Published on : Thursday, June 16, 2016
The continued growth in demand for face-to-face meetings, convention spaces and accommodations continues to be evident in today’s marketplace. Hotel occupancies are projected to reach record levels in 2016, and likely will remain at elevated levels before slowly receding as new supply eventually grows faster than demand.
Luxury-level hotels and resorts are experiencing all-time highs in terms of occupancy, and demand for future meetings will continue to grow at a faster pace in the luxury sector than new supply. In a nutshell, inventory compression in the Meeting & Incentive (M&I) marketplace will likely to continue to build through 2019.
Even so, meeting, incentive and convention professionals will see additional exciting options as new inventory is starting to become available. This trend is reflected in the Membership of Associated Luxury Hotels International (ALHI), which has five hotels which just opened or will soon open.
“There are a number of market dynamics that continue to reinforce the importance of Meetings, Incentives and Conventions to Four- and Five-Star properties,” said ALHI President Jim Schultenover. “First, the opening of several exceptional new M&I-focused hotels and resorts. Second, several of our other ALHI Member hotels and resorts have recently expanded, or are expanding, their own meeting space and/or accommodations to meet the demand. And finally, many Members are increasing their group business because of the total value a Meeting, Incentive Program or Convention provides.”“We are thrilled to be working with these exciting new properties which complement our existing unique and authentic Member hotels and resorts,” said Schultenover.
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