In my own experience, the majority of hotel chains will try to set-up the walked guests in a nearby hotel within a couple mile radius, providing transportation to and from if needed. Again, hotels that are walking guests are in an oversold situation, and usually they are oversold because of a large group/convention or event in the city. So, the hotel is often situated in an area that has at least a couple other hotels nearby.
I do agree it would definitely be inconvenient for anyone, business travelers included, but there's not a way to make the business traveler financially whole in this situation, as PP pointed out. I know from the hotel I worked at that if the business traveler were attending a meeting or convention hosted at our hotel, he or she would not be walked at all.