No company will uniltarally "eat it". It depends on what the potential liability is. If New York State Lottery did some kind of mistake that implied 4 different people each ought to get the full pot of $60M dollars, I doubt they would "eat it".

Most companies will weigh the pros and cons of the decision. It is a lot easier if the "loss amount" is relatively small and can be justified in good will.

The situation here is problematic for SPG to settle by "honoring it". First, the numbers are very large (the potential "loss" appears to be over half a million in lost revenue). No company, let alone a single hotel can "eat" that kind of costs in this economy. Second, it sets a precedent that makes it difficult for them to not "eat it" in a future case where the costs can be even higher.

Based against that is the potential for illwill amongst its customers. Despite all the posturing, I suspect this is very small
in this particular case. As the debate here shows, this is not a case that will alienate many from even those that did not participate in this.

The point is that there are no absolutes in being honorable. There are no companies that will "eat it" in every case. Every company makes a decision based on the circumstances.
I wouldn't blame SPG at all, if they decide not to honor it but settle any costs that arose out of it.

I also hope that they do not provide any incentives without them having to travel or spend more money. Otherwise, this will encourage speculative bookings in the future from people who want to benefit from "a mistake settlement" as appears to have been done in this case. Such abuses will only hurt all the customers in the end.