IACC has released the 2015 Edition of Trends® in the Conference Center Industry. The report is available to purchase on the IACC website Store.
According to IACC CEO Mark Cooper, “For the third year running, this comprehensive trends report, the only one which focuses on small meetings focused venues, indicates that IACC member venues have improved. Occupancy and rates are better than the previous year and significantly so for our corporate meeting venue operators.”
Corporate meeting venues lead the recovery with the highest ADR and RevPOR. As the package plan represents 90% of business, it can be assumed that companies are investing significantly in training and meetings. Participation from Day meeting venues in this survey has increased and is providing valuable data on what is a growing member type for IACC.
Last year, IACC members predicted a bumpy ride in 2014 and this was proved to be the case, with the economy experiencing some setbacks and earlier improved earnings, faltering later in the year. All venue types have predicted positive occupancy growth in 2015, with corporate venues forecasting the greatest improvements.
There have been developments to this year’s trends report, with 9 year trends analysis for key metrics including ADR, occupancy and net operating incomes and reporting on direct and third party business mix amongst other new features. Cooper also explains how this year’s trends report includes a high level overview with an Infographic style presentation, which can easily be reviewed with heads of department and associates.
Cooper further highlighted “It is encouraging to see another year of improved performance and we are seeing clear signs that this important sector of the meetings industry is being invested in. We are seeing a greater number of our members attending learning events and conferences as our members invest in learning and innovation which will result in a skilled workforce to cope with further recovery”.
Resort meeting venues achieved the greatest increase Complete Meeting Package rates in 2014 showing a 2.6% increase over the previous year. Executive conference venues forecasted a 5.9% increase in conference package rates in 2015 with resort venues with a lower expectation at 3.4%.
Conference venues with over 200 guestrooms reported a 6.5% increase in occupancy and resort venues were outperformed by their comparable hotel property type.
New for 2014, IACC members reported that digital marketing accounted for the same number of qualified sales leads as for personal sales calls.
Day meeting venues reported a 12% increase in package rates which include room hire, technology and food and beverage.
IACC’s Trends® in the Conference Center Industry is available to purchase on the IACC website Store at: https://www.iacconline.org/store/trends-in-the-conference-center-industry-north-america
Trends® in the Conference Center Industry is compiled by PKF Consulting | CBRE Hotels on behalf of IACC.
Pick up your copy of the 2014 Edition by visiting the IACC Store