Dive Brief:
- San Diego led the U.S. for meetings volume improvement in December, with 29% year-on-year growth, according to hospitality technology and intelligence provider Knowland.
- San Francisco trailed closely, with a year-on-year growth in events volume of 21.5%.
- December 2023 events volume grew nearly 7% in the U.S. overall. Travel for meetings will be an important piece of hotel performance in 2024, Knowland CEO Jeff Bzdawka recently told Hotel Dive.
Dive Insight:
After San Diego and San Francisco, the other top major markets for year-on-year meetings growth volume in December were Seattle, Orlando and Miami.
Outside of the U.S.’s top 25 markets, year-on-year growth was highest in Colorado Springs, Colorado; Lexington, Kentucky; and Milwaukee, Wisconsin.
Pharma, biotech and healthcare industry events were largely responsible for meetings growth in San Diego.
2024 could well be a banner year for the meetings industry, Knowland CEO Jeff Bzdawka recently told Hotel Dive.
“Corporate meetings are a stabilizing force for hotel revenue, significantly outperforming other segments, including business travel,” Bzdawka said. “In 2024, the challenge for hoteliers will be to balance the allure of higher rates with new business goals.”
Ian Gaum, partner at Newbond Holdings, previously told Hotel Dive that RevPAR growth in 2024 will be bolstered by strong transient and group demand. Guam noted that “primary major urban markets” like Boston, New York City and Washington, D.C., were already benefiting from rapid group and business travel recovery, and will continue to do so into 2024.
