Hotels are forecasting strong business from special events this year, with 46 percent telling Special Events Magazine they expect to stage more special events this year than last. This figure represents a healthy 8 percent jump over the forecast they gave for 2005. Further, nearly two-thirds predict that they will stage more events in 2007 than in 2006.
Hotels responding to the survey said that both social/private and business events will bring increased revenue in the next 12 months. Some 68 percent of respondents predicted a boost in revenue from business events, with a third predicting an increase between 10 percent and 19 percent. For social/private events, 67 percent of respondents forecast an increase in revenue in the next 12 months, with 29 percent predicting an increase of between 10 percent and 19 percent and 28 percent predicting an increase of between 1 percent and 9 percent.
Nearly half of respondents--46 percent--said that the average budget of a special event staged at their hotel runs between $10,000 and $49,999. Some 12 percent said that the average budget runs from $50,000 to $99,999, and 7 percent said it runs from $100,000 to $249,999.
For the complete story, see the November issue of Special Events Magazine.