New IACC and SHFM Report Provides Insight Into Meeting Venue Trends
September 9, 2019
IACC and the Society for Hospitality and Foodservice Management have released a combined research project, “Trends in the Meeting Venue Industry,” which provides insights and predictions on the U.S. conference venues market from a venue perspective.
The report is available in two versions, one that focuses on residential conference venues (venues that offer guest rooms as well as meeting facilities) and the other on non-residential.
Both versions utilize full year 2018 operating data collected from 69 IACC and SHFM member venues in the U.S. and explore a variety of elements including average rates; occupancies; package allocations; salary benchmarking; source of business; utilization; technology procurement and running costs. When possible, the results in these reports contain comparisons to results published in previous joint IACC and SHFM reports.
The report versions include data on both types of venues that are available for any organization to book and private venues that are owned and run by individual corporations.
Key data points include:
- Residential venues host significantly higher percentages of local groups (67%) than non-residential venues (41%)
- Non-residential venues host more national groups (49%) than residential venues (16%)
- 100% of marketed (commercially available) residential venues offer incentives for groups to book during low-demand periods – representing 60% of venues overall
- Survey participants rate repeat customers (100%) and referrals (88%) as the most effective sources of business, followed by website leads (50%), personal sales calls (50%) and online advertising (43%)
“The outlook for the U.S. economy is strong, with predictions that meetings business will continue to grow, including 50% of those surveyed feeling conference and meeting duration will increase in the next 12 months,” said Mark Cooper, IACC’s chief executive officer.
The full reports can be purchased from IACC’s website here.
Photo credit: Ibrahim Boran/Unsplash
Partner Voices
Dallas already boasts 35,000 hotel rooms, award-winning global cuisine, and a walkable downtown. But we are just getting started.
Visit Dallas is thrilled to announce that the city of Dallas is doubling down with a massive new convention center and entertainment district. Featuring 800,000 square feet of exhibit area, 260,000 square feet of meeting rooms, and 170,000 square feet of ballroom. The center will connect business travelers with dining and shopping options in the popular Cedars District means more places to get down to business, and even more ways to unwind.
“Dallas is already a great meetings and conventions destination, with the accessibility of two major airports, affordable labor, and an outstanding hotel product,” said D. Bradley Kent, Visit Dallas senior vice president and chief sales officer. “The new center and Convention Center District will enhance Dallas’ competitive position and are exactly what our customers’ need and have been asking for."
What’s New – AT&T Discovery District
Located in the heart of Downtown Dallas, this new district on the AT&T corporate campus is tailor-made for groups of all sizes. It boasts a multi-sensory experience, including outdoor event space, the AT&T Theater, and multiple dining outlets including JAXON Beer Garden and The Exchange, a bustling food hall.
Hotels Coming Soon
Names like the JW Marriott (Downtown), lnterContinental Dallas (Uptown), and Hotel Swexan (Uptown) are adding luxury amenities and bountiful event spaces. The projects will debut in 2023 and beyond.
JW Marriott
This new, 15-story, 283-room hotel will open in the heart of the city’s downtown Arts District this year. The property features a 25,000-square-foot grand ballroom, as well as a spa, restaurant, lobby bar, fitness center, and a rooftop pool deck and bar.
InterContinental Dallas
Located in Cityplace Tower in Uptown, InterContinental Dallas will feature sweeping panoramic views of the Dallas skyline. Guests will enjoy spacious, high-end rooms and amenities, including more than 21,000 square feet of event space.
Hotel Swexan
Hotel Swexan, a new, 22-story luxury property, is rising in Uptown’s Harwood District and will make its mark on the Dallas skyline. Opening this year, it is a sculptural building with cantilevered upper floors, as well as a 75-foot rooftop infinity-edge swimming pool and a hidden underground lounge.
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