Dive Brief:
- St. Louis led all other top 25 U.S. markets in year-over-year growth in events volume in March, up 24.3%, according to hospitality technology and intelligence provider Knowland.
- Sports and national association events were key drivers of growth for St. Louis, which outpaced Las Vegas, Nashville and Seattle, all of which also saw year-over-year growth in events volume in the month.
- Despite growth in these markets, year-over-year events volume growth was down 8.1% in the U.S. overall. Knowland attributed the decline to an early Easter holiday and accompanying spring break vacations. The company’s CEO, Jeff Bzdawka, previously told Hotel Dive that the meetings industry is set to have a “banner year” in 2024, bolstering strong hotel performance.
Dive Insight:
Events such as the Missouri Valley Conference for Men’s Basketball, the Mid-American Open Chess Tournament and the American Collegiate Hockey Association National Championships drove St. Louis’ events growth.
Other primary markets to see year-over-year growth in March events volume included Las Vegas, up 20.9%; Seattle, up 11.5%; Oahu Island, Hawaii, up 4.9%; and Nashville, up 3.4%.
National association events were a top driver of growth across each market. Technology and education events also contributed.
According to Knowland, several secondary markets also saw year-over-year growth in events volume in March, including Greensboro-Winston Salem, North Carolina, up 45.54%; Colorado Springs, Colorado, up 37.29%; and Louisville and Lexington, Kentucky, up 35.68% and 31.4%, respectively.
March events volume for the U.S. overall, though, declined 8.1% year over year. This was due to an early Easter and spring break vacations, according to Knowland.
Knowland CEO Bzdawka told Hotel Dive in January that the meetings industry is expected to post significant growth in 2024 and will act as “a stabilizing force for hotel revenue.”
In terms of performance, hotels in top event volume markets Seattle and Las Vegas saw increased occupancy and ADR in March, according to STR. The week of March 10-16, Seattle had the largest year-over-year occupancy increase among the top 25 U.S. markets, up 12.7% to 73%.
The following week, Las Vegas posted the highest ADR lift among the same markets, up 14.2% to $217.27, according to STR.
Las Vegas was among 20 U.S. markets to see full recovery in group business in the fourth quarter of 2023 compared to the same period in 2019, Knowland reported in January.
Meetings and events growth has also boosted hotel performance and development activity in big cities like Dallas and Atlanta.
