group business
September 2024 Hotel Industry Outlook: Anticipating Accelerated Growth
Anne R. Lloyd-Jones | October 4, 2024
After twelve months of declining occupancy and improving ADR from April 2023 through March 2024, the U.S. lodging market appears to have entered a period of relative stability, with changes in both metrics more subdued than in the recent past. However, as with most averages, these aggregate results comprise notable variations among individual markets and lodging segments. The meeting and group segment continues to increase, supported by both improving convention activity and continued growth in corporate group meetings and events. These trends are particularly beneficial to the luxury and upper-upscale segments of the market, as well as in...
Las Vegas Leads in Meetings and Events Growth in May With an 18.5 Percent Uptick Reports Knowland
KNOWLAND | June 5, 2024
Oahu Island hits 17.9 percent growth with technology and travel groups acting as key drivers to growth ARLINGTON, Va. — June 5, 2024 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reported that Las Vegas took the lead in group business with a solid 18.5 percent growth in May year-over-year (YoY). Oahu Island pulled in second at 17.9 percent YoY growth. This data is sourced from Knowland’s sales intelligence platform and designed to help hoteliers protect and grow their revenue base. The average space used for meetings in the Top 25 markets was 3,615 sq. ft., and ...
Redefining Business Mobility: Insights Into Travel and Office Trends for 2024
Charles Oswald | April 12, 2024
By Charles Oswald During his recent conversation with Ryan Embree for the Hospitality Trailblazers series on the Suite Spot podcast, President and CEO Charles E. Oswald talked through his trends and predictions for 2024. Here, Charles expands on those thoughts. In the ever-evolving business travel landscape, we observe significant shifts in market trends. Currently, there’s a general softening in leisure travel trends coupled with an improvement in business travel. These changes are critical as we adapt and strategize for the future. Key indicators that are paramount in our analysis include Office Utilization trends and Air Traf...
St. Louis Leads in Growth for Meetings Madness in March, According to Knowland Data
KNOWLAND | April 4, 2024
An early Easter and the accompanying spring breaks bring a decrease of 8.1 percent in March meetings ARLINGTON, Va. — April 4, 2024 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reported that the St. Louis, Mo.-Ill. market led the top 25 markets in March for meetings and events growth with 24.3 percent year-over-year growth. Las Vegas came in second with 20.9 percent growth. National Association and Education groups led in four of the five top markets. This data is sourced from Knowland’s sales intelligence platform and designed to help hoteliers protect and grow th...
Knowland Reports Tampa-St. Petersburg Florida Market Sees 20 Percent Year-Over-Year Growth in February
Knowland | March 13, 2024
National Associations and Technology groups lead in four out of five markets ARLINGTON, Va. — March 13, 2024 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reported the Tampa-St. Petersburg, Fla. market led in meetings and events growth for top 25 markets in February with 20 percent year-over-year growth. Denver and Boston came in second and third, while National Associations and Technology groups led in four of the five top markets. This data is sourced from Knowland’s sales intelligence platform and designed to help hoteliers protect and grow their revenue base. ...
The 2024 Group Business Forecast: Trends to Help Hotels Capitalize on the Back-to-In-Person Boom
Mike Pavicich | February 6, 2024
By Mike Pavicich Group business is back in a big way. In-person events are returning to their pre-COVID normal pace. In 2024, 81 percent of meetings will have an in-person component in them. A recent study by Deloitte anticipates that by 2024, business travel spending will return to its level before the pandemic. This view is echoed in Accor's data, which shows in their latest survey regarding client business travel that 57 percent of those surveyed anticipate a budget increase for travel in 2024 compared to 2023. With this influx of in-person gatherings, in 2024, event technology is projected to become even more critical, providing k...
U.S. Hotel Profitability Gains Led by Full-Service Chains, Major Markets
CoStar Group | February 2, 2024
WASHINGTON – 2 February 2024 – Improvement in group business, especially across the Top 25 Markets and upper-upscale chains, drove growth in U.S. hotel revenues and profits, according to 2023 P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 per-available-room metrics (% change from 2022) GOPPAR: US$75.83 (+8.2%) TRevPAR: US$211.49 (+9.6%) EBITDA PAR: US$53.05 (+7.6%) LPAR (Labor Costs): US$71.56 (+13.2%) “Total industry revenues and profits were well beyond 2022 levels as pricing power continued to outweigh the impac...
Business Travel Industry Anticipates a Strong but Challenging 2024 According to Latest GBTA Poll
GBTA | January 31, 2024
Global industry professionals report strength in business travel numbers, outlook on potential risks ahead, and how travel policies are evolving to meet the needs of a remote / hybrid workforce The global business travel industry has put the pandemic behind it and is riding a wave of momentum at the start of 2024. A majority of travel buyers report increases in bookings and spending for 2023 and expect this year-over-year growth trend to continue as they also prioritize sustainable travel in their organizations. Nearly 60% of travel buyers expect more travel in the coming year, with two-thirds anticipating increases in business travel ...
