Convention and Visitors Bureau Sourced Demand is Outpacing Expectations for Overall Demand Growth
Knowland, an industry leader in market intelligence for hotels, convention and visitor bureaus (CVBs), convention centers and other meeting venues, today announced its inaugural edition of the Knowland Quarterly Market Outlook Report. This report shows that demand sourced from CVB sales efforts is outpacing expectations for overall demand.
Knowland, through its TAP solutions, aggregates, analyzes, and reports on past and future event booking data as reported by participating CVBs, to deliver actionable trending insights needed to make better strategic decisions. This data is pulled from more than 60 major North American markets and is unique in providing group room nights booking pace information across the entire multi-year future booking window. It represents over 30 million annual room nights and nearly 50% of the group business conducted by hotels across these markets.
"By keeping tabs on the pace of bookings for future dates, we are able to anticipate hospitality industry performance trends and assist our customers on how to best navigate forward," said Tim Hart, chief executive officer of Knowland.
CVB sourced group business is pacing 4.3% ahead in room nights over last year. With an overall supply growth of 2.1% projected to outpace overall demand growth of 1.6% in 2019, and supply growth projected to continue at the same rate over the next two years, hotels will be best served by working in close partnership with their CVBs. Building a sufficient base of group business will help hotels weather risks in this increasingly uncertain environment. In fact, CVB room nights booked in 2018 were up by 4.4% over 2017 and room nights actualized in 2018 also grew by 2.0% over 2017.
Knowland regularly shares insights from this data in its monthly Pace Navigator newsletter, to help industry stakeholders anticipate what lies ahead and better manage their business accordingly. Knowland is now publishing a quarterly report which will provide a deeper look into and analysis of this data. The inaugural edition of Knowand's Quarterly Market Outlook Report recaps 2018 performance and explores the current outlook for the coming months and years.
Learn more about the Knowland Quarterly Market Outlook Report by registering for the upcoming Webcast.