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 3 (Q3) 2017.
The research has found that 2018 will be a strong year for occupancy, average daily rate, and RevPAR growth at meetings and conference venues.
“The outlook for the U.S. economy is strong, and this specialized property type is forecast to react in a more positive fashion than the rest of the U.S. lodging industry in 2018,” says R. Mark Woodworth, Senior Managing Director of CBRE Hotels’ Americas Research.
Looking ahead, meeting booking lead times are also improving as meeting planners struggle to secure their favored venues at short notice.
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 December 2017 forecast is based on hotel data through September 2017 and economic data as of December 2017.