The travel and leisure industry, like most industries, has taken a beating recently, but Rod Petrik of Stifel Nicolaus says one company’s misfortunes can be another's windfalls. Companies are cancelling conferences at expensive hotels, but Petrik points out that many of those conferences are being re-booked at hotels where prices are more moderate.

"Obviously, travel is one of the first discretionary expense line items that companies can attack, and they are, right now," Petrik told CNBC. "It's a lot more acceptable if you move going into New York or Chicago to hold that convention or meeting, as opposed to being in a Ritz-Carlton or Four Seasons on the beach somewhere."