1. If you have a resell clause in your contract, then you are only going to be obligated for whatever rooms have not been resold. See point 1 in attrition section.
  2. If you have a resell clause and have not previously negotiated a sliding payment scale - do it now. Hotels know they have an obligation regarding last-room sold status and this is an excellent way to keep all parties engaged.
  3. Ask the hotel if the penalties (or some portions thereof) can be applied to a future meeting - see point #4 in the attrition section. Hotels are often open to this proposition. They value your business and would prefer to keep a happy customer. If you are booked into a chain property ask about applying the penalty revenue to another chain affiliate. While hotels may be open to this idea - after the fact - they will not include it as part of an initial contract negotiation - nor should they.
  4. Offer to settle - see point #5 in the attrition section.
  5. If you are paying for the space, in theory you own it. Try and resell the space. This option is discussed in point #6 of the attrition section. However, with cancellations you generally have much more lead time than you do with attrition. Let the hotel know you are going to try and help them resell the space. It will be very helpful for them to understand your part in the resell process, especially if the contract does NOT have a resell clause in it.