, thus raise revenue, she said. Fortier noted an effort from Hilton, for example, to extend brand standards, which in many cases can help free up capital for owners to keep up more critical standards. The panel concurred across the board that education can help more than anything else.

Hazard sees the rate cuts as a harder problem to solve, particularly in New York City where rates are "set by the dumbest group out there," meaning it was impossible in the digital age to not lower your rates once a competitor did. He pointed to the plethora of websites, such as Priceline or Travelocity, which easily shows side-by-side rate comparisons, in many cases making some markets prone to races to the bottom in an effort to lure customers.

Among the coping mechanisms, however, Platt sees a half-full glass where others may not. He advised that, if companies have money available, the pricing was good to purchase property for new development. By the time you finish construction, he noted, you'll be ready to open right when the economy is turning around in a few years.