It's still from this sentence in New York Times,
Despite all the sartorial trappings, guests dressed like any in your typical off-the-rack hotel. On a recent Monday, there were F.I.T. parents in the slate-gray lobby, and suits trading airport stories in the elevator. There’s a chatty cocktail scene at the lobby bar, but Rare, the fiery orange dining room, was desolate.
If suits is a verb here, I think this sentence is grammatically incorrect, right? But if it's a noun, what's the meaning of suits here? I don't understand the part in bold completely. Can you help break it down and make it clear?