Knowland: Event volume up 21.7 percent YoY in September
Nashville saw the highest percent growth at 30.7 percent
By Vishnu Rageev ROct 17, 2023
EVENT VOLUME CLIMBED 21.7 percent year over year in September compared to the previous year, according to hospitality analytics firm Knowland. Nashville saw the highest percent growth at 30.7 percent.
Los Angeles came in second at 22.3 percent over 2022. Among the top five performing markets, national associations spearheaded growth, with healthcare, education, and weddings as primary industry drivers.
Nashville's growth was stimulated by the healthcare and technology sectors, accounting for 34 percent of the corporate events in the market, Knowland said in a statement.
Nashville meetings averaged 101 attendees, utilizing over 2,692 square feet of meeting space. Despite ongoing talks between Los Angeles hoteliers and striking workers, the market continued to grow compared to 2022, the statement added.
In the top five markets by event volume growth percent, Nashville led the top 25 U.S. markets with healthcare meetings, followed by technology. Los Angeles/Long Beach, Oahu Island, Las Vegas, and Denver, rounded out the top five growth markets.
Below are additional findings about the top drivers of event planning for these markets:
Nashville: Healthcare, technology, national association, financial/banking, and manufacturing.
Los Angeles-Long Beach: Education, charity/non-profit, healthcare, national association, and training/education.
Oahu Island: Wedding, travel, national association, education, and military.
Las Vegas: National association, technology, training/education, wedding, and charity/non-profit.
Denver: National association, healthcare, education, technology, and financial/banking.
The top overall U.S. markets by year-over-year growth in meetings and events were Lexington, Kentucky; Louisville, Kentucky -Indiana; Madison, Wisconsin; Bergen-Passaic, New Jersey; Jacksonville, Florida; and Memphis, Knowland said.
In June, Knowland data indicated a 30.3 percent surge in meetings and events volume. The top 25 markets showcased significant recovery, achieving a 90 percent year-to-date compared to their 2019 performance. Austin and Nashville reported robust growth, with rates of 74 percent and 42 percent, respectively.
Sonesta launched Americas Best Value Studios, an extended-stay version of ABVI.
The model targets owners seeking limited front desk and housekeeping.
The brand meets demand for longer-term, value-focused stays.
SONESTA INTERNATIONAL HOTELS Corp. launched Americas Best Value Studios by Sonesta, an extended-stay version of its franchised brand, Americas Best Value Inn. The model targets owners seeking limited front desk and housekeeping, optional fitness center and lobby market along with standard brand requirements.
The brand aims to address the growing demand for longer-term, value-driven accommodations, Sonesta said in a statement.
"Americas Best Value Studios by Sonesta represents a strategic evolution of our trusted Americas Best Value Inn brand," Keith Pierce, Sonesta’s executive vice president and president of franchise development, said. "We are expanding our offerings to directly address the increasing demand within the extended-stay segment, providing a practical solution for travelers seeking longer-term lodging at value. This new brand type allows our local franchised owner-operators to tap into a growing market while maintaining the community-focused experience that Americas Best Value Inn is known for."
ABVI has a majority presence in secondary and tertiary markets, the statement said.
The extended-stay brand’s operational model features a front desk, bi-weekly housekeeping, on-site laundry and pet-friendly accommodations, Sonesta said. Guests can also earn or redeem points through the Sonesta Travel Pass loyalty program.
In August, Sonesta named Stayntouch its preferred property management system after a two-year review of its ability to support the company’s franchise model. The company operates more than 1,100 properties with more than 100,000 rooms across 13 brands on three continents.
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