I do this every so often, and only once had an issue, but it was more a learning experience than a reason not to do it again. My luggage has, otherwise, always been safe and sound.

The one exception: 140 sets of participant materials for a program were FedExed to a (not going to name) hotel. The program was canceled because of weather, but rescheduled for six weeks later. The front desk clerk assured me the materials would be fine stored at the hotel. That message did not get relayed to the right people at the hotel. After a month, they called FedEx to return the package. FedEx made a mistake and ultimately destroyed the packages. We settled with FedEx, which paid to reprint the materials.

What I learned: Don't leave anything at the hotel for more than a month. A few days, though, shouldn't be an issue.