Knowland has added the ability to filter its U.S. Meetings Recovery Forecast by market, now known as the Top 25 U.S. Meetings Recovery Forecast. The forecast offers predictive insights into event recovery over the next three years.
“The additional data provided in the MRF25 will help inform brands and ownership groups about investments and how they manage their portfolios," Knowland CEO Jeff Bzdawka said in a statement. "Investment and analyst groups will gain a better understanding of the markets recovering ahead of others to inform their strategies in the next 12–36 months.”
Across the Top 25 Markets, the MRF25 shows varying levels of recovery. Some markets will be at or near recovery by the end of 2022 while others will be delayed into 2024.
- Recovery by the end of 2022: Data indicates one market, Phoenix, will be 100 percent recovered. Two markets – Tampa, Fla.; and Dallas – will be at least 90 percent recovered. Atlanta and Miami will be above 80 percent recovery. Eighteen markets will be between 50 and 75 percent recovery. Hawaii's Oahu Island and Detroit will be at less than 50 percent recovered.
- Significant recovery in 2023: There will be significant recovery for most of the Top 25 markets in 2023. Seven markets – Phoenix, Tampa, Dallas, Miami, San Francisco, Atlanta and Houston – will achieve 100 percent or greater recovery. Nine will reach 90 percent or better recovery and seven will fall between 75 and 90 percent recovery. Finally, Denver and Detroit will fall below 75 percent recovery.
- Closer to normal in 2024: 23 of the 25 markets will achieve 100 percent or greater recovery by 2024. Denver will achieve 95.2 percent recovery. Detroit is anticipated to be below 75 percent recovery.
“As recovery continues, hotels will need to be more proactive in their efforts to remain competitive," Knowland Chief Product Officer Kristi White said. "Being able to understand individual markets at a more granular level, as well as balance that against overall recovery, is crucial as the industry navigates short-term recovery and long-term profitability.”
Copyright 2022 Questex LLC. All rights reserved. From https://www.hotelmanagement.net. By Esther Hertzfeld.