Conferences And Corporate Bookings Rebound As Hotel Industry Sees Rise in Group Travel Revenue
Group travel is helping to support the hotel industry, with revenue per available room for group bookings rising in the first eight months of 2024, according to CoStar Group. Conferences and group businesses are typically slow to recover after a downturn due to their high upfront costs, which makes them a prime target for cuts during economic challenges. Analysts predict group travel will remain a key driver for the hotel business into 2027 despite occupancy rates being slightly below pre-pandemic levels.
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00:00It's Benzinga, and here's what's on the block.
00:03Group travel is helping to support the hotel industry, with revenue per available room
00:07for group bookings rising in the first eight months of 2024, according to CoStar Group.
00:12Conferences and group businesses are typically slow to recover after a downturn due to their
00:17high upfront costs, which makes them a prime target for cuts during economic challenges.
00:23Analysts predict group travel will remain a key driver for the hotel business into 2027,
00:28despite occupancy rates being slightly below pre-pandemic levels.
00:31For all things money, visit Benzinga.com.