Europe: Group business segment shows signs of recovery
European hotels saw a surge in demand from major events this summer, with promising signs of a recovery in group business
The unpredictable fluctuations in demand experienced during the pandemic years appear to have stabilized, leading to more consistent hotel performance, according to panelists from Cvent and STR who spoke during a recent webinar on hospitality performance insights.
Key takeaways
- European Hotel Market: There has been a noticeable increase in business, driven by the resurgence of meetings, incentives, conventions, expos, and both group and transient business travel.
- Extended Booking Windows: In Europe, the average lead time for booking large meetings, events, and corporate travel has stretched to 199 days. Currently, only about 30% of these bookings are planned to take place within 90 days of submitting the request for proposal.
- U.S. Feeder Market: The United States has re-emerged as a key source market for large-scale events in the U.K. and Europe.
- Spain’s Popularity: Spain was the top destination for events in Europe, generating $292 million in value during the period, an increase of $45 million compared to the same time last year.
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