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Hotel Squeeze: Meetings-Focused Properties Expect Strong Demand in '24

MeetingsNet

Recent research finds luxury travelers shifting their accommodation preferences, while the group segment is running well ahead of the transient-business segment. The result: Less negotiability for meetings. CoStar also expects acceleration of the group market in spring 2024 as well as in September through early November 2024.

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Building a Winning Corporate Events Program: 7 Critical Success Factors

Attendease

Effectively manage the event budget Based on your strategic plan, develop a realistic, line-item budget covering all aspects of the event — venue, vendors, security, food and beverage, staffing, swag, and the dozens of other expenses that pop up. Pssst, event marketing software can help with this.) based on expertise.

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Here’s Why Your Event Budget Needs to Increase in 2023

Endless Events

Of course, our event marketing budgets will need to be higher in 2023 than in 2021 or 2020. More events with more events mean more food, room blocks, entertainment, production equipment, and travel – and those all cost extra money. Higher Food and Beverage Costs. The Rise of Energy Costs .

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The New Bottom Line

SmartMeetings

How to prepare for 2023 contract negotiations Yes, we’re out of the pandemic shutdown, but it’s not back to “business as usual.” You’ll also see hotels layering multiple groups in the same week to maximize group revenue while still capturing the leisure market on the weekends. Increasing rates for staff/services.

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Event Contracts: Agree to Be Agreeable

SmartMeetings

Negotiation experts share tips for building win-win event contracts The ROI is in the details when drafting a vendor contract. Concessions Worth Asking For in 2024 As the market continues to be tight, planners don’t have quite as much power as they might in a down market, but experts are still finding areas where they can get some relief.

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Urban Venues Seeing Return of Group Business

Smart Meetings

Tracy Barr, director of sales and marketing, Sheraton Grand Los Angeles. While companies are segueing back to in-person, they also realize there may be some attendees are not able to travel yet. In addition, the Marquis has expansive open-air space in its 40-floor atrium, which makes guests comfortable in being able to circulate there.

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In-person events: The best planning and technology guide (2023)

SpotMe Blog

You have to consider the costs of: Venue rental Catering Transportation and accommodation for attendees Marketing and promotion Staffing and event production Technology like Wi-Fi, audio/visual equipment, and live streaming The total cost can easily reach tens or even hundreds of thousands of dollars for large events.

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