 | IACC, in conjunction with CBRE Hotels’ Americas Research (CBRE), has released the latest Hotel Horizons® forecasts for meetings and conference venues based on U.S. performance data through quarter 2 (Q2) 2018. The research predicts that by year-end 2018 Revenue Per Available Room (RevPAR) will grow by 3.5% owing to an increase in occupancy (1.8% growth) and average daily room rates (up 1.7%) at meetings and conference venues. “We’re predicting that by the end of 2018 hotels in the U.S. conference and meetings venues lodging market will experience an increase above the national projection of 3.1%.” says R. Mark Woodworth, Senior Managing Director of CBRE Hotels’ Americas Research. |
“The figures predicted are showing that conference and meeting focused venues are, for the first time in at least five years, in line with the wider lodging market when it comes to occupancy rate,” comments Mark Cooper, CEO of IACC.
“We’re seeing fantastic growth in group room revenue pace within IACC certified conference venues, up 8.7%, with the strongest group volume results reported in the Midwest and the Northeast.”
Mark continued; “There are areas where venue operators are being challenged to invest in the meetings experience: creative and flexible meeting spaces, stronger broadband solutions, and more collaborative technology. At IACC we are continuing to invest in research, guidance and support for our members so that they have the tools and knowledge they need to continue to lead in the field."
Looking ahead to 2019, market RevPAR is expected to grow to 3.0%, slower than the rate of growth in 2018. The U.S. conference and meetings venues market occupancy levels are expected to range from 64.5% to 66.4% during the five-year forecast period.
Each quarter IACC and CBRE present updated econometric forecasts of performance for conference center venues located in the United States. As a bonus addendum, in the September edition, CBRE will extract data from its Trends® in the Hotel Industry database and provide revenue, expense, and profit metrics for conference venues to assist owners and operators benchmark the financial performance of their properties.
The current September 2018 forecast is based on hotel data through July 2018 and economic data as of August 2018.
To purchase a copy of the September 2018 edition of Hotel Horizons®: Conference and Meetings Venues, please visit:
https://pip.cbrehotels.com/publications-data-products/other-reports/conference-center
“We’re seeing fantastic growth in group room revenue pace within IACC certified conference venues, up 8.7%, with the strongest group volume results reported in the Midwest and the Northeast.”
Mark continued; “There are areas where venue operators are being challenged to invest in the meetings experience: creative and flexible meeting spaces, stronger broadband solutions, and more collaborative technology. At IACC we are continuing to invest in research, guidance and support for our members so that they have the tools and knowledge they need to continue to lead in the field."
Looking ahead to 2019, market RevPAR is expected to grow to 3.0%, slower than the rate of growth in 2018. The U.S. conference and meetings venues market occupancy levels are expected to range from 64.5% to 66.4% during the five-year forecast period.
Each quarter IACC and CBRE present updated econometric forecasts of performance for conference center venues located in the United States. As a bonus addendum, in the September edition, CBRE will extract data from its Trends® in the Hotel Industry database and provide revenue, expense, and profit metrics for conference venues to assist owners and operators benchmark the financial performance of their properties.
The current September 2018 forecast is based on hotel data through July 2018 and economic data as of August 2018.
To purchase a copy of the September 2018 edition of Hotel Horizons®: Conference and Meetings Venues, please visit:
https://pip.cbrehotels.com/publications-data-products/other-reports/conference-center
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