event travel
Global Business Travel and Events Costs Moderating in 2024, With Continued Modest Increases in 2025
GBTA | September 19, 2024
Latest research from CWT and GBTA reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025 Global business travel and events prices appear to be moderating following the dramatic increases seen in recent years. The 2025 Global Business Travel Forecast, published today by CWT, the business travel and meetings specialist, and the Global Business Travel Association (GBTA), the world’s largest business travel trade organization, reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025. This reflects a...
Looking Ahead to the 2026 NFL Draft in Pittsburgh and Its Impact on the Hotel Market
Christian Cross | July 23, 2024
Earlier this year, the Steel City was announced as the host for the 2026 NFL Draft. The scale and draw of this event make it highly sought after by cities, with many local and state governments actively competing for the opportunity to serve as the host city. Following nearly half a century of being held in New York City (1965–2014), the NFL Draft began to be rotated to other cities in 2015. The number of visitors attracted to the host cites and the economic impact of this event have been significant, peaking in the pre-pandemic period when Nashville was host, boasting an attendance of 600,000 people and a total economic impact of $224 ...
Hotel Performance Standouts During Beyonce’s World Tour
CoStar | October 25, 2023
Analysis by M. Brian Riley Concerts and major events have always been important revenue opportunities for hotels, but 2023 has felt like the “year of the concert” with major tour generating headlines and lifting performance all over the world. In the U.S., much of the attention went toward Taylor Swift’s The Eras Tour, which STR previously estimated added $208 million in U.S. room revenue. More recently though, there has been another female pop star rocking the economy – and in many markets, hotel performance. Beyoncé’s Renaissance World Tour generated a projected U.S. economic impact of $4.5 billion, according ...
A Super, Super Bowl LVII in the Valley
Zabada Abouelhana | March 6, 2023
By Zabada N. Abouelhana On February 12, Super Bowl LVII was held in Glendale’s State Farm Stadium with nearly 68,000 spectators. Attendance levels were just below the average for the last eight Super Bowls (excluding the COVID-19-affected year of 2021) and below the 2015 game’s 70,288 attendees, also in Phoenix. However, this year’s event did not disappoint the hotel industry in Greater Phoenix. Prior to the weekend, STR forecasted Phoenix’s Super Bowl weekend performance: 94% occupancy levels at $445 average rates, equating to $419 revenue per available room (RevPAR)—the second-highest levels for a Super Bowl weekend in hi...
